, 37, is director, senior legal counsel at J. Safra Sarasin. She hold different positions and memberships, such as founding shareholder and board adviser at HentoPharma S.L. in Spain, member of the company secretary and governance officer committee of the Institut Luxembourgeois des Administrateurs (ILA) and member of the Madrid Bar Association.

Paperjam: What are the main challenges you’ve faced as a female independent board member?

Adriana Valcarce: Whilst I am currently positioned as a director in the legal department and not as a board member, I have faced challenges related to perception and expectation through my whole career, mostly related to my expertise or authority. I have learned to navigate these challenges by continually advocating for myself and ensuring that my contributions are visible and valued.

How do you handle resistance or scepticism directed at you?

I generally like to connect these sort of questions with my hobby and passion: horse riding. In this sense, I approach difficulties as I would approach a difficult obstacle with my horse: with calm and reasoned demeanour. It is part of life--both professional and personal--to encounter difficulties such as initial resistance or skepticism from others, and I believe that by staying focused on facts and data, rather than emotional responses, one may foster constructive discussions. Not to be obviated is the fact that engaging in open dialogue is also a powerful learning and constructing tool.

Do you believe gender equality is improving within boards of directors?

Yes, I believe there has been progress in gender equality on boards, but there is still significant work to be done. In 1987, women’s representation on corporate boards was notably low, with estimates indicating that only about 5% of board sets were held by women in European countries and in the US. The concept of gender diversity in corporate governance was not recognised or prioritised at that time. Nearly ten years later, women’s representation amounted to ca. 10 to 12% in some regions. But there were still significant barriers and poor awareness of diversity importance. The year 2011 (when I got my first job as a lawyer) was pivotal; some countries such as Norway had already implemented gender representation quotas in boards, resulting in women holding around 40% of board seats. Other countries, such as Spain and France, started adopting similar policies which contributed to a rise in women’s representation to approximately 20% in many European countries. Nowadays, some reports indicate that some countries approach a 50% representation of female board members, and overall, the EU average for women’s representation on boards has risen to 30 to 40% (depending on the country and industry), which reflects a growing commitment to diversity and gender parity in corporate governance.

What is your opinion on quotas for women on boards?

Quotas can be a double-edged sword. On one hand, they can drive necessary change by ensuring that women have a seat at a table. On the other hand, if not accompanied by a genuine commitment to parity, they may lead to tokenism. I believe that quotas shall be used as a temporary measure by organisations to accelerate progress and parity, but ultimately, we, as members of a society, need to focus on creating an inclusive culture where women can thrive on their own merit.

I have read a lot in the last years on this particular topic and I like to use the analogy of the “musical chairs,” which the author Diana Lopez Varela uses in one of her books to illustrate the need to establish quotas “to achieve such parity.” The analogy refers to how in this well-known game, there are more participants than available chairs. This symbolises how--in politics and business--women often find themselves competing in an environment where opportunities are limited if they are not even invited to participate in the game. We must change the dynamics. I would expect to see enhanced public policies and programmes to ensure this--such as an education for true and genuine gender parity starting in early childhood--instead of what sometimes ends up being popular gender inclusion policies, which end up creating a sense of confrontation or undue antagonism between genders.

As a female board member, do you feel a particular responsibility to advocate for gender parity and inclusion?

Absolutely. I believe it is crucial for women, not only those in the very top but all of us, to pave the way for the others as we thrive in our professional career. As a mother of a future woman developing her own career (no matter the field), I am particularly committed to inspire a culture that values diverse perspective and talents, gender parity and a competitive environment where the genuine skills of each professional are appraised.

In your view, how does diversity impact a board’s performance?

I confirm that in my view, diversity has a great impact (positive!) in board’s performance. Certainly board performance is one of the key matters I look at as part of my role, and we have developed since many years a board self-assessment questionnaire where each board member rates his/her individual performance but also the collective performance of the board. Diversity on boards is not a new debate as it enhances the performance of the board by introducing a variety of perspectives that lead to greater debates, challenges, creativity and critical thinking. Without any doubt, diverse boards are more equipped to adapt to changing market dynamics, ultimately driving better decision-making and improved outcomes.

What solutions or policies could foster better gender parity?

In my view there should be a strong focus in developing programmes focusing on unconscious bias as this would certainly reshape the workplace culture in many industries. Mentoring programmes may also prove positive, along with flexible working arrangements to accommodate personal circumstances (e.g. mothers returning from maternity leave), but I believe these shall be accompanied by educational and training programmes focused on parity.

The origin of “parity” lies in the Latin word “par,” which means “the same,” and thus refers to quality or equivalence of rank or status. Gender parity shall not be a concept leading to antagonism, undue or unhealthy competition between genders, but it shall drive our society to ensure same opportunities and benefits are granted between “equals.”

What advice would you give to a woman hesitating to take this path?

I would give the same advice I got from my parents since my early childhood: pursue your ambitions and beliefs with confidence. Embrace failures as learning opportunities and seek out mentors who can provide for inspiration, guidance and support. Trust in your abilities and remember that every challenge you overcome (every obstacle!) adds to your strength.

Do you have an anecdote or a defining moment in your career that illustrates the reality of being a woman in this role?

I started my career as a lawyer within the M&A department of a law firm which, at the time, was predominantly male-dominated. I was the only women within the larger corporate department working on such transactions and deals. From the outset, my primary focus was on delivering high-quality work and asserting my value for the team. I consciously chose not to dwell on the potential biases associated with my gender or being the youngest member of the team; instead,  I decided to work as I was just “a” member of the team.

I find that my determination shaped my understanding of resilience in a workplace and the importance of forging one’s path. This journey over the years in across different phases in my professional life has reinforced my belief that women can excel and lead within traditionally male-dominated fields. By focussing on our strengths and remaining steadfast in our commitment, we can break down barriers and pave the way for greater representation and inclusion in leadership roles.