Out of the 110 listed companies, women sit on boards of 28.
The move is meant to narrow the gender gap in all fields.
In a specific move to narrow the gender gap in UAE, it has been decided by the Securities and Commodities Authority (SCA) that every listed company in the UAE must have at least one female director on board.
Of the listed 110 companies, women sit on board of only 28 companies. The move is an amendment of a previous decision of the SCA. It intends to empower the women in Emirates and encourage them to play greater responsibilities on the board of directors of listed companies.
The decision of SCA has been commended by Sheikha Manal bin Mohammed bin Rashid Al Maktoum-President of UAE Gender Balance Council, President of Dubai Women Establishment, and wife of Sheikh Mansour bin Zayed Al Nahyan-UAE Deputy Prime Minister and Minister of Presidential Affairs.
Sheikha Manal said that this decision is quite vital from women empowerment point of view. It can bring wide ranging positive benefits which include enhanced performance of companies. It will enhance national economic growth and will increase socio- economic participation of women.
Sheikha Manal also said, “Increasing women’s representation on boards of directors contributes to achieving the objectives of the UAE Gender Balance Council to narrow the gender gap in all fields and increase women’s representation in leadership and decision-making positions in both public and private sectors.” She also said that with this decision UAE has become the first in the region to issue binding legislation mandating women’s representation on the board of government institutions.