Spain's stock market regulator wants women to make up 40% of company boards, El Mundo reported Jan. 15.

The newspaper said companies have a target of 30% for 2020, with the percentage of women on boards currently above 20%. It cited the regulator's Chairman Sebastián Albella as saying the 2020 target was "feasible," but he said there was a lack of women in executive positions, with only 4.9% female CEOs and 16% in senior management.

The proposals have been put forward in a monthlong public consultation, which also suggests boards act on any irregularities in governance before any legal action is taken.