The Chile Financial Market Commission (CMF) has published for consultation a draft rule setting out how open and special corporations must report information on the composition of their boards of directors under the More Women in Boards of Directors Act, which amended the Corporations Law. The related legal provisions are stated to take effect from January 1, 2026. Under the proposal, corporations would submit identification and sex information for all directors and, where the board does not comply with the Act’s maximum proportion of directors of the same sex, provide the reasons and rationale for the non-compliance. Filings would be made through CMF Supervisa, and the CMF would publish the information on its website without commenting on the merit of the explanations; the CMF also plans to publish a list of supervised open and special corporations subject to the reporting requirement. The Act phases in caps on the maximum proportion of directors of the same sex, starting at 80 percent for 2026–2028, then 70 percent for a subsequent phase beginning in 2029, and 60 percent in 2032. The consultation is open for comments until November 16, 2025 via the CMF website’s Regulations Under Consultation section.
Chile Financial Market Commission 2025-10-28
Chile Financial Market Commission consults on mandatory reporting of board sex composition for open and special corporations
The Chile Financial Market Commission (CMF) has released a draft rule for consultation detailing reporting requirements for open and special corporations under the More Women in Boards of Directors Act. Corporations must report director identification and sex, and explain non-compliance with gender composition caps, which will decrease from 80% in 2026 to 60% by 2032. The CMF will publish this information on its website without evaluating the explanations.