Wife of His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, Her Highness Sheikha Manal bint Mohammed bin Rashid Al Maktoum, President of the UAE Gender Balance Council and President of Dubai Women Establishment, said that "women's participation in the march toward development represented a pillar in the country's progress over the past five decades". She added that "the country's wise leadership has been keen to establish this approach, which is based on creating a level playing field for men and women within the strategic plans that shape the future of the country to make it the world's best in all fields".
Status
"Since its establishment in 2015, in response to directives from His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the UAE, Prime Minister and Ruler of Dubai, the UAE Gender Balance Council has been working to realize the vision of our wise leadership to advance the status of Emirati women and to develop national leaders and professionals capable of dealing with today's challenges and meeting the future's requirements by implementing a variety of projects and initiatives, thereby helping to achieve the national objectives to promote the role of Emirati women in the march toward development and to support their international presence," stressed President of the UAE Gender Balance Council.
This was on the occasion of the council's launch yesterday of a reference guide to the nomination and inclusion of women on boards of directors at the Global Women's Forum Dubai 2020. The launch was made at a press conference at which Dr. Obaid Al Zaabi, CEO of the Securities and Commodities Authority (SCA), and Shamsa Saleh, CEO of Dubai Woman Establishment, both spoke.
Decision making
"Developing this guide comes as a new initiative by the UAE Gender Balance Council and as part of its efforts to bridge the gender gap across all government sectors while increasing the representation of women in leading positions and in private and public decision-making positions and ensuring their proper representation on the boards of directors," Her Highness said, reiterating that "the board of directors serves as the main driver of a company or an organization and a key determinant of its success". She stressed the increasing importance of this role, particularly if we keep in mind that companies are an important pillar of the national economy.
Her Highness expressed her pride that the UAE is the first country in the region and the second in the world to pass binding legislation in 2012, under a resolution by the Cabinet, that required government authorities and institutions to have females on their boards. The council launched the Women on Boards of Directors initiative in November 2011 to increase women's representation on the boards of private and public organizations in the country. SCA, for its part, issued a decision requiring listed public companies to increase female representation on their boards, which calls for combined effort and joint action to achieve these national goals.
Her Highness said that "Emirati women possess professional and cognitive capabilities and have a sense of responsibility and, therefore, are able to continue to build on the successes of the past years in all fields".
Positive impacts
The guide highlights the importance of female membership on boards of directors for the women themselves and for the performance of the board, the organization, and the economy at large. It discusses the characteristics of board candidates and how they can equip themselves with the professional and academic knowledge needed to serve on the board. The guide also addresses the positive impacts of women's representation in leading positions as indicated by specialized studies and research papers, which emphasize their ability to inspire and help others to grow and to communicate effectively. Studies have shown that companies with gender diversity on their boards outperform those composed only of men. They have also shown that companies with a greater number of women in leading positions performed better than those with fewer women in these positions on a number of indicators, including accountability, innovation and leadership skills.
Experience has demonstrated that the effective and positive participation of women on the boards of companies of all types and sizes add a new, different perspective to the management approach. Female presence on boards also leads to further autonomy and innovation and improved corporate performance.
Support
For her part, Mona Ghanem Al Marri, Vice President of the UAE Gender Balance Council, said that "the reference guide comes as part of the council's initiatives to raise awareness, spread knowledge, and shed light on one form of economic support provided for Emirati women to enable their proper representation on the boards of private and public organizations".
Important document
At the press conference, Dr. Al Zaabi praised the efforts of the UAE Gender Balance Council and its cooperation with SCA to promote the economic role of women and increase their representation in decision-making positions. "This guide is a significant document intended to raise awareness of the importance of women's participation on the boards of public joint-stock companies," Dr. Al Zaabi said, indicating that SCA has been providing consulting support under the MoU signed with the council to develop and implement the guide. He reiterated that SCA will be organizing awareness-raising workshops as part of its National Investor Awareness and Financial Inclusion Project.
Decision-making positions
For her part, Shamsa Saleh said that "the UAE strategy to achieve gender balance covers a key sector related to increased female participation in decision-making positions. That is why the UAE has paid particular attention to this issue being a pillar in women empowerment at the economic level. This comes as part of the country's tendency to support and promote the role of women in all fields, which is an approach established by the late Sheikh Zayed bin Sultan Al Nahyan".