Large Irish companies have been told they need at least 33% female board members by 2023.
Launching the report, Finance Minister Paschal Donohoe said: “I believe, at its best, business is a meritocracy built on people having the right character, skills and behaviours.
“Rather than being based on gender, ethnicity or the school they attended.
“The Government is committed to promoting women’s participation in decision-making, believing, as it does, that this leads to better decision-making and a fairer and more balanced society.”
A “robust debate” the Balance for Better Business review group commissioned by the State stopped short by calling for targets instead of gender quotas.
The independent review group set up by Taoiseach Leo Varadkar last year is tasked with examining the gender mix within Irish companies and how women can be involved in decision making at the highest levels in business.
Now with its first report, the group has also said all other Irish companies listed on the stock market should have at least 25% female directors by the end of 2023.
It has also set a target that by the end of 2019, no company traded on the Euronext Dublin markets should have an all-male board.
Currently only 16.4% of directors of all Irish publicly listed companies are female, while a total of 15 listed companies still have all-male boards.
The independent group included members from the ESB, Enterprise Ireland, and IDA Ireland.
Chairwoman of the group, Brid Horan said: “The initial focus of Balance for Better Business has been on the boardrooms of publicly quoted companies and we will be extending our analysis and recommended targets to other companies and to executive levels in future reports.
“I’m pleased that progress has been achieved since the launch of the initiative, with the overall percentage of women on Irish publicly listed boards increasing in the last year.
“However, the momentum needs to accelerate and to be sustained for balance to be achieved, as Ireland has slipped further behind other EU member states in recent years.”
Gary Kennedy, Co-Chair of the group said: “We need to recognise the significant pool of qualified and experienced female talent that already exists but too often is overlooked in making key appointments.
“Women are the most under-utilised economic asset in the world and countries and businesses that recognise this are the ones who will do best in the world of tomorrow.”
