Today, the Institute of Directors (IoD) in Ireland, the membership body representing 3,000 directors and business leaders, responds to the first report published by the government appointed review group Balance for Better Business.
The report was launched earlier this morning by Mr Paschal Donohoe TD, Minister for Finance, Public Expenditure and Reform and Mr David Stanton TD, Minister of State with Special Responsibility for Equality, Immigration and Integration. The Balance for Better Business report has proposed a target of at least 33% female directors for the top 20 companies listed on Euronext Dublin (ISEQ 20 companies) by the end of 2023. The current level for these companies is 20.9%. The target is 25% for other Iisted companies – they are currently at 12.1%.
In response to the report, Maura Quinn, CEO, IoD Ireland, said:
“The truth of it is, we have not seen sufficient progress on the gender diversity of boards. IoD Ireland has been raising this issue for some time, and in our recent diversity research, we found a growing support for gender targets on boards. This support was across the board from both male and female directors. For this reason, the Balance for Better Business report and its recommendations are a welcome development.”
Maura Quinn added:
“While progress may not be a straight line, the targets outlined in this report provide a clear focus for boards, their directors and stakeholders, as well as a means of evaluating its progress on an annual basis. Board diversity is not just ‘a nice to have’, it’s about what is best for business. Board diversity allows for the best possible talent to be available, which in turn will help a business become even more commercially effective. It is imperative that we now heed this call to ensure there is real traction on this issue in the future.”