UAE-Listed Firms Need a Female Representative on its Board

UAE-Listed Firms Need a Female Representative on its Board
Source: Arab Business

The Securities and Commodities Authority issued a decision requiring all UAE-listed companies to appoint at least one woman as a member of the board of directors. The decision follows the signing of a memorandum of understanding between the UAE Central Bank and Aurora 50 that supports gender-balanced boards to promote equality in the UAE.

One project with a notable amount of woman is the Emirates Mars Mission, which is the first interplanetary mission led by an Arab country. The mission has 80% women working for the program’s scientific team.

However, in the broader spectrum, women hold positions on the boards of directors of 28 companies out of a total of 110 UAE-listed companies. Although, the actual participation rate in managerial positions is only 3.5%, equivalent to 29 members out of a total of 823 board members, according to Aurora 50.

The UAE’s Minister of Economy, Abdullah Bin Touq, stated that the authority’s priority in the coming period is to upgrade the country’s markets to meet the highest global standards. “We will work with all partners to enhance the local investment environment and support its legal infrastructure to meet the UAE Vision 2021 and the targets of the next 50 years”, he said.

“We previously used to accept explanations if there wasn’t compliance, but now we are moving to make female representation compulsory,” the regulator’s Chief Executive Officer Obaid Saif Al Zaabi was quoted as saying by the National. “So now there must be at least one female member on the board of any listed company.”

Already women’s representation in the MENA region has been Women around the world have been disproportionately affected by the pandemic. Many have had to juggle household work, their children’s education, and their jobs while on lockdown.

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