The UAE Securities and Commodities Authority (SCA) has now required listed companies in the Gulf state to have at least one woman on their board of directors, on Sunday.
The SCA said that the decision comes “in the context of keenness to empower Emirati women and encourage them to play a greater role in the boards of directors of listed companies,” in a statement.
Following the market regulator’s meeting on Sunday, the UAE has now pushed for stricter compliance of the rule.
SCA Chief Executive Officer Obaid Saif Al Zaabi said, “We previously used to accept explanations if there wasn’t compliance, but now we are moving to make female representation compulsory.”
“So now there must be at least one female member on the board of any listed company,” Al Zaabi added.
Aurora50, a social enterprise advocating for greater women representation in the executive level of public and private UAE companies, said that only 26 percent of all the listed companies in the UAE have women sitting on their boards.
However, only 3.5 percent hold director positions.
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