This essentially institutes hard gender quotas, if I'm reading this correctly, which would apply to all corporations, small and large, distributing and non-distributing.
I won't speak to the politics of it. I would simply say that the proposed approach is to require gender and diversity reporting through the regulations but no quotas in a comply or explain model to facilitate the conversation between shareholders and their companies.
The view from our perspective is that the regulations allow for flexibility for evolving language and evolving considerations in a modern marketplace, and the choice of non-quotas was an explicit one.