Large publicly traded Irish companies have continued to make strides towards gender equality at board level, hitting a landmark goal of 40% representation by women. This information was revealed by the latest stats from the government-supported initiative, Balance for Better Business, which noted a slight increase from the previous figure of 39% in September.
These Irish organisations are surpassing the European Union’s target of achieving 33% representation by 2026, currently boasting an average of 37% female representation. However, the gender balance in other listed firms remained constant at 28%.
According to the most recent data, four out of five Iseq 20 listed organisations have at least three women in their boardrooms. Carol Andrews, co-chair of Balance for Better Business, spoke of her encouragement at the progress, drawing attention to the fact that 80% of Iseq 20 companies now have three or more females on their boards. She underscored the significance of setting ambitious goals and aiding companies in formulating action plans to meet those objectives in the pursuit of gender balance.
Meanwhile, the leadership groups of other listed firms saw a marginal increase in female representation from 16% to 18%, demonstrating that the pace of progress remains slow, with nearly one-quarter of these firms having entirely male leadership teams. Also, in key decision-making roles, women continue to be underrepresented.
The group has plans to reveal its new strategic plan and action course in the near future, which includes providing support to businesses and taking targeted measures. Aongus Hegarty, another co-chair for Balance for Better Business, emphasised the known advantages derived from gender-balanced leadership in the corporate world, such as enhanced economic performance, a more engaged employee base, and a robust culture.
In his statement, Simon Coveney, the Minister for Enterprise, Trade and Employment, pointed to the increased proportion of women on Iseq boards as proof of the continual efforts made by the programme.
The importance of continued progress in achieving gender balance across all levels of an organisation, particularly at senior leadership levels, cannot be understated. This should undoubtedly be a strategic focus for every business, considering the clear benefits it can bring. Irish businesses, backed by the Government, are expected to further advance and endorse this pivotal transformation. I am eagerly looking forward to seeing the progress unfold.
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