Chile’s CMF introduces NCG No. 555: New gender transparency rules for corporate boards

Chile’s Financial Market Commission (Comisión para el Mercado Financieros or CMF) has issued General Rule No. 555 (Norma de Carácter General N° 555 or NCG 555), which establishes the mechanism and deadlines for the submission of information regarding identification, sex, and gender representation from directors of listed corporations and special corporations supervised by the CMF. 

NCG 555, which will come into force on January 1, 2026, expands Chile’s legal requirements for reporting and transparency related to gender equality in corporate governance bodies.

Below, we set out key details of the rule.

Main aspects of NCG 555

1. Reporting mechanism and deadlines: Starting January 1, 2026, each obligated company must submit the following information via the CMF Supervisa, the commission’s digital information submission platform, within five business days following the election or renewal of its board of directors:

• The date of the shareholders’ meeting in which the election or renewal was held


• The name, identity card, or passport number and gender of each elected director and their respective alternate, if any


• If applicable, justification for non-compliance with gender representation limits for principal directors, as set out by Article 31 of Law No. 18,046 [1]  

Each company must also report a principal or alternate director’s vacancy within five business days.

2. Modifications to previous regulations: NCG 555 modifies General Rule No. 30, incorporating the obligation to report each director’s identification details; sex; date of appointment or cessation; profession; status as principal or alternate director; status as president or vice president, if applicable; and independence status. NCG 555 also adds the requirement to submit justification for lack of compliance with relevant gender representation limits.

3. Validity and transitory provisions: The provisions of NCG 555 will apply as of January 1, 2026. The modifications to NCG No. 30 will apply to 2026 annual reports (memoria anual), which will be reported in 2027.

Additionally, by January 31, 2025, each company must submit an initial report on its board composition as of December 31, 2025. They are not required to include explanations for non-compliance with gender representation limits.

For more information, please contact the authors.

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_{[1] In accordance with the new Article 31 of the aforementioned Law No. 18,046, the maximum percentages of representation by sex are as follows:}

• _{80 percent for the years 2026, 2027, and 2028}
• _{70 percent for the years 2029, 2030, and 2031}
• _{60 percent from 2032}