• Program empowers women in Romania to step into management or advisory board roles

• Offering actionable advice for women in businesses seeking strong governance

• Supporting EU gender diversity targets with inclusive leadership programs

The European Bank for Reconstruction and Development (EBRD) celebrates Women’s Entrepreneurship Day on 19 November 2024 by highlighting the EBRD Women on Boards Program’s effort to advance women’s leadership in Romania. This initiative, developed by the EBRD and implemented this year in partnership with Endeavor Romania, aims to help women across the business sector gain the insights, tools and necessary connections to step into advisory or management board positions.

At two recent training events, “Managing Dynamics in the Boardroom” (10 September 2024) and “Advisory Boards” (06 November 2024), international and Romanian experts, investors and industry leaders shared practical guidance for effective boards with over 100 experienced women in business, to help them step confidently into board roles.

The highlights are shared below, as a practical guide for women in business pursuing management and advisory board roles:

1. Understand your role on the board. Identify what your unique expertise brings to the table and gain a strong understanding of board types, from supervisory to advisory, and clarify how each operates within a company.
2. Strengthen governance skills. Develop the core skills of board governance, including financial expertise, risk assessment, digital transformation, AI, ESG, international market expertise and strategic oversight. Also take courses, seek mentorship or join industry groups to support your further growth.
3. Leverage advisory boards for business growth. For women leading SMEs, establishing an advisory board can bring external perspectives to enhance decision-making and growth. This team serves as a “pool of wisdom” offering high-level guidance to founders.
4. Expand your professional network. Building relationships is key to accessing board opportunities. Engage with industry groups, participate in training programs and connect with peers or executive search professionals who may refer you for board roles. Networking is essential not only for board placements but also for broadening perspectives and sharing best practices.
5. Pursue continuous learning and self-development. Stay current on industry trends, participate in leadership development programs and seek feedback. These experiences build the adaptability needed to thrive in governance roles, particularly as the industry’s needs and governance expectations evolve.
6. Be available and committed. Ensure you can dedicate sufficient time to your board role. Research indicates that board positions require around 45 days per year, so be prepared to commit this time for meetings, strategic planning and ongoing board responsibilities.

For companies with advisory and management boards, setting clear board roles aligned with business goals, encouraging gender diversity to boost diversity of thought and better decision-making and supporting continuous education are key steps to building effective, adaptable leadership. Research shows that companies with gender-diverse boards are 25% more likely to outperform their peers in terms of profitability.

The EBRD Women on Boards Program continues to engage with local partners, community members, and professionals to inspire women across Romania to pursue their aspirations in corporate governance and board-level leadership. The Program also encourages the ongoing involvement of women entrepreneurs in governance roles to ensure a diverse, resilient and innovative business environment.

The Program aims to support Romania’s efforts to meet the EU target of 33% female board representation by 2026, promoting higher standards of governance in the local business community.

The EBRD Women on Boards Program in Romania is funded by the EBRD’s Small Business Impact Fund (Ireland, Italy, Japan, South Korea, Luxembourg, Norway, Switzerland, Sweden, US, TaiwanBusiness – EBRD Technical Cooperation Fund) and is supported by Banca Transilvania, Deloitte Romania, PWN Romania, Level 20 Romania and Envisia.

The EBRD is an international financial institution that supports projects in over 30 countries across Europe, Asia, and Africa. Its mission is to promote sustainable and inclusive growth by investing in projects that contribute to economic development. Endeavor Romania is part of Endeavor Global, a mission driven global and leading organization that supports and accelerates high-impact entrepreneurs by connecting them with talent, capital and a worldwide peer and mentor network. The EBRD and Endeavor have a solid track record of jointly supporting the business ecosystem in Romania and beyond.

*This is a press release.