Women in leadership roles are vital for any organisation’s success, yet for many aspiring women in Romania, stepping into a management or advisory board role remains a challenge. Enter the EBRD Women on Boards Program, a transformative initiative designed to equip women with the tools, connections, and guidance they need to excel in governance and leadership positions.
On Women’s Entrepreneurship Day, November 19th, 2024, the European Bank for Reconstruction and Development (EBRD) is shining a spotlight on the program’s impact in Romania, where it is helping women break barriers in business. By partnering with Endeavor Romania, the EBRD is helping shape a new era of inclusive leadership that aligns with the European Union’s gender diversity targets.
In this post, we’ll dive into what makes the EBRD Women on Boards Program a game-changer for women aspiring to board roles and share actionable advice for women looking to elevate their leadership journey.
The EBRD Women on Boards Program: A Catalyst for Change
The EBRD Women on Boards Program aims to support women across Romania in their pursuit of boardroom leadership. By offering a practical and comprehensive training series, this initiative empowers women with the knowledge and confidence to join management and advisory boards.
The two recent training events, “Managing Dynamics in the Boardroom” (held on 10 September 2024) and “Advisory Boards” (held on 06 November 2024), were attended by more than 100 women entrepreneurs and executives. These sessions, led by a mix of international experts, investors, and Romanian industry leaders, offered invaluable insights on how to navigate boardroom dynamics and make meaningful contributions to strategic decisions.
Here’s a breakdown of the practical advice shared during these sessions, offering a roadmap for women in business who aspire to serve on corporate boards:
Key Insights for Women Aspiring to Board Roles
The following highlights serve as a practical guide for any woman considering a management or advisory board position:
1. Understand Your Role on the Board
Before stepping into any board role, it’s crucial to understand your unique value proposition. Each board has a different purpose—some are supervisory, others are advisory, and some take on a more strategic management role. Knowing what type of board you’re joining and how your expertise fits within that framework will help you navigate your responsibilities with clarity.
- Key Action Point: Take time to evaluate your skills and identify what you bring to the table. Align your expertise with the needs of the board to maximise your impact.
2. Strengthen Governance Skills
Effective governance is the foundation of any successful board. To be truly valuable, you need to master the core skills of governance, including financial literacy, risk management, digital transformation, and strategic oversight.
- Key Action Point: Seek out additional learning opportunities to enhance your understanding of governance. Participate in mentorship programs, attend relevant courses, or join industry networks that support your growth.
3. Leverage Advisory Boards for Business Growth
For women leading SMEs, establishing an advisory board can provide much-needed external perspectives to drive business growth. An advisory board acts as a “pool of wisdom”, offering high-level guidance and helping businesses avoid blind spots.
- Key Action Point: Consider forming an advisory board for your business to gain valuable insights from experienced leaders who can support your decision-making and growth strategy.
4. Expand Your Professional Network
Your network plays a crucial role in gaining access to board opportunities. Building relationships with peers, mentors, and even executive search professionals will open doors for board placements. Networking is also an excellent way to gain new perspectives and stay updated on industry trends.
- Key Action Point: Actively engage in professional networks and attend relevant events. Make connections that can refer you to board roles or offer mentorship and advice.
5. Pursue Continuous Learning and Self-Development
The business world is constantly evolving. Continuous learning is essential to stay relevant, especially in leadership and governance roles. Stay informed on industry trends, attend leadership development programs, and actively seek feedback to refine your skills.
- Key Action Point: Invest in your own professional development through courses, seminars, and workshops that align with your career goals.
6. Be Available and Committed
Board roles require dedication. Research shows that on average, board members spend around 45 days per year on board activities. You must be prepared to commit the necessary time and effort to attend meetings, contribute to strategic planning, and fulfil other board duties.
- Key Action Point: Assess your current commitments and ensure that you have the time available to fulfil the responsibilities of a board member before taking on a position.
Gender Diversity in Governance: Why It Matters
The EBRD Women on Boards Program supports gender diversity not just for equality’s sake, but because diverse boards lead to better decision-making. Research shows that companies with gender-diverse boards are 25% more likely to outperform their peers in terms of profitability. Diverse teams bring a wider range of perspectives, which leads to more creative solutions, better risk management, and stronger strategic direction.
Moreover, the EU’s gender diversity target aims for 33% female representation on boards by 2026. Romania is actively working towards this target, and the EBRD is playing a key role in this effort by encouraging more women to step into leadership positions and advocate for inclusive governance practices.
How the EBRD Women on Boards Program Benefits Romania
Through this program, the EBRD is actively supporting women entrepreneurs and business leaders in Romania to ensure a diverse, resilient, and innovative business ecosystem. By equipping women with the necessary skills and connections, the program helps foster strong governance across Romania’s business landscape, paving the way for more sustainable economic development.
The EBRD and its local partners, including Endeavor Romania, Banca Transilvania, Deloitte Romania, and others, continue to work together to drive forward the agenda of gender equity and inclusive leadership in Romania.
Conclusion: A Call to Action for Women in Business
If you’re a woman in Romania looking to make your mark in corporate governance or join an advisory board, the EBRD Women on Boards Program is here to guide and empower you. With the right tools, network, and mindset, you can break through the barriers that have historically limited women’s access to leadership roles.
By taking proactive steps, such as enhancing your governance skills, building a professional network, and committing to continuous learning, you can position yourself for success on any board. Gender-diverse boards are the future of effective leadership, and it’s up to women like you to lead the way.
