• Dr. Omran: FRA takes the initiative to assist companies in reaching qualified women to fill board positions
• Dr. Omran: Gender diversity on corporate boards is an indispensable condition for prosperity and growth
• Dr. Omran: An electronic database refute the allegations of women inefficiency in all market sectors
Dr. Mohammed Omran – FRA’s Chairman announced that the authority adopted an initiative to launch an electronic platform so as to create a database that enhances the opportunities to include qualified women to fill leadership positions and pushes women to participate in administrative decision-making and develop companies’ qualitative performance. This initiative comes in light of studies that confirmed the strong link between the presence of female representation on boards of directors and improvement in financial performance. Such studies confirmed that boards which include female representation are able to come up with diverse perspectives, a better understanding of clients’ needs and enhance due diligence thus taking best decisions.
FRA’s regulatory decisions no. 123-124 of 2019 supported the provision of an appropriate environment that obligates the inclusion of at least a female component on the board of directors of listed companies and companies operating in non-banking financial services, and urged that women be given the opportunity to be in decision-making circle.
FRA’s Chairman said that the biggest challenge facing the Authority lies in making female representation on boards of directors more effective and vital. In this respect, FRA seeks to establish a database that provide a number of different female cadres, competencies and experiences for companies and includes women groups eligible to participate in the field of managing listed companies and companies operating in non-banking financial activities. This step comes after obtaining an approval from a committee composed of senior officials and members of boards of directors of major Egyptian institutions. Thus, female representation on boards of directors will become active, vital and added value, enriches their presence at the top of the management of investment institutions and deliver quality results.
FRA’s Chairman added that enhancing female representation on boards of directors requires a great effort to highlight figures with the ability to lead , make decisions and expand their network of professional relations. The Authority adopts the creation of an electronic platform that provides a database approved by a committee composed of senior officials and members of boards of directors of major institutions in Egypt, and its data is exchanged with companies operating in non-banking financial activities in order to support equal participation of women and men in decision-making processes.
Dr. Omran asserted that the database will confirm the availability of women’s competencies in our society. He added that what we lack is only a culture of promoting gender equality in board representation, changing the pattern of appointing Board members, leaving the circle of narrow recommendations among partners, facilitating and expanding the opportunity for many women cadres to be represented on corporate boards.
Dr. Omran calls upon scientific and research centers in various fields of governance, administrative sciences, finance and other specialties; to assume their social responsibility and initiative. He asserts that these Centers shall invite women with skills in leadership, commercial intuition, management experience, ambition to send their data and professional and scientific experience accompanied with their CVs on the electronic form prepared by the authority. Accordingly, this will establish the first database that provides cadres of women who are scientifically and practically qualified to take a seat within the board of directors. He adds that FRA has asked the National Center for Women & Information Technology (NCWIT) to support the initiative and introduce it through the Center’s communication networks and secretariats allover Egypt.