The Government-backed independent review group Balance for Better Business (B4BB) has issued a strong call for action, urging privately owned companies in Ireland to aim for at least 40% female representation on their boards and leadership teams.
The appeal comes as part of B4BB’s newly published report, “Gender Balance in Privately Owned Companies: An International Perspective and Strategies for Success,” which highlights the gender gap in leadership positions within private firms compared to their publicly listed counterparts.
While private companies employ more than 70% of Ireland’s workforce, they lag significantly behind on gender diversity at board level. According to B4BB, women held just 22% of board seats in large Irish-owned private companies in 2023, compared to 39% in ISEQ20-listed firms. In contrast, private companies performed slightly better in terms of senior leadership roles, with women occupying 28% of those positions.
Since its launch in 2018, Balance for Better Business has focused primarily on gender diversity in publicly traded companies, which have seen notable progress — increasing female board representation from 18% to 40% over seven years. With that milestone achieved, the group is now shifting its focus to privately held firms, where they believe significant gains can still be made.
The report outlines key strategies to drive change, including greater transparency in gender reporting, sector-specific initiatives, and strong commitment from senior leadership. It also ties the issue to broader business success metrics.
“Privately held companies play a crucial role in shaping the future of work in Ireland,” said Carol Andrews, Co-Chair of Balance for Better Business. “What isn’t measured, won’t change, and that’s why stronger public reporting on gender balance is essential. With new reporting requirements coming into force this year, now is the time to act.”
Bernard Byrne, fellow Co-Chair, emphasized the business case for gender diversity: “Balanced leadership is more than just best practice — it’s a strategic advantage. Diverse teams attract top talent, spark innovation, and foster stronger trust with customers and stakeholders.”
The new report also draws on international benchmarks to show how targeted action in the private sector can yield measurable improvements in diversity and inclusion. B4BB hopes the recommendations will prompt Ireland’s private sector to match — and eventually exceed — the gender balance progress already seen in public companies.
