The European Commission has moved forward with the second stage of the infringement procedure against Cyprus due to delays in the implementation of the EU directive 2022/2381 on gender quotas in company boards.

The directive sets a target of 40 per cent of the “underrepresented gender” among non-executive board members of listed companies and a 33 per cent target among all directors with a deadline set for December 2024.

The commission’s move follows after the launch of the first stage of the infringement case in January 2025, wherein the Republic was strongly encouraged to take the requisite measures, which it has not yet done.

Cyprus, along with eight other member states including Austria, Belgium, Poland and Portugal, now has two months to comply with the directive, otherwise the case could be referred to the European court of justice for the imposition of financial sanctions.