Cairo –The Women on Boards Observatory (WoB) at the School of Business, The American University in Cairo (AUC) released the 2022 fifth edition of its annual monitoring report . The report revealed that the 2022 indicator for women on boards reached 19.7%, witnessing an increase of 3% compared to 6.7% in 2021. The 2022 WoB annual report tracks the representation of women on boards and in senior leadership positions of almost 1000 companies and banks, with 236 EGX listed companies, 34 banks, 676 non-banking financial sector companies and 82 public sector enterprise companies (holding and affiliate companies). The target of the National Strategy for the Empowerment of Egyptian Women is to reach 30% representation of women on boards by 2030; sustaining the 3% annual increase pattern achieved in the past three years will enable all categories to reach the 30% women on board goal by 2026.
The non-banking financial sector is still ahead of all other categories, achieving 22% of women on boards in 2022, followed by the Egyptian Exchange with 17.3%, the banking sector with 16.5%, and the public enterprise sector with 9.3%. Currently, 1320 women serve on boards in these categories compared to 1043 last year. An estimated annual gap of 86 women need to be added on boards to reach the 2023 strategy target.
Ghada Howaidy, associate dean at AUC School of Business and founder of the Women on Boards Observatory, said: “Egypt Women on Boards Observatory is pleased with the progress achieved by companies and banks to increase the representation of women on boards, which will eventually lead to achieving the 2030 target of 30% women on boards earlier than anticipated.” She added that the Observatory remains committed to supporting companies and banks in finding qualified women to serve on their boards through the AUC Egyptian Board Ready Women database, which currently includes over 1000 qualified women in over 26 economic sectors with diverse areas of expertise and educational background. Women join the database by filling out an online membership application form, as Howaidy explained. “The Observatory offers free board placement service to support companies across several sectors and banks in realizing the benefits of increased diversity and improved corporate governance through filling out a board placement request form,” she added.
Egypt Women on Boards Observatory was founded in 2017 by a consortium initiated by AUC’s School of Business. It is recognized as a specialized observatory within the framework of the National Council for Women and advocates for the presence of 30% of women on boards in Egypt by 2030. The Observatory was the recipient of the 2022 Innovations That Inspire Award from AACSB and the AMBA & BGA Excellence Awards 2022/23.
