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Iceland, along with the other Nordic countries, is seen as an international frontrunner in gender equality and equal sharing of responsibility for paid and unpaid work is part of the official ideology. Nevertheless, the number of women in leadership positions remains low. The purpose of this study is to analyse the practices that (re)produce power imbalances between women and men in business leadership both at the macro and the micro levels. This is done by using two theoretical explanations: gendered organizational practices and the interplay of organizations and family life.

The mixed methods are applied by analysing 51, semi-structured interviews with female and male business leaders and survey data from CEOs and executives from the 250 largest companies in Iceland.

The analyses reveal gender differences and asymmetries in work life as well as within the family. Men have longer working hours than women, higher salaries and more job-related travelling. Women carry the dual burden of work and family to a higher degree than do men. By questioning and attempting to resist the organizational culture women risk further disadvantage. The situation of male and female leaders is therefore incomparable. This is a paradox and does not fit with the idea of the Nordic gender equality of a dual breadwinner society.

It is shown that lack of gender diversity in business leadership is based on gendered organizational practices as well as on power relations within families. These two aspects are mutually reinforcing and the originality of the study is to explore the interplay between them. The authors conclude that despite being the country at the forefront of gender equality in the world, neither organizational practices nor family relations recognize the different life experiences of women and men in Iceland. This is expressed in organizational practices and different access to time and support, which may hinder gaining gender equality in top leadership.