Sandra Müller has 25 years of extensive experience in the investment fund industry and with management companies, regulated and unregulated investment fund structures, Ucits, alternative investment funds, real estate, infrastructure, private debt, asset and portfolio management, and corporate governance. Since 2004, Müller has served on boards in the investment fund industry, initially as an executive. She became an independent non-executive director in 2022 and currently hold mandates in several boards and funds initiated or managed by UBS, PGIM and Helaba.

Paperjam: What are the main challenges you’ve faced as a female independent board member?

Sandra Müller: Women face several challenges in attaining and succeeding in board positions, despite increasing recognition of the value of gender diversity in leadership. The main challenges I faced as a female board member initially included:

-Gender bias: Persistent stereotypes about women’s leadership abilities, competence and decision-making.

- Boardroom culture: Male-dominated boardrooms with entrenched traditions.

- Unequal expectations: Women often face higher standards of performance and behaviour compared to male peers. Additionally, female independent board members may lack access to informal discussions, decision-making spaces, or alliances that shape board dynamics.

How do you handle resistance or scepticism directed at you?

Handling resistance or scepticism as a woman in the boardroom requires a combination of confidence, strategic thinking, and relationship-building. Resistance often stems from biases, stereotypes or traditional norms. We need to acknowledge them and then redirect the conversation to our valuable contributions. I have addressed these challenges effectively by building credibility, delivering consistent outperformance, and fostering collaboration. Here are examples:

- Be perfectly prepared: Knowledge and preparation are powerful tools to counter scepticism. Be ready to present facts and data-driven arguments.

- Leverage extensive expertise: Highlight your specific expertise or unique skills that add value to the board.

- Consistent outperformance: Deliver results consistently to shift perceptions and reduce resistance.

- Seek allies: Identify supportive board members who can advocate for your ideas and cultivate relationships.

- Lead with results: Demonstrate tangible success or results to neutralise resistance and prove your value.

- Highlight wins: Share examples of how your contributions have positively impacted the organisation or board decisions.

Resistance or scepticism can be challenging, but it also presents an opportunity to showcase leadership, resilience and competence. By staying prepared, confident, focussed on what matters and delivering results, women can overcome barriers and drive meaningful change.

Do you believe gender equality is improving within boards of directors?

Yes, I am convinced we are on a positive trajectory. Gender equality within boards has been improving in recent years, though progress varies across regions, industries and organisations. Globally, the percentage of women on boards has risen steadily. According to the 2024 MSCI Women on Boards report, women held approximately 27% of board seats globally, compared to just 15% a decade ago. Some countries have surpassed this average. Europe leads in gender diversity due to quotas and the cultural shifts.

Further signs of optimism include:

- Younger generations: Millennial and Gen Z leaders prioritise diversity, signalling long-term change.

- Global standards: Organisations like the UN and the World Economic Forum have driven global awareness of gender equality.

- Private sector leadership: Companies embracing environmental, social and governance (ESG) principles increasingly emphasise gender diversity.

Whilst gender equality on boards has improved significantly, sustained efforts are needed to address remaining disparities. Continued advocacy, robust policies and cultural changes are critical to achieving true gender parity.

What is your opinion on quotas for women on boards?

In my eyes, quotas for women on boards are an important initial step to open the door for women to enter the boardroom and make their mark. Quotas for women on boards have had both positive impacts and challenges.

On one side, quotas have dramatically increased the number of women on boards in countries where they are implemented. They help overcome systemic barriers, such as gender bias and limited networks, that previously hindered women’s access to boardrooms. Quotas challenge traditional stereotypes by normalising the presence of women in leadership roles. Over time, they can create a “trickle-down” effect, encouraging more women to pursue leadership paths and inspiring cultural shifts toward inclusivity. The introduction of quotas often leads companies to invest in identifying and nurturing female talent, not only for board roles but across all levels of leadership. Without quotas, progress toward gender equality on boards has been slow. Quotas act as a catalyst, speeding up what might otherwise take decades to achieve.

On the other side, quotas can sometimes lead to the perception that women are appointed based on gender rather than merit, undermining their credibility. This can place additional pressure on women in board positions to prove their worth. Quotas may also result in surface-level compliance without addressing deeper cultural or structural barriers to gender equality.

Companies may meet quotas by appointing women to non-executive roles while failing to promote women into senior operational or executive positions. In some industries with fewer women in leadership pipelines, companies may struggle to find  qualified female candidates.

I am convinced that quotas for women on boards have proven to be a powerful tool for increasing gender diversity and challenging entrenched inequalities. Whilst they are not a perfect solution and challenges remain, their positive impact--particularly in accelerating representation and fostering cultural change--is undeniable. To maximise their effectiveness, quotas should be complemented by broader initiatives such as mentorship programmes and leadership development.

As a female board member, do you feel a particular responsibility to advocate for gender parity and inclusion?

Yes, I strongly advocate for more diversity, inclusion and gender parity in corporate leadership and act as mentor to empower talented women. When I started my career and got recognised as a high potential within my organisation, I had the honour and privilege that the chairman of the supervisory board offered me his mentorship. This helped me to put things in perspective and navigate my way. For many years, I have been serving as a mentor to pass on this support to young talents, act as a role model, lead by example to inspire others and challenge stereotypes, showing that women can excel in leadership.

 In your view, how does diversity impact a board’s performance?

Research consistently shows that diverse boards perform better: Here are the key benefits:

- Enhanced decision-making: Gender-diverse boards provide broader perspectives, leading to more balanced, innovative decision-making and better risk management.

- Improved financial performance: Companies with diverse leadership often report stronger financial results.

- Stronger corporate governance: Greater diversity reduces groupthink, fosters independence and encourages accountability.

Whilst diversity introduces challenges, such as adapting to different viewpoints and decision-making styles, these are opportunities for growth. Intentional efforts to build inclusive, skills-based boards can mitigate resistance and optimise performance.

By embracing diversity, companies position themselves for long-term resilience and success in an increasingly complex and globalised business environment.

What solutions or policies could foster better gender parity?

Achieving gender parity requires sustained advocacy, robust policies, and cultural change.

- Cultural change: Promote inclusivity and challenge biases to create equitable opportunities for women and reshape perceptions of women in leadership.

- Quotas and regulations: Governments and organisations have driven global awareness of gender equality. Enforcing gender diversity quotas and disclosure requirements accelerates progress and mitigate structural barriers.

- Sector initiatives: Programmes like the “Luxembourg Women in Finance” Charter contribute to the development of a more inclusive financial sector by setting specific targets and publishing progress reports.

- Corporate ESG goals: Embedding diversity and inclusion in corporate sustainability strategies with measurable objectives defined and progress tracked, ensures accountability.

- Leadership pipeline development: Group internal training programmes and cross-industry mentoring initiatives strengthen the talent pool for future board roles.

These efforts create the necessary foundation for gender equality, inspiring lasting cultural and structural changes.

Do you have an anecdote or a defining moment in your career that illustrates the reality of being a woman in this role?

The behaviour and expectations within the boardroom have undergone significant evolution over the past 25 years, particularly concerning gender dynamics and the role of women. When I began my career, women were the minority in the boardroom, expected to conform to the prevailing “old boys’ club“ culture. I recall being instructed by management to wear black trousers instead of feminine dresses--a clear reflection of the biases at that time.

Today, expectations have shifted dramatically. Woman are valued for the difference they make, contributing unique insights and the ability to complement traditional boardroom thinking. The evolution from silent conformity to active leadership, strategic contributors and driving change has been empowering and inspiring. Boardroom dynamics are more inclusive, with a focus on collaborative environments and open dialogue.

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

For a young woman aspiring to lead and unlock her potential, success requires a mix of strategic actions, personal development and resilience. I recommend the following:

- Invest in yourself: Develop a strong skill set, pursue education and lifelong learning, and complementary skills, which are essential in any career. Also, understand your unique talents, natural abilities, skills and passion. Find out what your personal strength are, do what you love and what you’re good at.

- Cultivate a strong network and seek mentors: Build connections with peers, learn from role models and find mentors to seek guidance from experienced individuals who can provide insights, support and opportunities.

- Plan strategically: Set clear career goals, know what “making your mark“ means to you, leverage your strengths strategically and create a roadmap. Break your long-term goals into actionable steps toward your vision and track your progress.

- Be resilient: Be adaptable, open and embrace challenges as opportunities for growth. Stay focussed, authentic and true to your goals. Strive to contribute meaningfully and make a positive impact!

Making your mark as a young woman requires determination, strategic action and resilience in the face of challenges. Surround yourself with supportive people, embrace learning opportunities, and lead with confidence and authenticity. By embracing these principles, you’ll not only carve out your own path but also inspire others to do the same. A woman on her way can make an incredible impact and create meaningful change!