Women and the Corporate World of Cyprus

As more and more well-known organisations choose to appoint female CEOs, the number of women in senior leadership positions is firmly on the rise.

Indeed, in the US, there are more women running Fortune 500 businesses today than at any time in the last 60 years. However, that number has only just surpassed the 10% mark, so is this really a cause for celebration? And how does Cyprus compare? We invited four women CEOs and Managing Directors to join us onboard a yacht moored at Ayia Napa Marina to engage in an exchange of views and discuss the current participation of women business leaders in Cyprus, while considering the need to strike that elusive balance between enjoying a successful career and a fulfilling family life.

Who’s Who

Despina Panayiotou Theodosiou (CEO, Tototheo Maritime & Chairwoman, EAC)

Andri Tringidou (Managing Director, Argus Stockbrokers Ltd)

Lyra Amvrosidou (CEO, Property Gallery Developers & Constructors Ltd

Christina Kokkalou (Managing Director, Insights Market Research (IMR) & Territory Director at CRM.com

The fact that the number of female CEOs of Fortune 500 companies had finally exceeded 10% for the first time in January of this year was as good a conversation starter as any and it was something our guests had plenty to talk about.

“Surpassing the 10% mark for the first time is a significant milestone and indicates some progress compared to previous years,” said Despina Panayiotou Theodosiou, before qualifying her optimism by adding, “But I would not say that it is a cause for celebration; rather it serves as a reminder that we still have a long way to go. It is crucial to recognise the significant disparity in the representation of women in leadership positions.”

Andri Tringidou agreed. “The numbers tell the story very clearly,” she explained. “According to the European Institute for Gender Equality, Cyprus ranks 22nd among the 27 EU member states in terms of gender equality and this is a disappointment but we can change it.” She went on to explain that, “To make a difference and change those numbers, I believe that we need to launch the horizontal implementation of equality policies across government, education and the private sector. We need to develop structures that don’t keep women at home, push them into part-time work or pay them less than men.”

(Lyra Amvrosidou is pictured above)

INCLUSIVITY

For Lyra Amvrosidou, the increased number of women in high-level positions is something to celebrate but it is still very low, particularly in Cyprus. “I would like to encourage women to follow their dreams and vision with confidence, so that we see more women in leadership positions in the business community,” she said.

With a similar reasoning, Christina Kokkalou added: “Through continued awareness, advocacy and the implementation of inclusive policies, the business world can work towards creating a more equitable and diverse leadership landscape. Representation matters! The increased representation of women at the highest levels of corporate leadership would serve as a source of inspiration and motivation for aspiring businesswomen and encourage them to pursue their career ambitions.”

The upsurge in the number of self-made businesswomen over the past few decades has led to one school of thought which suggests that there may have been a major cultural change on the part of men to allow it. This is not a notion that sits well with Despina Panayiotou Theodosiou. “It implies that women’s success is dependent on someone else giving them permission. This perspective disregards the persistence and determination of women to break down barriers. They continue to face biases and stereotypes and it takes grit and resilience to overcome them,” she said.

(Christina Kokkalou is pictured above)

STEREOTYPES

To reinforce the point about stereotypes, Andri Tringidou shared the following riddle that she came across recently: “The riddle says this: ‘A father and son are in a terrible car crash and tragically the dad dies. The son is rushed to the hospital where, in the operating room, the head surgeon looks down and says: Stop! I cannot operate on this boy. He’s my son. How could this be? Because the surgeon was his mother.’ In a group of 220 people, only 14% answered the riddle correctly! Why? Because, even today, in our mindset, doctors and surgeons are male! The same applies to self-made women in business and women at the top. The stereotypes are so strong and powerful that it will take many years to being about real change.”

She added, “Having been forced to acquire new skills by balancing leadership at work with their personal lives, women have developed the ability to wear many hats and this is a common occurrence. We find them balancing careers and households and taking up the mantel of parental guidance, along with many other experiences. These help women leaders to quickly adjust to new situations and focus on finding solutions to real-life work issues.”

(Andri Tringidou is pictured above)

Christina Kokkalou took a more measured approach. “It is important to recognise that progress is a collective effort, involving both men and women. While cultural changes and evolving attitudes have played a role in creating a more inclusive environment, women's persistence, determination and ability to seize opportunities have been instrumental in driving their own success. Ultimately,” she added, “the rise of self-made women in business can be attributed to a combination of cultural changes, women's persistence, supportive policies, and evolving institutional practices. These factors have created a more conducive environment for women to pursue entrepreneurship and leadership roles, enabling them to overcome barriers and achieve remarkable success.” Kokkalou believes that society has come to acknowledge and appreciate the talent, skills and expertise that women bring to the business world. “There is a growing understanding that gender does not determine one's aptitude for success in entrepreneurship or leadership,” she said.

Lyra Amvrosidou acknowledged that seeing more self-made women in business did, indeed, represent a cultural change, but, she pointed out, “This situation wouldn't have been achieved without our persistence as women.”

LEADERSHIP STYLE

So, how does a woman’s leadership style differ from a man’s?

“It is crucial to approach the topic of leadership styles with caution and avoid reinforcing stereotypes,” said Despina Panayiotou Theodosiou. “We must be careful not to make generalisations that perpetuate preconceived notions. There are various leadership styles and these can be found among women as well. While some studies suggest that women's leadership styles often lean more towards collaboration, inclusivity and participative decision-making, this is not true for all women leaders. Similarly, men may be more competitive and directive but, again, this does not apply universally. It’s important to recgnise that no one leadership style is superior to another,” she said. “The success of each leadership style depends on the individual, the organisation and the circumstances and dynamics of the team involved.”

Andri Tringidou agreed that there is no ‘one-size-fits-all’ guide to leadership style but she conceded that some research suggests that women are more likely to utilise transformational leadership, which focuses on inspiring and motivating employees to achieve their full potential. “Women are also more likely to lead jointly and to urge team members to participate,” she explained, “while men, on the other hand, may be more likely to adopt transactional leadership, which focuses on influencing employee behaviour using rewards and penalties. Men are also more prone to adopt an authoritarian or directive leadership style, which involves establishing clear expectations and taking decisions without consulting team members.”

(Despina Panayiotou Theodosiou is pictured above)

Christina Kokkalou expressed the view that certain characteristics are not exclusive to women and there are men who exhibit similar leadership styles. “Effective leadership is a combination of various qualities, skills and behaviours that can be influenced by personal experiences, organisational culture, and individual strengths,” she said. “Promoting diverse leadership styles, regardless of gender, can lead to more comprehensive and effective leadership within organisations. Embracing a range of leadership styles can contribute to better decision-making, innovation and overall organisational success,” she added.

Lyra Amvrosidou also concurred with the idea that certain differences exist as regards leadership style: “In my opinion, women’s approach to business differs from that of men in the way we tend to delegate more as part our vision for doing business,” she told the gathering. “This is reflected in our team management skills, our strategy of doing business and, obviously, our relationships with our business partners, associates and clients. Also, being surrounded by a team of motivated, driven professionals and engaging with them on a personal level, we see our business like that of a family growing together.”

This article first appeared in the 2023 The Cyprus Journal of Wealth Management. Click here to view it.