In 2008, Norway was the first country to implement a regulation for gender balance on boards in public limited companies. Later several other countries have followed. In this chapter, we investigate the wider effects of the regulation in Norway, by inspecting other changes in the composition of board members in the period from 2006–2016. We mirror these changes by comparing the development in the public limited companies with other companies in Norway, and we find that the gender regulation led to more women on boards, but also to changes in age, nationalities, and multiple directorships among public limited companies. The institutional framework is argued to be important to understand the development and rate of these changes.