A/HRC/26/39 had female chief executive officers in 2009. Women account for 4 per cent of chief executive officers in Fortune 500 companies and 4 per cent in information technology and telecommunications companies. In 2012, women had only 16.6 per cent of Fortune 500 Board seats, of which only 0.6 per cent were women of colour. Only 17 out of 177 governors of central banks were women in 2012 (less than 10 per cent). Women are also greatly underrepresented in the leadership of cooperatives and trade unions. 59. However, reports suggest that rates of women in senior management are slowly increasing globally, currently reaching 24 per cent. The economies of the Group of Seven are at the bottom of the list, with just 21 per cent of senior roles occupied by women, and with only 7 per cent in one of these countries. This compares to 28 per cent in the BRIC (Brazil, Russia, India and China) economies, 32 per cent in South East Asia and 40 per cent in the Baltic States, while in China, 51 per cent of senior management positions are currently held by women. Discrimination in law and practice 60. States have a due diligence obligation, under international human rights law and in accordance with article 2 (e) of the Convention on the Elimination of All Forms of Discrimination against Women, to prevent discrimination by corporate, financial or trade institutions, whether national or transnational, which fall under their jurisdiction. 61. In many economies, there are discriminatory laws, often emanating from personal law systems, that create barriers to women operating in business. Examples include restrictions on registering a business, travelling outside of a country, owning land and other productive assets, opening a bank account, inheriting family property and taking a job without a husband’s permission. In many countries, the legal regulation of cooperatives allows membership for male heads of household only. 62. Additional limiting factors include gender stereotypes, lack of mentoring by senior male business leaders and lack of connection to chambers of commerce to identify business and trade opportunities. Underinvestment in women entrepreneurs is a worldwide phenomenon. Research shows that from 1997 to 2000, women-led businesses in the United States received only 5 per cent of venture capital money invested each year. Venture funds led by women constitute just 10–15 per cent of the investment sector and so, although they put 70 per cent of investment in women entrepreneurs, their impact is limited. In Africa, female-owned companies in the formal sector in urban areas have two and a half times less start-up capital than male-owned equivalents. In addition, due to their concentration in small businesses, women are more vulnerable to economic fluctuations and financial crisis. Furthermore, the gender pay gap widens as women reach senior positions. For example, in one West European country, women’s average bonuses are half those of men’s. Empowerment measures for women, including quotas 63. A number of countries have adopted temporary special measures specifically directed at accelerating de facto equality for women in corporate leadership, entrepreneurship and trade. Legislation with gender quotas for membership of corporate boards has been adopted in 13 countries. Most of the countries with quota requirements belong to the Western European and other States Group, but some are in Africa and Asia. The quota requirements, varying between a minimum of 1 and 40 per cent, apply to government companies and publicly listed companies. In some States, failing to fulfil quota requirements results in sanctions. Quotas have also been applied by local government to boards of directors of cooperatives. On the evidence, it seems that mandatory and not voluntary quotas are the most effective way to get women onto boards. 13