The Institute of Directors in Ireland, the leading membership body for over 3,000 directors and business leaders, has today responded to the publication of the second report by the Government-appointed review group, Balance for Better Business.
The new Balance for Better Business report finds that while ISEQ20 companies have already exceeded the 25% interim target - set for the end of 2020 - for female representation on their boards - there has been little progress when it comes to other listed companies improving the female representation on their boards. Furthermore, the new Balance for Better Business report finds no progress on gender diversity in those companies that have all-male boards.
The Institute of Directors in Ireland published its own research survey, Diversity in the Boardroom 2019, in July of this year.
Commenting on the new Balance for Better Business report, Maura Quinn, CEO, the Institute of Directors in Ireland, said:
“The progress made on diversity by the ISEQ20 companies is to be welcomed. However, it is of deep concern that other listed companies have made little progress and, furthermore, it is incomprehensible that progress has not been made in companies that have all-male boards.”
In terms of further action for progress on diversity, Maura Quinn added:
“We need to address some of the barriers to more diversity in the boardroom, such as unconscious bias and less access for women to the same networks of contacts as men. We need to ensure more transparent and planned succession planning and recruitment processes at board level. Our own recent survey found that just over one-in-10 board members were appointed through an independent recruitment process. This leads to reinforcement of the perception that board appointments are about ‘who you know’ and of accusations of it being a ‘boys' club’. An independent, transparent appointments process and best practice board tenure terms should negate such claims and, in turn, should lead to increased diversity.”