The new strategy from the independent review group, Balance for Better Business, advises Irish businesses to strive for over 40% representation of females on their leadership boards and senior management teams. The scheme, which enjoys the Government’s support, has revealed a five-year plan that seeks to amplify women’s engagement and enhance business results.
The 40+-percent target is deemed a critical stretching point for superior business consequences such as amplified financial performance and augmented innovation. The initiative’s March report highlighted the considerable advancements by Irish businesses in achieving their targets. Large publicly-traded companies had already hit the milestone target of 40% female board representation.
However, particular sectors still need improvement. Irish public companies are escalating from the current average female representation of 37 per cent, while other listed companies linger at 28 per cent.
The strategy paper delineates the group’s primary areas of concentration to foster progress. These include setting benchmarks with an annual revision, showcasing the positive effects of a workforce with gender balance, collaborating with stakeholders to mould national policy, and persistently being a trustworthy advocate for advancing greater gender balance through evidence-backed research.
Carol Andrews, co-chair of Balance for Better Business, commented upon the initiative’s remarkable reputation for gender balance advocacy in the Irish business world since its commencement in 2018. Aongus Hegarty, another co-chair of BB4B, said the new strategy would investigate areas requiring increased support.
Hegarty stated that over half of the senior independent directors on the Iseq are female and advocated for more women taking up chair roles with suitable support and encouragement. The focus will continue to be on gender-balanced leadership teams, which are slower to alter but can crucially impact businesses.
The Minister for Enterprise, Trade and Employment, Peter Burke, highlighted the work yet to be accomplished, especially in accelerating change rates in non-listed companies and certain industries. He marked the crucial advancement of the Balance for Better Business five-year strategy’s launch, outlining an ambitious programme for the forthcoming five years.
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