The 30 companies listed on Frankfurt’s DAX index of blue chip stocks said after meeting with ministers on Wednesday that they would set company-specific goals to promote more female managers.

Chancellor Angela Merkel’s government says the firms will aim to increase female representation on their management boards by 30 percent by 2013.

It says companies which fail to meet that goal will face unspecified sanctions.

Details of both agreements remain under discussion.

BMW personnel director Harald Krueger says the DAX companies “are fighting for the best solution.”