Irish companies hit new highs on board gender balance

Irish businesses have made significant progress at achieving gender balance on their boards, a new report has found, with the State exceeding the EU average for the first time.

However, the report noted additional focus was needed to ensure that women progress into more senior executive leadership roles, including chief executive, chief financial officer and chairwoman roles.

Women account for almost a third of board members at publicly listed companies, the fifth annual report of the Balance for Better Business Review Group said. Among the Iseq20 – the 20 largest listed groups with their main listing in Dublin – representation of women was 36 per cent, exceeding the 30 per cent target set for the year and the 33 per cent target set for the end of next year. Across all boards of Irish publicly listed groups, that figure was 32 per cent for 2022.

Outside the Iseq20, the figure for other listed companies stands at 26 per cent, ahead of the 22 per cent target set for the end of the year and a 16 percentage point improvement since 2018.

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While Iseq20 companies exceeded their 2022 target for female representation at senior leadership level at 27 per cent, other listed Irish companies fell short of a 22 per cent target for the year.

Launching the report, Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar said the progress was encouraging. “I’m especially pleased to see that Ireland has now not only caught up with, but exceeded the EU average for the representation of women on the largest listed companies’ boards. This marks a significant accomplishment, especially given that this has occurred over a relatively short time period.”

“While the progress made this year among businesses is to be welcomed, there are still too many companies with all male boards and leadership teams in Ireland. This is despite the compelling business case of having an equal number of men and women in senior leadership positions, ” Balance for Better Business co-chairman Aongus Hegarty said.

Among Iseq20 listed companies, almost three-quarters have three or more female board members. More than 50 per cent of all the companies listed on the Iseq now have more than three women on their board.

But women hold only four out of 36 chief executive positions in publicly listed Irish companies. Three listed companies have all-male boards, and there is only one chairwoman in the Iseq20.

“Since its launch in 2018, Balance for Better Business has worked not only to promote gender balance at board and executive leadership levels, but also to share the experience of organisations on the journey towards achieving gender balance,” co-chairwoman Julie Sinnamon said.