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JUNE 8 2023

Luxembourg local elections : inclusive governance and economic vision

We are only a few days away from the local elections in Luxembourg, which will be decisive for the direction of the national economy, the business climate and the prospects for companies, particularly at local level. This period is of significant importance for the promotion of inclusive governance and the development of an equitable and prosperous society, at a time when the Luxembourg Times this morning highlighted the under-representation of women in management positions in almost all sectors compared to their male counterparts.

The issue of skills and gender diversity in Luxembourg's decision-making spheres remains a worrying one. In large companies listed in Luxembourg, only 22% of management positions are held by women, compared with 78% by men. Figures from the Ministry of Equality's Gender Equality Observatory also show that only 4% of management positions in companies are held by women. This disparity is also found in politics, where women represent only 6 of the 17 ministers in office. The media and education are no exception, with few women in key positions.

Measures have been taken in Luxembourg to promote gender equality, such as the introduction of a law requiring 40% of candidates for parliamentary and European elections to be women, and the adoption of a European Union law to ensure gender parity on company boards. Despite these advances, much remains to be done to achieve balanced representation. It is essential to raise awareness of the importance of diversity and inclusion in positions of power, by encouraging not only the participation of women, but also a diversity of skills and expertise.

Seizing opportunities and anticipating challenges

At the same time, it is essential for companies to understand what is at stake in the market during this decisive period. Our recent LinkedIn survey revealed that 76% of professionals consider this understanding to be extremely or very important. Political and economic changes resulting from elections can influence regulations, tax policies and business opportunities. Being informed enables companies to seize opportunities, anticipate challenges and adapt their strategy accordingly.

The results of Luxembourg's local elections, which will be known in just a few days' time, are crucial in determining the path towards more inclusive governance and promoting a fair and prosperous society. During this election period, we all have a role to play in ensuring a more inclusive future, where men and women have equal opportunities to participate in the decisions that shape our common future.

Author: Jennifer Pierrard - Adapted into English by Natalia Núñez Bolaño