Portuguese Insurance Regulator highlights Public Consultation 9/2025 recommendations to improve gender balance in insurers’ and pension fund managers’ governance

The Portuguese Insurance Regulator (ASF) flagged its ongoing work on gender diversity in corporate governance through an opinion article by its President, Margarida Corrêa de Aguiar, published in Jornal de Negócios. The article argues that, despite women’s strong presence in key technical and control functions across the insurance and pension funds sectors, their representation on management bodies remains comparatively low. In that context, it points to ASF Public Consultation No. 9/2025, which proposes recommendations to promote greater gender balance on the management and supervisory bodies of insurance undertakings and pension fund management companies. The recommendations do not impose quotas, but encourage the setting of clear diversity objectives, reviews of recruitment and promotion processes, inclusive training, and greater transparency under a comply-or-explain approach.