5 Mar 20

Highlights

• ISEQ 20 companies surpass end of 2020 gender target as Irish listed businesses narrow gap with EU peers
• The percentage of boards with three or more females increased from 25% to 32%

Challenges

• 11 all-male boards remain; now one all-male board on ISEQ 20
• Number of female executive directors and senior female board positions still a challenge

The percentage of women on listed company boards in Ireland continues to improve as Irish businesses narrow the gap on their EU peers, new data from Balance for Better Business shows.

Dublin, 4 March 2020 – The latest statistics from the Government-sponsored, business led initiative tasked with examining the gender mix at the top of Irish business reveals that while heartening progress is being made, 11 all-male boards remain, with one all-male board now among the ISEQ 20.

According to the latest information (at 1 March 2020), 26.3% of ISEQ 20 company board directors are female. This is up from 25.3% in September 2019, and up significantly from 18.1% in February 2018 when Balance for Better Business was originally announced. The figure surpasses the interim target of 25% for the end of 2020 set by Balance for Better Business last year. Other listed companies outside of the ISEQ 20 are up from 12.4% in September 2019 to 15.9% (and up from 9.6% in February 2018). Overall, all listed companies were up from 19.1% in September last year to 21.5% (and up from 13.9% in February 2018).

Commenting on the latest data, Co-Chair Brid Horan said: “While we are pleased with the continued progress on the quest for greater balance,  one change that would really move the dial is for every company to appoint an additional woman, and in particular, we call again on those companies with all-male boards to appoint at least one woman. It is disappointing to see that we still have so many companies who do not see this as a priority given the clearly established business benefits.”

Gary Kennedy, Co-Chair said: “The overall percentage increase is positive but what is particularly encouraging is that a third of boards now have three or more females amongst their ranks. The impressive appointments that have been made recently will surely act as an example for more Irish companies to improve the gender balance of their boards.”

The increase in recent months has seen Ireland move up to 15^th position from 17^th on the most recent list of Women on Company boards for the Largest Companies in the EU. As of October 2019, Ireland was just 2.8 percentage points behind the average for the EU-28 (which was 28.8%) compared with a gap of 8 percentage points in 2018.

Since Balance for Better Business’ second report in Autumn last year, there have been 10 female directors appointed across nine companies. Additionally, two female retirees were both replaced by female appointments. Two companies with previously all-male boards (Datalex plc and Petroneft Resources plc) appointed a female Non-Executive Director.

Separately, the percentage of boards with three or more females increased from 25% to 32%, while the number of boards with 25% or more females increased from 18 to 20.

Despite the positives, however, there remain 11 all-male boards among all listed companies, four of which have appointed new Non-Executive Directors since September 2019, all of whom were male.

The appointment of female executive directors also remains a challenge. There were 10 male executive director appointments since September 2019, but no female appointments. The number of women in leadership roles on boards remains low (at 6.8% for Chairs and 26.7% for Senior Independent Directors), showing little change since September 2019.

About Balance for Better Business

Balance for Better Business, which was launched by An Taoiseach Leo Varadkar T.D. in July 2018, is tasked with examining the gender mix within the governance and senior management of companies in Ireland and the issues which arise in connection with the appointment of company directors and senior management.

Co-chaired by Brid Horan and Gary Kennedy, the Balance for Better Business Review Group is supported by the Department of Justice & Equality and comprises senior figures in Irish business and the public service: Carol Andrews (30% Club and BNY Mellon), Mark FitzGerald (Sherry FitzGerald), Aongus Hegarty (Dell), Danny McCoy (Ibec), Martin Shanahan (IDA), Julie Sinnamon (Enterprise Ireland), Fiona Tierney (eir) and Dr Orlaigh Quinn (Department of Business, Enterprise and Innovation). The Programme Director is Anne-Marie Taylor.