Principal Connections - executive search issues a circular synopsising the latest Senior, Executive and Board Appointments that have been announced for the preceding weeks across Ireland, the UK and sometimes further afield.
Dublin, Ireland – Hunt Scanlon, the market research firm and single source information provider to the human capital sector, has named Agilium Worldwide LLC in its 2024 Global 40 recruiting list of top talent providers. Principal Connections - executive search is thrilled as the Irish office of Agilium Worldwide Executive Search Group to receive this significant acknowledgement.
Each year, Hunt Scanlon reviews an exhaustive list of the top global executive search firms. Analysts look at each executive search firm in great detail. From this they formulate a list that they believe captures the top international executive headhunters who satisfy the most sensitive leadership hiring needs.
The market impact of the executive search industry has been significant, as it has more than doubled in size since 2015 and has continued to exhibit growth. According to research firm Statista, the global executive search market is estimated at €27-35 billion.
Principal Connections - executive search, is part of Agilium Worldwide Executive Search Group, one of the world’s oldest, largest and top international executive headhunters. Together with our colleagues across 55 offices in 30 countries, Agilium Worldwide offices complete 1000’s of executive search assignments each year.
The fourth report of the Balance for Better Business Review Group shows that Irish businesses have made important progress in achieving gender balance at Board level within the past year in Ireland. The report recently launched on Monday December 13th, 2021 by the Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar TD and the Balance for Better Business Co-Chairs Julie Sinnamon and Aongus Hegarty. The report from the Government established initiative shows that the overall trends at Board level are positive, although concern remains around progress at senior leadership level.
In 2021, the percentage of women on the Boards of ISEQ 20 companies rose to 31%, up from 18% meaning that the top publicly listed companies in Ireland are well on track to achieve the 33% goal by the end of 2023. For other listed companies, the percentage of women on Boards is now at 20%, hitting the target set for the end of 2021 and up from 9.6% in early 2018. For large Irish companies, the percentage of women on Boards is 22%, only narrowly missing the 23% target set for the end of 2021. As of November 2021, Ireland had moved up to 12th position from 17th on the list of women on company boards for the largest companies in the EU27 illustrating the progress that has been made since Balance for Better Business was first established in 2018.
While the ISEQ20 companies have exceeded their 2021 target for female representation at senior leadership level, other listed companies and large Irish owned private companies have both missed their targets for the end of 2021. Although it has been a stated target of Balance for Better Business that no listed companies should have an all-male board, there are still five (13%) listed companies with all-male boards.
Commenting on the report, the Tánaiste said: “It’s encouraging to see further progress has been made this year and I’m especially pleased that we have reached the interim target of having 30% female representation on the boards of the ISEQ20 companies. In 2018, the average was only 18%, so this is significant progress, however it is a far cry from the equal representation we aspire to and clearly more needs to be done. “Women are still underrepresented in executive director roles and progress to rectify this issue has been too slow. There are still five listed companies with all-male boards. Change takes time, but the progress made shows what can be achieved when companies focus on making change happen. I hope next year to see greater progress on senior leadership targets.”
Welcoming the report, Minister for Children, Equality, Disability, Integration, and Youth, Roderic O’Gorman TD said: “The continued progress, particularly among ISEQ20 companies in improving women’s representation on boards and senior leadership teams is a positive step in terms of gender equality. However, the missed targets by other listed companies and large Irish owned private companies are in line with the findings of the latest OECD report on the gender pay gap across OECD countries, which shows that in spite of societal changes over decades and various labour market, educational and public policy initiatives, women continue to earn less than men and that gap is highest amongst the highest paid. Gender Pay Gap reporting will be introduced in Ireland in 2022, mandatory reporting which will include reporting on the reasons for any pay gap.”
Co-Chair Julie Sinnamon said the business case for more diverse decision making and leadership is well established. “Balance for Better Business wants to put gender balance on the agenda of every Irish company and make Ireland a more gender balanced economy. While work remains to be done at the board level, the real challenge is in achieving balance at leadership level in organisations. We will continue to highlight how proactive talent management and succession planning provide pathways for business to facilitate change in their own organisations. A strong and robust pipeline of future female leaders influences the shape of future leadership teams and boards. This will provide sustainable, long term change, in a way that continuing to place too much emphasis on recruiting women to boards cannot.”
Co-Chair Aongus Hegarty said a cultural change was required which needed active engagement by senior business leaders across Ireland. “There are still too many companies with all-male boards and leadership teams in Ireland. Achieving gender equality requires honest and rigorous self-assessment, time, and sustained effort and that’s why we’re calling on companies to do three things. Firstly, set targets and have an action plan, treating gender balance like any other business objective. Secondly, build a gender balanced succession plan at both board and executive leadership team level. Thirdly, report on your progress to achieve transparency and accountability, as this will send a clear message to potential talent, to customers and customers that you understand and the value a more diverse and inclusive workforce.
Balance for Better Business (B4BB) is an independent business-led Review Group established by the government in July 2018 to improve and promote gender balance at board and leadership level of Irish business, which in turn will drive better business and societal outcomes.
Julie Sinnamon recently stepped down as CEO of Enterprise Ireland. She is also a member of the National Competitiveness and Productivity Council (NCPC) and the Investment Committee of the Irish Strategic Investment Fund. She is a board member of Social Entrepreneurs Ireland.
Aongus Hegarty serves as President of Dell Technologies for International Markets. Aongus co-leads the Global Women’s Network and is a member of the Global Diversity Council, chaired by Michael Dell. Aongus is former Chairman of the Executive Council for the American Chamber of Commerce to the European Union as well as a member of the Special Olympics Ireland Council of Patrons.
Principal Connections - executive search is Ireland's Top Diversity and Inclusion Executive Search Firm. At Principal Connections, we believe that we have an important role to play in helping our clients build diverse leadership teams.
Clients engage us to address the growing importance of diversity in their employee population. Companies that incorporate inclusion strategies in their business have stronger financial performance and provide greater shareholder value. Principal Connections has a strong track record in diversity search assignments and embraces the global reality of diversity and inclusion.
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Dublin, Ireland, February 01st 2021 -- The ninth Chambers Ireland National InBUSINESS Recognition Awards, took place on the later date this year, of Friday last, January 29th 2021. With Ireland now well into its third lockdown, a prestigious list of Irish businesses attended the awards which were streamed live, with Mr. Ian Talbot, CEO of Chambers Ireland opening the event and MC, the renowned business journalist Vincent Wall. This year winners were selected from across 19 distinct categories based on the criteria of: 'resilience', 'exceptional performance' and their response to the 'adversity' presented by 2020.
“Market leading products and services, state of the art infrastructure and market opportunity, none of these guarantee business success. It’s the people of an organisation who define it. And more specifically, it’s the quality of leadership demonstrated by those individuals.” said Pat O’Donnell, Managing Partner of Principal Connections – executive search who took the award of "Best in Executive Recruitment".
“As a senior executive search firm, Principal Connections is in a privileged position. Each day we work towards appointing many of the senior executives and board leaders who drive Irish business.
To be recognised for excellence in this endeavour, I feel truly honoured and especially delighted to accept this prestigious award this afternoon. Despite the unique circumstances imposed by the COVID 19 pandemic, this award reflects the resilience, agility and success that Principal Connections achieved in partnership with our clients in 2020. I would like to thank each of our exceptional management consulting team, our board and international colleagues, all who share in this recognition” said O’Donnell on accepting the award on behalf of the executive search experts.
The Chambers Ireland National InBUSINESS Recognition Awards 2020/2021 Winners:
Chambers Ireland is Ireland’s largest business organisation with a network of Chambers of Commerce in every major town and region in the country.
Principal Connections is Ireland’s leading retained Senior Executive Search Firm and part of Agilium Worldwide Executive Search Group.
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Principal Connections’ CEO and Board Search Practice has helped many of the most successful organisations across Ireland build their boards and senior leadership teams.
As we continue to navigate the global public health emergency as well as Brexit and new trade deal arrangements, the presence of a strong, independent and effective board is more crucial than ever. The most effective boards have a positive and sustainable impact on the organisations that they serve ensuring good governance while driving organisational performance. High performing boards instil confidence among shareholders, trustee’s and stakeholders, and create a diverse and balanced perspective — one that reflects the strategic vision of an enterprise.
In December of 2020, Principal Connections decided to undertake a comprehensive research programme to gauge the views of board directors of Irish entities - ranging from plc’s and multinationals to private limited companies, public sector and non-profit entities, concerning a broad range of board related themes. Topics focused on included board – practices, refreshment, diversity, social issues and COVID-19. The findings have produced many interesting insights for the first time in an Irish context.
We would like to sincerely thank the CEO and board director group who took considerable time from their busy schedules to participate in this consensus. We at Principal Connections firmly hope that this consensus will support and better inform boardrooms across Ireland in their debate and decision making as they look to the future.
If you would like to receive a complimentary copy of our CEO & Board Directors Consensus 2021, please Register an Interest
PRINCIPAL CONNECTIONS CEO & BOARD PRACTICE
Principal Connections’ CEO and Board Search Practice has helped many of the most successful organisations in Ireland build their boards and senior leadership teams. We partner with our client organisations to identify the right leader for their particular strategic need, and assess and recruit the best talent to drive value.
According to Benefacts' Nonprofit Sector Analysis 2020, Ireland's nonprofit sector has at least 32,841 Organisations, 165,075 Employees, 86,481 Directors/Trustees, €14.2bn Turnover and receives €5.9bn in State Funding. Nonprofit organisations which include NGOs, Social Enterprises, Clubs, Societies, Associations and Religious Bodies play a crucial role in society. Such entities are to be found in every part of the country, transcending major sectors such as Health, Education, Housing, Social Services, the Environment, Religion, the Arts and Politics, to name but a small number.
In partnering with such organisations in the recruitment of Senior Management and CEO’s, our dedicated not-for-profit executive search practice at Principal Connections frequently observes organisations prioritising the following as essential skills, competencies and qualities when hiring:
Passion for the organisations mission is a crucial quality sought out by most nonprofit recruitment committees and boards. Nonprofit leaders are frequently motivated by their desire to make a difference to a mission that they truly believe in. Such passion fuels the demanding time, energy and resilience required, often in lieu of reflective financial reward, and can also inspire longevity of tenure.
To be an impactful nonprofit leader demands an appropriate balance of strategic and ‘hands on’ leadership which is most likely to be defined by the size, scale and the challenges before the organisation. Spending money wisely and using sound data to demonstrate impact are also key attributes boards and recruitment committees underscore. Nonprofit leaders must listen, be inclusive and in some instances be at ease when navigating political pathways. Holding staff, volunteers and of course each other accountable, and yet maintaining high morale and inspiring all stakeholders to be motivated in achieving a shared vision is no easy feat.
Grappling with the best way to develop, expand or do more for an increasing number of clients with less, requires entrepreneurial spirit, creativity and innovation in today’s environment. Standing out from the crowd is the intention of most organisations, but doing what is best for clients must always be the prerogative. This may mean leveraging and forging strategic partnerships with other nonprofits or corporate entities, and even sometimes accepting that they may be better positioned to serve in the first instance.
Raising income is no longer an activity that can be solely assigned to a fundraising, membership or development department, but one which the CEO and Senior Management must play an active role in. Shrinking government funding, high-levels of competition for public and private funds, together with rising costs, regularly culminate in unrealistic fundraising targets for under-resourced departments tasked with income generation. Therefore, nonprofit leaders who have the skills to help identify and secure new sources of income or perhaps scale revenues through existing methods are in high demand.
The concept of building positive brand identity is of the utmost importance for most if not all nonprofit bodies. Therefore, boards and recruitment committees presiding over talent acquisition processes frequently look for leaders who know how to build a brand and possess the public relations skills to engender ties for the future. Engaging supporters and other stakeholders requires compelling presentation and communication, and delivering information and content in new and more creative ways. Unfortunately, there is no one size fits all, but today's nonprofit leader certainly must know how to appeal to a target audience in a way in which they will positively respond and share the organisation's story with others.
With today's increased competition for private, public and state funding, knowledge of the sector is on most organisation's priority lists. A commitment to best practice in all aspects of corporate governance is a direct driver of funding and investment into the sector. Boards and recruitment committees are searching for leaders who understand the nuances of the sector as well as know the key stakeholders. In certain circumstances, organisations may see benefit in transitioning individuals from the corporate world. Like all such transitions, this in itself may come with a heightened sense of risk; and transferability of skills, and lead in times, must to be carefully considered.
Non-profit organisations search for new leaders who will take the time to learn and understand the history and culture of the entity. Nonetheless, a new leader must promptly ascertain what can and should be done, and be considered but decisive in action. Procrastination can conceive doubt among staff and the board. Adopting a bulldozer approach is certainly by no means the appropriate pathway, but subtle early changes during a new leader's initial tenure can corroborate that the right appointment was made and instill confidence.
Pat O’Donnell is Co-Founder and Managing Partner of Principal Connections, the Irish office of top global executive search group, Agilium Worldwide. Mr O’Donnell is known as a leading authority and trusted advisor to domestic and international organisations in all phases of development and change and is also noted for his exceptional understanding of board room dynamics. A graduate of the National University of Ireland Galway, Mr O’Donnell holds a Master’s Degree in Commercial Law from University College Dublin’s School of Law.
To learn more about Principal Connections please visit www.principalconnections.com or e-mail pat@principalconnections.ie
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The above information does not purport to be professional advice. Readers are advised to seek independent professional advice before acting on anything contained in these materials.
Read the Executive & Board Resourcing Code
As organisations strive to achieve better performance through more diverse balance across senior decision-making roles, recruitment and appointments becomes a pivotal process. Since 2016, Ibec and the 30% Club have promoted a voluntary code for executive search firms to support more balanced selection, in their role as key stakeholders in changing the landscape on gender balance across senior management and on boards in Ireland.
In 2019, the Code was updated and broadened to reflect all search professionals (external and in-house), and any senior resourcing activity. It is based on four key principles incorporating Strategy & Goals, Talent Pipeline, Process and Monitoring & Reporting. The Code also recognises the importance of search firms and client organisations working together in partnership on delivering change. It is anticipated that the Code will become a referral point for the Balance for Better Business outputs, to be announced soon by the Government Review Group
Executive search firms and search professionals, as signatories to the Code, commit to following the Code’s provisions in their board and senior executive search processes, irrespective of sector or company; and to ensuring that the principles and key behaviours are embedded in their day to day practices. A list of signatories is published, and signatories are also encouraged to publicise their compliance through their website and through public reporting of measures of success.
Executive search firms and search professionals, as signatories to the Code, commit to following the Code’s provisions in their board and senior executive search processes, irrespective of sector or company; and to ensuring that the principles and key behaviours are embedded in their day to day practices. A list of signatories is published, and signatories are also encouraged to publicise their compliance through their website and through public reporting of measures of success.
Individual organisations are actively encouraged to support the principles set out in the Code and to work in collaboration with the executive search partner, whether in-house or external, in ensuring the Code is upheld; and that ultimately greater balance is achieved across senior decision-making functions with particular emphasis at board and C-suite executive levels. In particular, it is anticipated that Nomination Committees will encourage the adoption of the principles and the suggested behaviours in both Board and internal selection processes, supported by the CEO and the HRD.
Ibec and the 30% Club have committed to promoting the Code and its signatories with our members, encouraging them to engage in future with recruitment and executive search firms who are as committed to diversity as they are. By working together, we hope that we can make further advances to address the challenge of gender balance in decision-making roles and ultimately for better business outcomes.
ABOUT IBEC
Ibec is Ireland's largest lobby group representing Irish business both domestically and internationally.
ABOUT THE 30% CLUB
The 30% Club campaigns for greater representation of women on the boards of FTSE100 boards with a target of a minimum of 30%.
ABOUT PRINCIPAL CONNECTIONS
Principal Connections has forever been committed to helping client organisations increase the effectiveness of their boards and senior executive teams in the selection and appointment of diverse talent. Working in partnership with Chairs, Nomination Committees, CEO’s and HRD’s we take the appropriate steps to ensure focus, action and success throughout the execution of the executive resourcing process.
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No company traded on the Euronext Dublin markets should have an all-male board by the end of this year. This is just one of the targets set by a new Government-commissioned report on gender balance in Irish businesses according to Dublin executive search firm, Principal Connections. The report also says one-third of directors at the 20 biggest Irish companies on the stock market should be female by the end of 2023.
“Women are the most under-utilised economic asset in the world and the countries and businesses that recognise this are the ones that will do best in the world of tomorrow.” Balance for Better Business Report May 2019
EXAMINING THE GENDER BALANCE OF IRISH BOARDS
Currently only 16.4% of directors of all Irish publicly listed companies are female, while 15 listed companies still have all-male boards, a statistic which there is broad agreement has to change. Established by the Government in July 2018, the 'Balance for Better Business' Review Group was tasked with examining the gender mix within the governance and senior management of companies in Ireland. The independent body, co-chaired by Bríd Horan (Chair, Nephin Energy and formerly Deputy CEO ESB) and Gary Kennedy (Chair, Greencore and Green Reit), was asked to make recommendations on how women can be involved in decision-making at the highest levels of Irish business.
BOARD GENDER TARGETS SET FOR IRISH BUSINESSES
This the first report examining the gender composition of Irish publicly listed companies calls on businesses in Ireland to quickly address the low levels of female representation on their boards of directors. Interim targets have also been set for each year so that companies can measure their progress against annual benchmarks.
This the first report examining the gender composition of Irish publicly listed companies calls on businesses in Ireland to quickly address the low levels of female representation on their boards of directors. Interim targets have also been set for each year so that companies can measure their progress against annual benchmarks.
IRISH BOARDS MUST TAKE VOLUNTARY ACTION
The report is clear in that Balance for Better Business favours a voluntary approach in which companies themselves take action to introduce the necessary reforms, thereby avoiding the need for legislation to impose gender quotas. The body says it is pleased to note that progress has already been made since the initiative was launched, with the overall percentage of women on Irish publicly listed boards increasing in the last year from 14% to 16.4%.
But it suggests the momentum needs to accelerate and to be sustained for balance to be achieved, because in recent years Ireland has slipped further behind other EU member states. It also explains there is a strong business case for better gender balance, including wider access to the entire pool of talent, greater diversity of thinking and increased responsiveness to consumer requirements. The Review Group advises that it is developing a programme of engagement with major companies and key business influencers to raise awareness of the need for change. It says it is ready to work with them to identify how we can tackle barriers preventing change.
NEW FIGURES FROM THE CENTRAL STATISTICS OFFICE
Last week, new figures from the Central Statistics Office showed just 1 in 9 chief executives (12%) of large enterprises with 250 or more employees in Ireland in 2019 are women. They also revealed that women make up 28% of senior executive roles compared with 72% for men. The data also showed that the vast majority of chairpersons at companies were men - 93% - with women making up the remaining 7%, while 80% of directors on company's boards are men and 20% are women.
WELCOMING THE BALANCE FOR BETTER BUSINESS REPORT
The Institute of Directors in Ireland said its recent diversity research found a growing support for gender targets on boards, with support across the board from both male and female directors. In a statement Maura Quinn, CEO of IoD Ireland, said that while progress may not be a straight line, the targets outlined in this report provide a clear focus for boards, their directors and stakeholders, as well as a means of evaluating its progress on an annual basis. "Board diversity is not just ‘a nice to have’, it's about what is best for business," Ms Quinn said. "Board diversity allows for the best possible talent to be available, which in turn will help a business become even more commercially effective. It is imperative that we now heed this call to ensure there is real traction on this issue in the future," she added.
Meanwhile, Ibec CEO Danny McCoy, a member of the review group for the report, said today's publication will lead to a welcome step change for boards in corporate Ireland. "This is a hugely significant development for business leaders in Ireland and will be embraced as part of the continuing evolution and strengthening of the Irish business model," Mr McCoy said. "The measures announced today are a critical element that form part of the holistic approach required to bring about gender balancing across Irish business and society," he added.
Helen Wycherley, President of Network Ireland - which supports the professional and personal development of women - said that companies can gain so much from having more female representation on their boards. "We know that boards are traditionally male-dominated places so we need to ensure that boards focus on achieving balance - and not just gender but also age and backgrounds," Ms Wycherley said.
The Network Ireland President said that many women do not even think about going on boards and the benefits are many. "They can be a source of income, they will increase confidence and develop connections, they can allow you to give back and absolutely can allow you to make a difference in an area you are passionate about," she added.
Bank of Ireland, which last year set out a target that all management and leadership appointments will represent a 50:50 gender ratio by the end of 2021, also welcomed the report. "We are committed to creating a diverse and inclusive place to work where our people can be themselves and perform to their full potential," said Francesca McDonagh, the bank's CEO.
ABOUT BALANCE FOR BETTER BUSINESS
Balance for Better Business is an independent business-led Review Group established by the Government to improve gender balance in senior leadership in Ireland.
ABOUT PRINCIPAL CONNECTIONS
Principal Connections is Ireland's Top Diversity and Inclusion Executive Search Firm. At Principal Connections, we believe that we have an important role to play in helping our clients build diverse leadership teams.
Clients engage us to address the growing importance of diversity in their employee population. Companies that incorporate inclusion strategies in their business have stronger financial performance and provide greater shareholder value. Principal Connections has a strong track record in diversity search assignments and embraces the global reality of diversity and inclusion.
Follow us on LinkedIn and Twitter to keep up to date with all our latest news.