CEO of Baloise in Luxembourg since June 2023, has worked in the finance sector for 24 years--in insurance and banking--in various management positions. In addition to her role as as CEO, she has been responsible for digitalisation, distribution, marketing and ESG strategy. As well as implementing insurance entities in the Emirates and Singapore, Theodorovics was responsible for operational excellence in Zurich and Paris, and held executive and non-executive board roles in Germany. She was also life director in Switzerland and Austria, and global director of independent distribution. Theodorovics also holds a number of roles as an independent non-executive director, including Athora Germany, the SOS-Kinderdorf Foundation Switzerland and the Association of Insurance and Reinsurance Companies (Aca) since summer 2023.

PaperjamL What are the main challenges you have faced as a female independent director?

Christine Theodorovics: The main challenge remains the fact that many positions continue to be allocated via established networks, where men are still largely in the majority. This creates a certain protective effect. Fortunately, quotas have broken this dynamic and opened more doors for women.

In addition, there are several points that are essential if you are to fully exercise your role as an independent director:

-Take your role seriously and be present at the right frequency: twenty years ago, most boards of directors met just four times a year. With such frequency and without complementary interactions, it is difficult to ensure effective oversight of a company. Today, strategic offsites have become essential, as have informal exchanges with management.

-Break stereotypes: leadership and authority are still often perceived as masculine traits, whereas collective intelligence is born precisely from the diversity of leadership styles. Encouraging this diversity is a powerful lever for more effective and balanced governance.

How do you deal with any resistance or scepticism towards you?

I’ve never really felt any scepticism once in a post. On the other hand, the main challenge is upstream: before you’re appointed, you’re not always on the radar or integrated into the networks that facilitate these appointments.

What counts above all is mastery of your subjects and a real commitment to the subject. To achieve this, I read, I gather information, I carry out analyses and I train regularly. I also attach a great deal of importance to my network: surrounding yourself with the right people and creating synergies enables you to put forward ideas collectively and strengthen your impact.

Another key point is to avoid self-censorship. I never hesitate to ask questions. Preparing in advance is essential, but knowing how to ask the right questions is even more so.

Finally, I’m always careful to respect the “nose in, arms out” rule: the role of an administrator is to provide supervision, not management. It’s about providing a strategic perspective without interfering in operational execution.

Do you think gender equality is progressing on boards of directors?

Yes, progress is visible, thanks in particular to quotas.

In Germany, women will hold more than 25% of management positions in the 40 largest listed companies in 2024, compared with 13.3% in 2020. This increase is due in part to a 2020 law requiring that at least one position on boards with more than three members be held by a woman.

In Switzerland, a reform that came into force in January 2023 requires large companies to have 30% women on boards and 20% in executive management. Companies have five years to comply with these quotas for boards and ten years for executive management.

Despite these advances, progress is still too slow. That’s why, although competence is essential, I'm in favour of quotas: they break down certain barriers and speed up the transformation.

Another challenge is the imposter syndrome, which still holds many women back. They must dare to take their place more and apply for leadership roles.

Real progress will come when diversity is no longer an issue, but a matter of course. Inclusive governance should not be the exception, but the norm.

What do you think about quotas for women on boards?

I see them as a lever for structural change. The aim is to achieve a culture of merit where women naturally rise to key positions.

As a female director, do you feel a particular responsibility to defend parity and inclusion?

Of course! I’m proud to see women succeed and I help and push them in that direction. And let’s be honest, it feels good not to be the only woman on the boards! That said, inclusion goes both ways and should benefit everyone.

In your opinion, how does diversity influence the performance of a board of directors?

More diversity offers a broader view, more creativity, more exchanges and discovery.

What solutions or policies would encourage greater parity?

More women in senior management positions will naturally create more women on boards, by bringing the required skills. The visibility of role models is essential to inspire and encourage the next generations.

I see various keys to accelerating parity:

-Mentoring and sponsorship: supporting and opening up opportunities for female talent;

-Networking: integrating more women into decision-making circles;

-Quotas: as in Germany (25%), Switzerland (30% target) and Luxembourg (38.6%), they have proved effective.

What advice would you give to a woman who is hesitating about taking the plunge?

At a certain stage in your career, when you’re offered a role on a board of directors, it’s rarely by chance. If there’s still any hesitation, tell yourself this: if you’ve been approached, it’s because you have the skills and legitimacy for the job.

Trust your background, dare to seize the opportunity and surround yourself with the right people to succeed.

Do you have an anecdote that illustrates the reality of being a woman in this role?

A meeting secretary told me that after I arrived--as the only woman on the board--the tone of the discussions had changed markedly. Certain words or expressions that had been commonly used before had suddenly disappeared... It’s proof that diversity has an impact, however subtle, on the dynamics and culture of a board of directors.

What specific advice would you give to a young woman who wants to make her mark in society? And what would you advise against?

Be competent, work hard and don’t hesitate to do more than is expected of you. Have confidence in yourself and surround yourself with the right people. Networking makes all the difference!

Don’t be afraid to speak up, and above all, show what you do: if you don’t put your work forward, no one will do it for you. Don’t try to manage everything on your own: knowing how to ask for help is a real strength.

This article was originally published in .