The experience of women board members of effective leadership, networks, and support for women as CEOs

• Published in: Tímarit um viðskipti og efnahagsmál
• Main Authors: Óladóttir, Ásta Dís, Gunnarsdóttir, Sigrún, Christiansen, Þóra H., Kristjánsdóttir, Erla S.
• Format: Article in Journal/Newspaper
• Language: Icelandic
• Published: Research in applied business and economics 2022
• Subjects: Effective leadership; listed companies; boards; support; networking; women; M12; M14; J45; J16; Árangursrík forysta; skráð félög; stjórnir; stuðningur; tengslanet; konur; Iceland
• Online Access: http://www.efnahagsmal.is/article/view/a.2022.19.2.1; https://doi.org/10.24122/tve.a.2022.19.2.1

Despite considerable formal and systematic progress in closing the gender gap in Iceland, only three women are CEOs of listed companies in Iceland in 2022, compared to 19 men. Two of them were CEOs at the time of listing, but Ásta S. Fjeldsted was hired CEO of a listed company on September 7th, 2022, after advertisement. Conservative stereotypes about equality and women’s leadership decrease the prospect of women attaining the position of CEO, and a recent Icelandic study revealed that women board members of listed companies experienced powerlessness and lack of professionalism in the CEO hiring process. Research has shown that the leadership skills of CEOs with foresight, social skills and humility are linked to financial performance of companies, but few studies shed light on assessment of women’s qualifications for leadership positions. This study focuses on the experiences of women board members, of all listed companies in Iceland, of the assessment of women’s qualifications for CEO positions in listed companies, and of the influence of networks and support for women on the process and outcomes of CEO recruitment in listed companies. Interviews were conducted with 22 female board members of all listed companies in Iceland to answer the question: How do women board members in listed companies experience the assessment of women’s leadership qualities for the role of CEO in a listed company? Findings indicate that women board members consider women qualified for CEO positions, however, the women are not hired because of the dominating influence of men, networks and conservative stereotypes of women’s leadership and effective leadership, thus increasing the likelihood of ignoring qualified candidates, particularly women, in hiring CEOs. The results propose opportunities for the boards of listed companies to increase the quality of CEO recruitment and ensure equal opportunities for leadership through greater diversity and by targeting recruitment to effective leadership skills. Þrátt fyrir ýmsar formlegar og ...