Have you noticed any real progress in the presence of women on Luxembourg boards over the last 5 years?  What obstacles do you think still exist? 

: In 2023, only 21.8% of board seats in Luxembourg were held by women, compared to the European average of 33.8%. Moreover, only 5.6% of board chairs were women, reflecting a persistent gender gap in top leadership positions. Our survey, run together with Insead Corporate Governance Institute in 2023 confirmed similar figures. 

Progress is being made, as evidenced by the fact that now include at least one woman, according to a recent survey. However, more needs to be done to ensure that gender diversity extends beyond symbolic representation and into key decision-making roles. The public sector shows an example with 42% of women on boards--across organisations with full or partial public shareholders.

Although the progress seems to be visible--the increasing number of women attending ILA Directors’ Day every year might be an indication--we still miss diversity when it comes to the competencies of women serving the boards in Luxembourg. The legal, audit, risk and compliance profiles are still in the majority. We miss diverse female, and male, profiles covering systemic risks. We do not see strategic HR, technology, AI, cybersecurity or communication experts on boards. And we should prepare for the future serenely. Boards are still not open to welcoming people “not like them.” No matter if we speak about gender diversity or diversity as a whole.  

What tools or networks exist in Luxembourg to help women gain access to boards of directors? What could be improved?

In Luxembourg, several initiatives and networks aim to support women’s access to board positions, such as the Female Board Pool, Women on Board, Women in Finance, 30% Club,... While these initiatives promote the advancement of women in leadership, they have not yet achieved full gender parity. In 2023, only 21.8% of board seats in Luxembourg were held by women, compared to the European average of 33.8%. Moreover, only 5.6% of board chairs were women, reflecting a persistent gender gap in top leadership positions.

While the number of women on boards is steadily increasing--the need for substance and multiple initiatives to professionalise corporate governance to avoid a new Caritas, achieving gender parity--especially among chairmen, CEOs, and CFOs--remains a challenge. As critical agents of change, boards need to ask themselves whether they are doing enough to drive real change, from the way they select candidates to the way they promote women internally. Broadening the skill profiles sought for board members can help diversify leadership teams and fill gaps in expertise.

However, boards cannot drive change alone. Business leaders also have a responsibility to accelerate progress by challenging existing norms and having the courage to ask tough questions. To further improve representation, Luxembourg should strengthen mentorship programmes, awareness campaigns and leadership development initiatives to ensure that more women are equipped and encouraged to step into board roles. On top of it, introducing robust and independent selection processes when investing time in preparing transparent succession plans and a pool of talents “ready to get on exco and board seats” are a must to diversify and widen the existing pool of talents and bring “unusual suspects” on board.

What are the specific challenges and opportunities for Luxembourg companies to get more women on their boards, especially in an internationalised and competitive economic context?

We find ourselves in an environment that remains more male-dominated than female, making it essential for men to consider candidates of both genders equally. If a man is more qualified than a woman, he should have a place on a board--and the same should apply if the woman is the stronger candidate. We must be careful not to fall into the trap of selecting women for board positions simply to appear open-minded if other profiles are better suited and more competent. That said, it is equally important to raise awareness among men about the value of including more women in decision-making roles.

Boards should reflect the true composition of Luxembourg’s market, where both men and women hold positions of responsibility. And where 50% of the population are women. Additionally, integrating younger generations into these discussions is key to guiding them in their professional growth, and to having access to their specific skills when it comes to AI or cybersecurity for instance. Women, in particular, bring strong mentoring and leadership skills that can support this transition.

Beyond awareness, companies should implement concrete actions such as structured mentorship programmes, sponsorship initiatives, and transparent and independent recruitment and evaluation processes to ensure a fair and diverse pipeline of board candidates. Creating inclusive corporate cultures where leadership is based on merit, rather than outdated perceptions of gender roles, will be crucial in shaping the future of governance in Luxembourg.