Have you noticed any real progress in the presence of women on Luxembourg boards over the last 5 years? What obstacles do you think still exist? 

: Over the last five years, Luxembourg has made tangible progress in increasing gender diversity on boards. More organisations are publicly committing to bringing women into leadership roles, and the percentage of women on boards has risen. But the real conversation is not about parity for the sake of parity--it’s about performance.  

The evidence is clear: Gender-diverse boards are not just an ethical goal; they are a business imperative. Studies show that companies with greater female representation on boards tend to achieve better financial outcomes, stronger governance, and improved risk management. In contrast, companies with no women directors are more likely to experience declines in performance and enterprise value. This isn’t about fairness--it’s about effectiveness.  

Despite this, the challenge of access remains one of the biggest barriers. Many board appointments still rely on informal networks--the so-called ‘old boys’ club.’ While these networks may provide comfortable camaraderie, trust and banter in informal settings, they do not necessarily translate to competent, collaborative business decisions or prudent judgment in the boardroom. 

The issue is not whether women can perform at the highest level once given the opportunity--they do, consistently. The real question is: Why are we still making access to these roles so difficult? 

Progress requires more than passive acknowledgment; it requires deliberate action--expanding talent pipelines, rethinking recruitment processes and ensuring that board selection is based on business value, not interpersonal familiarity. 

What are the specific challenges and opportunities for Luxembourg companies to get more women on their boards, especially in an internationalised and competitive economic context? 

Luxembourg’s position as an international hub offers a unique opportunity to lead in gender diversity, but it also faces significant challenges. One pressing issue is the persistent reliance on informal networks and personal recommendations, which remain male-dominated. In a country as interconnected as Luxembourg, where professional circles are tightly knit, this exclusivity is even more pronounced. The issue is not just about getting more women onto boards; it’s about who gets visibility, who gets considered, and who gets access to the right networks.

For many women, the path to leadership is not just narrow--it’s precarious. One researched phenomenon is the glass cliff. Women are often appointed to leadership roles during times of crisis or instability, when the likelihood of failure is higher. These positions can be seen as opportunities, but they often come with heightened risks and inadequate support. Women may feel obliged to accept these roles because opportunities to lead are so scarce and refusing a difficult appointment may limit subsequent offers of leadership. However, success in these situations is often overshadowed as the result may be primarily consolidation or recovery, and failure even in a challenging assignment can reinforce harmful stereotypes about women in leadership.

Another overlooked challenge is the culture of women realising their value in leadership early enough. Board diversity is not just a corporate issue--it is a pipeline issue that starts in the education system. Young girls need to be imbued with a sense of possibilities and an expectation of grand achievement, something that is still lacking. Too often, we hear about the lack of women at the top, but how often do we talk about who is inspiring the next generation to aim for those positions? 

Without accessible role models and early exposure to leadership pathways, young women are less likely to see themselves in executive roles or on boards. The entire leadership ecosystem must shift, integrating mentorship and sponsorship at all levels--from schools to universities to early-career development--so that leadership is not seen as an exception for women but as an expectation.

Does Luxembourg have sufficient mentoring programmes, training or networks to prepare and support women in their access to positions of responsibility?

What further measures are needed?  Luxembourg has made a start--programmes like the ‘Luxembourg Women in Finance Charter’ and leadership workshops are steps in the right direction. But let’s be honest: the existence of programmes does not mean they are enough or that they are accessible to all women.  Mentorship is one thing, but sponsorship is what truly propels women into leadership. Sponsors don’t just offer advice--they open doors and advocate for women in rooms where they are not present. Luxembourg needs more sponsorship initiatives that actively connect talented women to opportunities at the highest levels.