CB: In the context of DE&I, how have you seen the landscape change for women in leadership roles throughout your career? Did you face challenges as a woman in leadership and if so, do you think those challenges remain today?

GFD: I have seen the landscape changing over a decade across sectors and geographies, but much remains to be done globally. The real pace of progress is asynchronous and fragmented. Some progress has been made in regions such as northern Europe but remains a challenge elsewhere. Social expectations on the role of women in the home, and the lack of progress in setting appropriate policies on parental leave support, as well as discriminatory practices in the workplace, are just as important as the work environment established by organizations. It takes an integrated evolution combining the sharing of equal opportunities and responsibilities between state, society, and organizations.

My own journey was one of balancing challenges at home and at work – including obstacles, harassment, and unequal compensation, alongside social criticism for not playing the stereotypical female role.

I chose to focus on giving my daughters a role model of resilience, standing up stronger for fair treatment in gender, race, age, and social condition. Above all, it is about never, ever giving up. Some of these challenges remain a reality across multiple roles, industries, and regions but we are also now on the right journey toward a fairer and more inclusive model.

CB: As a leader, how do you prioritize and promote DE&I within your organizations? And given your prominent roles, what initiatives or policies have you implemented to support the advancement of women in your field?

GFD: My approach to DE&I has been consistent as a leader, a worker, a person, and a citizen. For me, my conviction for equality and inclusion acts as an ethical imperative guiding my actions.

As a leader, I value human beings, professionals, and their own circumstances. I am attentive to prejudicial selection approaches that may need to be corrected. When appropriate, it can be necessary to take action to promote additional parity and inclusiveness. I tend to pay attention to the most vulnerable and, if necessary, work with them to help them rise to opportunities they may not have considered.

In my former role as chair of the securities regulator, I promoted more women to leadership than the organization ever did in 25 years. In my current role as chair at IESBA, I’ve appointed a woman vice-chair, and four women as chairs of our Task Forces and Working Groups. The first staff-driven model working group of IESBA is also led by a female staff member.

You may ask – did I promote them just because they are women? Absolutely not. I’m doing this for their merit and individual skills which I choose to promote and appoint. It’s about evaluating people and rewarding their value.

 It gave me immense pride to be the first chairwoman appointed at IESBA, and before that, the first chairwoman of the Portuguese Securities Commission, the first chairwoman of the University Board in Coimbra, and the first vice-chairwoman of the Organization for Economic Co-operation and Development (OECD) Corporate Governance Committee. Throughout my career I was promoted or appointed by free and fair spirits, for the skills and experience I brought to these roles.

In a few years, I ‘d like this conversation to be outdated, simply because women don’t have to be the first there or anywhere, they should simply be.

CB: Why is it essential for organizations to have diverse leadership, and how does it contribute to overall success?

GFD: All successful projects are the outcome of perspectives, knowledge, experience, and personalities. No project can flourish otherwise. Diversity is instrumental to force organizations beyond their comfort zone, while pushing them to deliver results that meet the needs of a broader range of stakeholders.

The 2020 McKinsey & Company study, titled 'Diversity Wins: How Inclusion Matters,' provides compelling evidence of the benefits of diverse leadership. It concludes that the most diverse companies are now more likely than ever to outperform less diverse peers on profitability. This confirms that diverse leadership brings a range of perspectives and skills, fostering innovation and driving better business outcomes, thereby substantiating the essential role of inclusive leadership in achieving organizational success.

CB: How do ethical standards contribute to creating an inclusive and fair environment in the accounting profession, particularly for women

GFD: The IESBA ethics standards can contribute to an inclusive environment in the accounting profession more broadly.

The Code of Ethics already includes provisions to shape a positive culture setting out an expectation that professional accountants, considering their position and seniority within their organizations or firms, encourage and promote an ethics-based culture. These provisions and their sufficiency will be addressed in the context of our newly created workstream on Firms' Culture & Governance.

More importantly, it provides a framework to help professional accountants choose the right behavior when they face all kinds of ethical dilemmas in their jobs. It contributes to building the right ethical culture and governance within accounting firms and in companies where professional accountants operate. The standards embed ethics in the daily routines of professional accountants with a positive impact on the organization.

The adoption of ethics standards by professional accountants can also play a role in motivating younger generations and future talent to join the profession while developing an ethical muscle in the early stages of their careers.

CB: What advice would you give to young women aspiring to reach leadership positions in traditionally male-dominated fields?

GFD: I remember once trying on a suit with bulky shoulders. I was advised to go for it as I would look more powerful ‘like a man’.  Women should go for the exact opposite and embody the incredible power of vulnerability instead. My message is simple: work hard, with a shared sense of purpose, enjoy every minute of your work, never betray your values nor your convictions, and surely not your own self, and lead by example. Be tough with tough people, protect the vulnerable, and place ethics above all, profit included. That will take you far.

The views and opinions expressed in this article are those of the interviewees and do not necessarily represent the views of IFAC.