The co-rapporteurs take note that the proposed Directive puts forward a temporary measure to establish a clear common strategy for all Member States in order to reach a common target: attaining the objective of a presence of at least 40% of the under-represented sex among non-executive directors by 2020 in private listed companies and by 2018 in State owned listed companies.

This SMEs exemption should be applicable to both listed and, at a later stage, non-listed companies.

Some Member States target listed companies, while others focus on large companies (regardless of listing) or state-owned companies only.

Therefore, the rapporteur welcomes the initiatives proposed by the G 20, the Larosière report and by the European Commission taken up in its two recommendations, (Commission Recommendation of 30 April 2009 on remuneration policies in the financial services sector (C(2009) 3159), and the Commission Recommendation of 30 April 2009 complementing Recommendations 2004/913/EC and 2005/162/EC as regards the regime for the remuneration of directors of listed companies (C(2009) 3177), in which the European Commission has given its views on remuneration policy of directors in financial institutions and in stock exchange listed companies.

Unlisted shares (F512/AF512) are equity securities not listed on an exchange.

Listed shares (F511/AF511) are equity securities listed on a recognised stock exchange or any other form of secondary market.