Irish companies should aim to have more than 40 per cent female representation on their boards and senior management teams, the new strategy from independent review group Balance for Better Business says.
The initiative, which is backed by the Government, has published its new five-year strategy, aiming to significantly increase female participation and boost business outcomes.
The 40+ per cent target is considered a key threshold for better business outcomes, such as improved financial performance and increased innovation.
The most recent report from the initiative, which was published in March, showed Irish companies had made progress in reaching their targets, with large publicly listed companies already reaching a milestone target of 40 per cent female representation on their boards.
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But other areas still require work. Irish public companies are working upwards from the current average level of female representation of 37 per cent, but other listed companies were still at 28 per cent.
The strategy document also lays out the group’s key areas of focus for driving progress, including targets, which will have an annual review, demonstrating the positive impact of a balanced workforce, working with stakeholders to shape national policy, and continue to be a trusted voice to promote progress towards greater gender balance through research-based evidence.
“Since its foundation in 2018, the Balance for Better Business initiative has established itself as a strong, trusted voice on gender balance in the Irish business community,” said Balance for Better Business co-chair Carol Andrews.
Co-chair of BB4B, Aongus Hegarty said the new strategy would look at areas where more support was needed.
“It’s the fundamental building block to be able to make progress here,” he said. “More than 50 per cent of senior independent directors on the Iseq are female. That should mean with the right support mechanisms and encouragement, we should see more of them step into chair roles.”
There will also be a continued strong emphasis on gender balanced leadership teams, Mr Hegarty said, which are slower to change but where diversity can have a strong impact from a business perspective.
“There is still much work to do, in particular to accelerate the pace of change in non-listed companies and within particular industries,” said Minister for Enterprise, Trade and Employment Peter Burke. “Today’s launch of the Balance for Better Business five-year strategy marks an important step forward, setting out an ambitious new programme for the next five years.”
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