This chapter discusses the role of the state in the evolution of gender diversity practices of the listed companies. In so doing, we follow the periodisation we have done in Chapter 2 with a special emphasis on the changes in related legislation, discourse adopted, institutions developed, and the power relationships between state and non-state actors. Since gender diversity initiatives gained momentum after 1980, we provide a deeper analysis of the second and third period based on changes in the economic and political regime. By adopting such a periodisation, we aim to show how the interests of the ruling government cadres in appropriating gender diversity talk and walk changed in tandem with the adoption of neoliberal policies and a weak “illiberal democracy”. We see this process as the marginalisation of gender diversity practices where women’s status in society and in the workplace is deliberately neglected in an authoritarian, populist political realm sponsoring neoliberal welfare and employment policies. Furthermore, since gender diversity discourse and practices are influenced by the women’s movement and the position taken by the state towards these movement adherents, our analysis of gender diversity is aligned with the premises of the women’s movement in each period.