Financial oversight: equitable representation of women on boards of directors improves company performance

dr. Mohamed Farid, the president of the Financial Regulatory Authority, confirmed that all international institutions confirm that fair representation of women in management boards contributes to improving the performance of companies at the financial and administrative level.

This came during a symposium entitled “The importance of the role of the private sector in promoting a safe working environment for women”, which comes as part of the campaign “16 days of activism to eliminate gender-based violence” led by the Secretary-General of the United Nations since 2008 with the aim of preventing violence against women and the judiciary.

The symposium was attended by Dr. Mohamed Farid, Christine Arab, Representative of the United Nations for Women in Egypt, Gilan El-Messiri, Deputy Representative of the United Nations for Women in Egypt, Sherihan Bakhit, Deputy Minister for International Cooperation, Dr. Islam Azzam. , vice president of the Financial Regulatory Authority, and Dr. Ahmed Rushdi, advisor to the Main Supervisory Authority of Finance for Sustainable Development, and Mohamed Ayad, the Agency’s media advisor, with the participation of a number of actors’ representatives in practice to support the empowerment of women and the adoption of policies that help women in practice and development of their work tasks in safe workplaces.

Farid emphasized that participation in the symposium activities reflects the commitment of the government leadership to move forward to take all necessary measures to improve the economic empowerment of women, as well as the effort to bridge the gender gap, in a way that unleashes the energy and potential of Egyptian women to play a greater role in supporting achieving the goals of economic and social development plans.
He pointed out that the government’s efforts to create an appropriate and safe working environment for the empowerment of women are in line with the vision and strategy of the Egyptian state launched by President Abdel Fattah El-Sisi, the President of the Republic in 2017, “Women’s Empowerment Strategy 2030.”

According to the International Finance Corporation, a subsidiary of the World Bank Group, closing social and economic gaps between men and women can help start businesses, spur economic growth and improve the lives of families and communities.
The leader stated that helping women to effectively participate in economic activity requires the development of a working environment that will meet their requirements, as well as developing their abilities and motivating them to increase the rate of participation in the labor market, where in coordination with the American University, it is building a base of qualified female personnel in various areas to help companies include those they consider appropriate in their boards of directors, explaining that, according to research by international institutions, companies committed to the principles of sustainable development are represented in the empowerment of women, environmental protection and corporate social responsibility are better able to secure financing and attract new investments more from their colleagues who are not committed to the principles of sustainable development.

He referred to the measures taken by the Supervisory Authority to support the empowerment of women in the non-banking financial sector, as the Supervisory Authority obliged companies engaged in non-banking financial activities and companies whose securities are listed on the Egyptian Stock Exchange to have women’s representation on the company’s boards of directors 25% of the number of board members or two board members at least, the management boards of associations working in the field of non-banking financial activities are obliged to include at least one female member in the board of directors.

The agency made a decision to promote gender equality in the use of non-banking financial services and prohibited gender-based discrimination between clients of companies operating in the field of non-banking financial services. % of the total number of its clients financial benefits represented by the reduction of fees imposed on these companies.

The Agency’s role did not stop at issuing decisions that support women’s empowerment, but many initiatives were needed to activate those decisions, including the launch of the “Excellence Award” initiative to honor and support the most distinguished women in the field of non-banking financial activities, and organizing a series of seminars in cooperation with the United Nations Women’s Authority to encourage companies to respect the principles of gender equality and ensure a safe working environment for women.

And as a continuation of the government’s role in supporting women’s empowerment, Dr. Farid indicated the desire to increase the competence and capabilities of women through training, since the Egyptian Directorate Center – the training branch of the government – designed and implemented a training program for female staff called ” Certificate of Certified Board Member” in cooperation with the International Financial Corporation A number of groups graduated from the World Bank Group, including women qualified to take positions on the boards of directors of companies operating in the field of non-banking financial services.

For her part, Christine Arab, the representative of UN Women in Egypt, expressed her sincere gratitude to the Financial Regulatory Authority for hosting this important event, saying: “There is a need for private sector companies to have policies to reduce sexual harassment in the workplace. , and ensure a minimum level of protection for women so that they can perform their work tasks efficiently and effectively.
She added that it is important that these policies are accompanied by internal regulations, and in the absence of these systems, the burden falls on the person who was exposed to harassment, which is unacceptable, explaining that there are several Egyptian companies that have developed policies and systems to ensure a safe work environment without harassment .
To reassure the Arabs, the United Nations reaffirms its commitment to provide all aspects of support and assistance needed by Egyptian companies in formulating and implementing the necessary policies to ensure a safe working environment for women and reduce violence and sexual harassment, and translate all these policies into enforceable measures to ensure active participation of women in the labor market.

During his speech, Dr. Islam Azzam, Vice President of the Board, emphasized the importance of ensuring a safe working environment that promotes the values ​​of justice, equality and equal opportunities between the sexes, and helps empower qualified women, adding that the Board has established a database that includes qualified female staff for taking management positions in companies in cooperation with parties. Relevant parties, including the American University, noting that the Board hosted a series of meetings to discuss the use of microinsurance activities to cover the risks women are exposed to within the work environment.

The body is one of the first supervisory bodies to sign the Declaration of Principles for the Empowerment of Women launched by the United Nations in collaboration with the United Nations Global Compact to emphasize support for the achievement of gender equality and the empowerment of women in the workplace, which includes seven principles, among which and the principle of promoting gender equality.