The European Commission published a proposal on 14 November 2012 for a directive on improving the gender balance among non-executive directors of companies listed on stock exchanges and related matters. The initiative proposes a minimum objective for the under-represented gender of board members to comprise at least 40% of the non-executive director positions of listed companies by January 2020. The measures will only affect companies listed on stock exchanges in the EU's Member States. It will not apply to small and medium-sized enterprises (companies with less than 250 employees and an annual worldwide turnover not exceeding €50 million). Accordingly, it appears that the provisions will not impact on investment funds or (in general) their managers.