Insolvency, like many industries in Australia, has long been a male-dominated one, with women facing a significant lack of representation. Whether it’s seeking employment or being placed in leadership roles, the chances of women being successful as restructuring practitioners are lesser compared to their male counterparts.
At Olvera Advisors, we recognise that diversity is more than just a talking point, it’s a course of action that can shape the value of our industry as a whole. As such, we’re proud to support the TMA Voluntary Code for Equitable Insolvency & Restructuring Appointments (EIRA).
This code represents our dedication to promoting gender diversity in a historically male-dominated field.
Gender Disparity in the Insolvency Sector
While women make up nearly 43% of Chartered Accountants in Australia, their presence in insolvency is staggeringly low. According to data from the ASIC, only 10% of registered liquidators are women.
Published in 2023, these statistics show that only 65 out of 642 liquidators in the country are women. These figures reveal a stark imbalance of the realities in the industry, particularly when women currently represent 40% of company boards in Australia’s biggest organisations.
This underrepresentation has bigger consequences. As an industry that prides itself on forward-thinking approaches and problem-solving, these statistics suggest traditional thinking still dominates.
As such, the industry has responded with a profound change. In early September, the Turnaround Management Association (TMA) hosted a national conference with industry representatives. A Voluntary Code for Equitable Insolvency & Restructuring Appointments (EIRA) was released, aimed at increasing the employment and retention of women in the industry.
Why Gender Equity in Insolvency is Crucial
It’s no secret that women and a diverse team offer unique perspectives and innovative approaches to complex problems. Gender diversity brings fresh perspectives, improves decision-making, and strengthens our teams.
Studies show that inclusive teams are more effective at problem-solving and foster a more empathetic approach to restructuring, which benefits both businesses and employees. As such, a lack of gender diversity can limit the potential for creative, empathetic solutions that benefit businesses, creditors, and employees alike.
In a field that often deals with sensitive and difficult circumstances, such as layoffs or business closures, having a team that adopts an emphatic approach is vital. Women often bring a sensitive approach to insolvency, encouraging open dialogue and fostering environments where multiple viewpoints are considered.
For clients, this can lead to more balanced, well-rounded solutions that not only address their financial health but also consider the human element involved.
Olvera Advisors’ Commitment: The EIRA Code
Olvera Advisors is proud to be at the forefront of this movement toward gender equity in the insolvency sector. As a company that understands the value of diverse teams, more than 40% of our team members are women, significantly more than industry standards.
As part of our commitment to the EIRA code, we pledge to adopt this key practice:
Where three or more joint appointments are made, we pledge that at least one woman will be appointed.
Our steps ensure that women are not sidelined in the field and are provided opportunities for leadership roles in insolvency. We hope that with this initiative, we can grow our team to be more equitable and innovative.
This action also benefits our male team members by creating a dynamic workplace environment where they can benefit from enhanced collaboration, creativity, and access to different perspectives, all of which contribute to their own professional growth.
Be Part of the Solution
At Olvera Advisors, we believe that a balanced, inclusive industry benefits everyone. We encourage other firms in the insolvency space to adopt similar commitments and promote gender equity in their practices.
If you’re looking to be part of a supportive, inclusive, and innovative team, visit our careers page for the latest job opportunities at Olvera.
Visit TMA Australia to learn more about the EIRA code.
