Gender inequality remains a global phenomenon. According to the UN Women 2022 report, reaching full gender equality worldwide will take around 300 years. Even though Iceland has achieved the greatest progress of all countries toward closing the gender gap in 2023, reaching 91.2%, the situation remains similar. In January 2024, 26 companies were listed on Nasdaq Iceland, but despite gender quota legislation on corporate boards, the score is 22-4 in favor of men in CEO positions. The expected trickle-down effect from the board gender quota legislation has not materialized, and therefore women board members in listed companies face criticism for not having done their part to close the gender gap. Previous studies have mainly focused on seeking explanations for this gender imbalance, and few have emphasized effective solutions to overcome gender inequality and biases in society and the workforce. Therefore, the objective of this study is to examine ways to close the gender gap and achieve gender balance and equal opportunities for women and men to reach top management team (TMT) positions. The study also explores possible interventions from the standpoint of women. For this purpose, in-depth interviews were conducted with 22 women serving as board directors, collectively representing all listed companies in Iceland. The findings reveal that the women support three main approaches to ensuring equal opportunities to reach TMT positions for women and men: (a) a gender quota on executive-level positions at the companies that fall under the board gender quota legislation; (b) adoption of a gender equality policy by leading institutional investors, such as pension funds, as part of their ownership strategy; and (c) implementation of gender equality policy by corporate boards, instituting succession management to equally train and prepare all genders for promotion.