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Opening of the conference to launch the annual monitoring report of the Egyptian Observatory for Women in Boards of Directors



Opening of the conference to launch the annual monitoring report of the Egyptian Observatory for Women in Boards of Directors

Dr. Hala Al-Saeed, Minister of Planning and Economic Development, opened the conference to launch the annual monitoring report of the Egyptian Observatory for Women in Boards, titled “Paving the way towards achieving the 2030 goals.

During her speech, the Minister explained that the report plays a crucial role in raising awareness about the impact of women’s leadership in corporate boards, adding that women have become a major and effective factor in shaping the future, emphasizing that women’s empowerment represents an investment. for the future, and strengthening local communities by enabling women’s voices to be heard, leading to more effective decision-making and a just and inclusive society.

Al-Saeed affirmed Egypt’s awareness of the importance of women’s empowerment by taking a pioneering step in launching the world’s first national women’s strategy that is in line with the Sustainable Development Goals and reflects the Egypt’s commitment to empowering women and advancing their role in society, one of the goals of which is to increase the representation of women on corporate boards.

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Al-Saeed added that although management and board positions have long been dominated by men, women can bring valuable opinions and ideas to management strategy, as well as an interest in social responsibility and customer vision, explaining that statistics have shown that companies with the highest percentage of female CEOs and board members outperform their competitors in terms of average return on equity and assets by at least 74%.

Al-Saeed added that Egypt has included on its list of priorities encouraging projects and organizations to increase the number of women on their boards of directors, highlighting the decision of the Central Bank of Egypt to year 2021 to ask all banks to ensure that women occupy at least two seats on their boards of directors, in addition to the decisions of the Egyptian Financial Supervisory Authority requiring… Listed companies and companies regulated companies must increase the number of women on their boards of directors to at least two or increase the percentage of women to 25% on their boards of directors.

Al-Saeed added that as a result, according to the report of the Egyptian Observatory for Women in Boards 2023, the percentage of women’s participation increased in management positions and on the boards of directors of companies listed on the Egyptian Stock Exchange. exchange rate, in the banking sectors, in public institutions and in the non-bank financial sector, to reach a significant level of 22.2% in 2023, and the general index of representation of women on the boards of the bodies studied showed a increase of approximately 3.6% between 2022 and 2023.

The Minister of Planning explained that if current annual growth rates are maintained, the women’s representation target of 6.7% will be achieved over the next three years, the 2030 strategy target of representing 30% of women on boards being achieved. achieved by 2026.

Al-Saeed concluded by emphasizing that the economic empowerment of women represents an essential factor in advancing moral and economic progress, noting the importance of cooperation through the economic empowerment of women, supporting their leadership roles and by benefiting from their skills to advance the development of the country. region, explaining that the launch of the report represents an important step towards positive impact on the community.

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