Advancing Balanced Business Leadership Across Irish Business

This is the 8th year of Balance for Better Business – can you tell us a little about the progress made in that time?

Balanced leadership should be a strategic imperative for every business. Companies that commit to gender balance gain a competitive edge: they attract top talent, spark innovation and boost performance. Since Balance for Better Business was established in 2018 we have seen Irish businesses make real strides on gender balance, with publicly listed firms not only achieving - but sustaining  - the 40%+ target on boards. This continued positive momentum means firms are on track to exceed the 40 per cent threshold set out by the EU’s Gender Balance on Corporate Boards Directive. There has now been a landmark 24 percentage point increase in female representation at board level among publicly listed companies over the past seven years.

There’s also been steady progress among our privately held companies—one of our key focus areas—on senior management teams. Our research shows a 3 per cent increase in female representation on the leadership teams of privately held companies reaching 31 per cent.

However, the pace of change across the business landscape remains uneven. We’re urging all companies, no matter where they are on the journey, to make gender balance a strategic priority. By embedding it into growth plans, holding leaders accountable, and taking real action, we can accelerate change and build a more balanced future for Irish business.

What guidance would you give an organisation looking to accelerate the pace of progress in this area?

There’s no better time than today to advance your gender balance journey. Establishing a plan should be the first step for any organisation seeking to accelerate change. This plan should be guided by clear and measurable targets, with regular reporting to ensure that your organisation remains on track to achieve its goals.

At Balance for Better Business, we’re calling for all organisations to aim for 40%+ female representation on boards and leadership teams. This is a crucial threshold aligned with international norms and the EU Corporate Boards Directive, which can enable businesses to realise the benefits of balanced leadership.

The B4BB roadmap is an essential tool to transform intention into impact and accelerate progress for every organisation. No matter where firms are on their gender balance journey, the roadmap offers practical, actionable guidance. From succession planning to leadership development, it lays out structured steps to help leaders embed gender balance at both board and senior leadership levels and increase the pace of change.

How crucial is leadership buy-in to drive change, and what are some effective ways to ensure accountability in driving change?

Owners, investors and leaders hold a pivotal role in driving change. When gender balance becomes a business priority, it cascades success throughout the entire organisation. Leaders must sponsor and champion the agenda, embedding gender equity into the core culture, values, and decision-making processes. They also have the authority to implement systemic fixes in core HR processes—hiring, promotion, and pay—to close the gaps and build an equitable talent pipeline.

Setting clear public targets that are communicated to employees can ensure leaders remain accountable for change and keep gender balance as a strategic priority. One of the most powerful catalysts for change is transparency. Publishing data on gender equality and reporting regularly on progress toward gender representation targets is crucial to building trust and keeping on track towards targets.

How important is the commitment from Irish businesses to gender balance to the future competitiveness of our economy?

Balanced leadership isn’t just the right thing to do – it’s a smart business move. From better meeting talent needs to stronger performance, more balanced organisations are better equipped with the capabilities and perspectives to drive future growth and competitiveness. Forging a stronger future for Irish business means realising these benefits across every sector of the economy.

Our research shows that sector-specific strategies are needed to address unique industry challenges. Findings from our latest report show that performance varies significantly by sector emphasising the need for a sector-driven approach, based on successful strategies in top-performing sectors. Businesses in the Information & Communication Services and Construction sectors posted the highest sectoral increases in female board leadership over the past 12 months and provide examples of how to successfully achieve change.

Our 8th Annual Report features case studies that spotlight success across a wide range of industries and specific steps in each sector that can help accelerate change. We’d encourage all decision makers to explore the report to see how they can advance their journey today.

This article is the view of the author(s) and does not necessarily reflect IoD Ireland’s policy or position.

About the Authors

Bernard Byrne is a Chartered Accountant with significant leadership, financial and commercial experience as well as a deep understanding of the Irish market and economy. Bernard most recently served for as CEO of J+E Davy, Ireland’s largest independent stockbroking and wealth management business.

Bernard joined Davy in 2019 as Head of Capital Markets and Deputy CEO. In early 2021 he became CEO. During his time at Davy he played a key role in the growth of the business, the launch of its ESG advisory arm, the sale of the company, and its integration into the Bank of Ireland Group. Prior to this, Bernard served as CEO of AIB Group plc leading the successful rationalisation and IPO of the bank.

He joined AIB in 2010 as CFO of the Group and also headed up the Retail, Commercial and Corporate banking activities during his time in there. Before joining AIB, Bernard was Group Finance and Commercial Director at ESB. Prior to that he was Deputy CEO and Finance Director of IWP International plc and previously he was the Commercial Director of ESB International. He has been a long serving supporter and a Co-Chair of the Financial services arm of the 30% Club.

Carol Andrews is Managing Director and Global Head of Client Service Delivery, Securities Services. In her current position she is responsible for Client Service, a team with a view across our Securities servicing franchise for all products including Corporate Trust, Custody, Fund Services and Middle Office.

Carol launched her financial services career at Old Mutual Assurance Company in Ireland, where she was first responsible for the establishment of the Dublin office, then led the implementation of operations based in Guernsey, Channel Islands office. Carol joined Allied Irish Banks (AIB) and served in positions of increasing responsibility in settlements, custody, operations and client services. Carol joined The Bank of New York in 2006 with the acquisition associated with the AIB/Bank of New York Mellon (BNYM) joint venture. She was seconded to the Brussels office to manage the integration of AIB to the BNYM platforms. Prior roles include Head of Service Delivery for fund administration services in EMEA, including fund accounting, transfer agency and client services; Head of Global Client service based in New York responsible for our alternative investment service clients. Carol has extensive experience with major integration initiatives, regulatory change and migration projects.

Carol is a graduate of the Women’s Leadership Forum, a Harvard Business School leadership development programme. Carol is a Certified Investment Fund Director (CIFD) and holds a Masters (MSC) in Business Practice from the Irish Management Institute/University College Cork. Carol recently completed MIT Sloan Blockchain Technologies Business Innovation and application certificate. Carol is a founder, previous Country Lead and a current steering committee member of the 30% Club Ireland, an organization aimed at achieving better gender balance at all levels in leading Irish businesses. Carol serves on the Irish Government Advisory for Balance for Better Business (a government led initiative to increase gender balance in business). Carol is currently a member of the Advisory Council for Irish Management Institute, a board member for Vodafone Foundation Ireland, and a board member of the Bank of Ireland Gold Sovereign Programme Committee.