The Office of Companies established gender quotas in the administration and supervision organs of certain legal entities
Through General Resolution 34/2020, published in the Official Gazette on August 5, 2020, the Office of Companies of the City of Buenos Aires (the "Office of Companies"), established the obligation to comply with female quotas in the administration and supervision organs of certain companies.
Included Legal Entities
The most commonly used companies have been explicitly excluded from the regulation and therefore will not have to comply with the gender quota (ie. Limited liability companies –known as SRL-, corporations –known as SA- not subject to preventive surveillance, or those that are under preventive surveillance due to their capital stock or because they are publicly traded (and therefore subject to the control of the National Exchange Commission), single shareholders corporations –known as SAU, and simplified stock companies- SAS).
As a consequence of the resolution under analysis, the included legal entities comply with the following quotas in their administration and supervision boards:
The Office of Companies may grant partial, complete, transitory or definitive exceptions to specific requests, but has not established guidelines in this regard.
Gender Policy – Annual Report incorporation
The annual reports of all legal entities domiciled in the City of Buenos Aires, that is, not only those reached by the quota regime, must contain a description of the gender policy and the measures taken in relation to it.
In the event of legal entities that fail to comply with the provisions of the resolution, in addition to the fact that the registration of their administrative organ-or the constitution of the legal entity if it is not already existing- may probably be objected prevented, the Office of Companies will inform the National Institute against Discrimination, Xenophobia and Racism and the Ministry of Women, Gender and Diversity to intervene in each case.
This report should not be considered as legal or any other type of advice by Allende & Brea.
|Maria Rosa Villegas Arévalo|
+54 11 4318 9944
|Jorge Ignacio Mayora|
+54 11 4318 9987