Gender balance at board and senior leadership levels in Irish companies is a policy priority for me and it is an issue I have been engaged in for several years. The policy approach to date has focused on driving culture change in businesses, including by setting voluntary targets for large companies and assisting them to meet them.
To help with this, I launched Balance for Better Business in 2018 to promote increased participation by women on the boards and senior leadership teams of companies. Since then, there has been a steady and sizeable increase in the share of women on the largest listed company boards, from a very low figure of 18% in 2018 to 31% in September 2021. This is a significant achievement in a short space of time.
I thank the Deputy for the work she and others have put into the Irish Corporate Governance (Gender Balance) Bill 2021. In January I met with the National Women’s Council of Ireland to discuss the Bill and some other issues.
Voluntary targets appear to be working and are helping to promote cultural and strategic change at the heart of businesses. Still, I accept that voluntary targets might not be working quickly enough and do not deal with companies that are not engaging at all. There are still several companies which have no women members on their boards at all. Each year gender balance is not achieved is a year too many. Therefore, I welcome the legislation that the Deputy put forward. It could act as an accelerator in the area and I look forward to having the Deputy’s Bill debated in the House in due course.