Women's Representation on GCC Company Boards Shows Steady Progress in 2024
In a landmark study released on April 30, 2024, Heriot-Watt University, in collaboration with Aurora50, unveiled the inaugural GCC Board Gender Index Report. This comprehensive research provides a snapshot of women's representation on the boards of publicly listed companies across the Gulf Cooperation Council (GCC) countries.
According to the report, as of January 2024, women hold 11 percent of the board seats in the United Arab Emirates, a notable advancement within the region. However, across the broader GCC, which includes Bahrain, Kuwait, Oman, Qatar, and Saudi Arabia, the figure stands at 5.2 percent, highlighting the varied pace of gender diversity across different countries.
The analysis in the current report revealed specific data for each country, showing the UAE leading with 10.8 percent female board representation, followed by Oman at 5.8 percent, Bahrain at 5.5 percent, Kuwait at 5 percent, Saudi Arabia at 2 percent, and Qatar trailing at 1.8 percent.
Her Highness Sheikha Shamma bint Sultan bin Khalifa Al Nahyan, co-founder of Aurora50, commented on the findings, "The GCC Board Gender Index sets a benchmark for tracking the progress of diversity on corporate boards across the region. Our initial efforts through the Pathway20 accelerator have laid the foundation, and this data will further drive the push towards gender balance."
A report by Aurore50 in 2022 revealed that 77 of the 868 board seats from the 115 listed companies on the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM), are now held by women. The boost to women on boards in the UAE follows the Securities and Commodities Authority (SCA) setting a quota last year mandating all listed companies in the UAE to appoint at least one woman to their boards. In January 2024, of the 168 companies listed on the ADX and DFM, 133 out of 1,231 of board seats are held by women.
Dr. Maryam Butti Al Suwaidi, CEO of the SCA, praised the rigorous data collection efforts saying that it not only reflects the current state but also enhances transparency and understanding of corporate board dynamics, crucial for promoting the inclusion of women in leadership roles across the GCC.
Professor Dame Heather McGregor of Heriot-Watt University, a key figure behind the research, shared her vision, "Establishing a definitive source of data was essential for us to document and accelerate progress in gender diversity. We're dedicated to updating this index annually to highlight ongoing changes and encourage further advancements."
The report is set to be a yearly publication with the next update scheduled for April 2025. It aims to serve as a valuable resource for researchers, policymakers, and corporations aiming to enhance board diversity. Additionally, a searchable database will be launched in September 2024 to aid in tracking and analysing trends over the coming years.
