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“We have made great progress
in the representation of women
on boards of directors”
Blog “We have made great progress
in the representation of women
on boards of directors”
Fiona Egli October 24, 2023 Board of Directors, Sustainability
Maya Bundt has been a member of the Board of Directors of Baloise since 2022 and this year joined the panel of judges for the Women’s Board Award. In this interview, she talks about what she likes best about serving on a board but also the challenges she faces as a board member and why it is so important that Baloise supports initiatives such as the Women’s Board Award.
Maya, can you tell us a little about your career? How did you become a member of a board of directors?

I studied environmental sciences and did my doctorate in soil physics at Zurich’s ETH university. I then spent 20 years working for Swiss Re in various roles, which gave me a broad range of experience in the insurance industry. During this time, I was appointed to the boards of several Swiss Re subsidiaries, which allowed me to become familiar with the fundamentals of work on a board. In 2022, while already serving on the boards of Valiant and APG SGA, I became a member of the Board of Directors of Baloise. That was the time for me to step down from the operational side of the business. Since then I am a ‘portfolio director’ serving on several boards.

What do you like most about being a board member?

The work is complex and intellectually demanding. From time to time I still hear people talking about directors who simply sit through meetings and rubber-stamp pre-agreed decisions. Personally I have never observed this. In my experience boards today are professional bodies that thoroughly acquaint themselves with the issues that are relevant to the company.

I find it particularly enjoyable that much of what I do involves strategic thinking and shaping the business. This enables me to actively influence the development of the company and the direction it is taking.

I also like the interaction with people. Connecting to and working with the other board members, with the executive committee and with a variety of experts from the company enrich the work and make my role truly interesting.

What challenges do you face as a member of the Board of Directors?

One of the biggest challenges is to ensure that I am operating at the right level. My job, as a member of the Board of Directors, is to focus on strategic matters and management oversight. To do this properly, you need to have a good understanding of the business and the environment in which it operates. This requires intensive discussions with management and experts as well as thorough analysis of information. However, I always have to challenge myself on the level of information needed to perform my role while avoiding to slip back into operational matters.

For me this is particularly important at Baloise, because I have the insurance background. This helps me to understand the complex processes of an insurance company like Baloise. On the other hand it presents me with the challenge of maintaining the balance that I just mentioned.

This year you joined the panel of judges for the Women’s Board Award, which promotes the advancement and achievements of women on boards of directors in Switzerland. Why are initiatives like this so important?

In recent years, we have made great progress in the representation of women on boards of directors in Switzerland. However, women are still noticeably under-represented in chair positions, i.e. there are relatively few chairwomen of boards of directors or even committees. This is where the Women’s Board Award comes in, by highlighting that there are highly qualified women out there who would be suitable for these challenging roles. At the same time, the public interest and communication around the award hopefully encourages women to aspire such roles.

What impact can a company such as Baloise have by supporting the Women’s Board Award?

First of all, it makes it clear that we take the issue of diversity seriously. At Baloise, we are aware that we have not yet hit all of our targets. But the commitment to the Women’s Board Award gives us the chance to discuss this important issue and to pursue our diversity goals with even greater energy.

Our support for the Women’s Board Award also sends a strong signal to the outside world that we recognise the importance of diversity and a range of perspectives in corporate governance. The idea is also to encourage women on the operational side of the business to fulfil their potential and aspire to take on leadership positions.

What are the specific positive benefits of having a diverse board of directors?

The Board of Directors of Baloise, for example, is made up of four women and six men from different generations and cultural backgrounds. Each one of them brings different professional expertise to the table. In practically all board meetings there are questions from my fellow board members that I would not have thought of. Diversity allows us to look at a topic from different angles, which leads to deeper, more enriching discussions, a broader perspective and ultimately better balanced decisions.

Women’s Board Award