Balance for Better Business (B4BB), the Government established independent review group, has published a new report calling on privately held companies to aim for at least 40% female representation on boards and leadership teams.
Privately held companies in Ireland employ just over 70% of the workforce but are behind listed firms when it comes to board-level gender balance.
In 2023, women held 22% of board seats in large Irish-owned private companies, compared to 39% in ISEQ20 firms.
Private companies are ahead in leadership team diversity, with women occupying 28% of senior roles.
Since its launch seven years ago, Balance for Better Business has been focussed on helping to transform gender diversity on the boards of publicly listed companies, which have seen female representation increasing from 18% to 40%.
Now, B4BB is setting its sights on the private sector.
A new report titled “Gender Balance in Privately Owned Companies: An International Perspective and Strategies for Success” outlines a set of recommendations aimed at supporting privately held companies in making meaningful progress.
Proposals include enhancing transparency and reporting, implementing sector-specific strategies and fostering leadership-level commitment to change.
Carol Andrews, Co-Chair of Balance for Better Business, said privately held companies have a powerful role to play in shaping a more inclusive business landscape.
“What isn’t measured, won’t change, and that’s why stronger public reporting on gender balance is essential,” Ms Andrews said.
“With new reporting rules coming into force this year, now is the time for these companies to step up, embrace transparency, and lead the charge toward more balanced leadership,” she added.
Bernard Byrne, Co-Chair of Balance for Better Business said that balanced leadership isn’t just good practice, it’s a competitive advantage.
“Diverse teams attract top talent, spark innovation, and build trust with customers,” Mr Byrne said.
