AMBA & BGA EXCELLENCE AWARDS WINNERS
How did it feel to win the AMBA & BGA award for Best Culture, Diversity and Inclusion Initiative 2023? “We are delighted and proud to receive the award, knowing we are in the company of many other impactful and influential initiatives transforming societies around the world. This award was the culmination of many years of planning, strategising and working with stakeholders to revisit the corporate culture gradually and seamlessly, with the aim of integrating the notions of diversity and inclusion into their DNA. “The award will drive the Egypt Women on Boards (WoB) Observatory to continue its efforts to achieve a scalable and sustainable impact on gender diversity and inclusion.”
A key aim of the WoB is to raise awareness of gender issues among male board members. Why is this so important in the MENA region? “The issue of gender equality is a conversation that should involve women and men alike. It is important to explore what it takes for men to adopt a new narrative in the workplace within the context of gender equity, so that a more inclusive workplace for all is created and well integrated. “Despite some progress over the past decade, this issue remains problematic. Men need to understand the underlying challenges and the benefits that gender equality can bring to organisations and societies in general, rather than merely being aware of specific targets that must be reached. “Although many men do support gender equality, there are some that still feel threatened by it, or indeed actively oppose it. Various research studies that support and endorse women’s leadership at work have suggested the following reasons why some men may not engage: apathy or the feeling that gender equality is not business critical; ignorance or the perception that gender bias does not exist in the workplace; and fear either of saying the wrong thing or losing out, for example the idea that a man who asks for parental leave will subsequently reduce his chances of promotion. “It is therefore essential to raise awareness of how male privilege appears in organisations and reflect on prevalent personal values and the current narrative on gender. It is also necessary to explore a new narrative on gender in an environment that promotes diversity, equity, inclusion and belonging.” The latest WoB Annual Monitoring Report has shown an encouraging increase in the number of women on boards at companies and banks. Could you tell us a bit more about the aims of this report and its findings? “Our annual report provides a snapshot of the representation of women on boards in the Egyptian Exchange (EGX) and banking, as well as in the public enterprise and the non-banking financial sectors. It provides an indicator and identifies gaps in the goal of reaching a 30 per cent proportion of women on boards by 2030. “The 2022 report revealed that this target will be achieved by 2026 if the current rate of annual increase is sustained. Indeed, the report shows that the proportion of women on boards in these sectors has now reached 19.7 per cent, up from nine per cent in 2019.” The WoB Observatory is working in partnership with government bodies. Could you provide an example of such a partnership and its aims? “Working with different constituents in society and formulating strategic partnerships is essential for the success of the Egypt WoB Observatory. Therefore, it has a diverse portfolio of partnerships,
What were the reasons behind the 2017 launch of the WoB Observatory?
“When starting a strategic initiative of a nationwide magnitude such as WoB, it is always essential to make sure that it is timely and relevant and that it caters to a growing need that can help transform society. When the president of Egypt endorsed the National Strategy for the Empowerment of Egyptian Women 2030 back in March 2017, the AUC School of Business sensed an invaluable opportunity to cement its position in responsible business and help promote female leadership. “The school realised that there was no baseline for the representation of women on boards in Egypt. It also recognised that achieving gender diversity requires the efforts of multiple stakeholders coupled with well-thought plans for collaboration and execution. Accordingly, the school founded the Egypt WoB Observatory through a consortium that included government and business associations, as well as regional and international organisations.” How do the challenges associated with achieving true gender equality in business across the MENA region compare to those in the rest of the world? “There are both similarities and differences from one region to another and from one country to another. With respect to the MENA region, availability of and access to current data on gender equality often poses a challenge. There needs to be more data on gender equality besides the reports and research studies provided by stakeholders such as the Organisation for Economic Co-operation and Development (OECD), the International Labour Organization (ILO) and the International Finance Corporation (IFC). “Findings from the WoB Observatory’s work indicate several of the specific challenges faced, including cultural barriers and restrictive social norms that hinder women’s economic empowerment and a lack of disaggregated data needed for research and reports that adhere to regional and international standards. Another challenge is that female representation is more likely to be concentrated in specific economic sectors. In the case of Egypt, for example, women tend to be present and taking leading roles in banking rather than in engineering.”
Ambition | MAY 2023 | 37
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