The Ministry of Financial system has issued a ministerial determination mandating non-public joint-stock corporations within the UAE to allocate no less than one seat for ladies on their boards of administrators after the completion of the present board’s time period. This determination is an important element of the nation’s broader technique to reinforce variety within the company sector and improve girls’s illustration in management roles.
Aligned with the UAE’s efforts to lift its international competitiveness rankings, the initiative demonstrates the management’s unwavering dedication to empowering girls, guaranteeing they play an important function within the nation’s sustainable growth.
The Ministerial Decision No. (137) of 2024, which addresses the regulation of personal joint-stock corporations’ governance and operations, follows an analogous initiative beforehand utilized to public joint-stock corporations. The sooner determination has already yielded constructive outcomes, enhancing institutional efficiency and financial outcomes.
His Excellency Abdulla bin Touq Al Marri, Minister of Financial system, emphasised that below the steerage of the UAE’s clever management, the nation stays devoted to strengthening girls’s contributions throughout numerous fields, particularly in financial growth. The most recent determination reinforces the UAE’s imaginative and prescient to reinforce gender stability, empowering girls within the enterprise sector, and rising their presence in management and decision-making roles. The initiative additional strengthens the UAE’s international competitiveness and its place as a frontrunner in gender equality.
His Excellency additional stated, “Over the previous many years, girls within the UAE have persistently confirmed their capabilities, making vital contributions to the enterprise, monetary, and funding sectors. Right this moment, they’re indispensable companions in financial development and important to the UAE’s international competitiveness. This determination will carry added worth to non-public joint-stock corporations, enhancing their institutional efficiency by drawing on the insights and experiences of profitable businesswomen within the nation.”
He additionally expressed his deep gratitude to Her Highness Sheikha Manal bint Mohammed bin Rashid Al Maktoum, President of the UAE Gender Stability Council, for her tireless efforts to extend girls’s participation within the financial system. Her initiatives, together with the “Girls on Worldwide Boards” programme and the “SDG 5 Pledge to Speed up Gender Stability within the UAE Non-public Sector,” have been instrumental in selling gender stability and purpose to lift girls’s illustration in management positions to 30% by 2025.
Her Excellency Mona Ghanem Al Marri, Vice President of the UAE Gender Stability Council, highlighted the strategic collaboration between the Ministry of Financial system and the Council, noting that the Ministry’s determination may have a major impression on advancing gender stability.
“Guided by Her Highness Sheikha Manal bint Mohammed bin Rashid Al Maktoum, the choice paves the best way for larger girls’s illustration on boards, a transformative step that can contribute to the UAE’s complete financial development. Aligned with Her Highness’s imaginative and prescient of ladies as important companions within the nation’s growth throughout sectors, the choice reaffirms the UAE’s robust document and international management in gender stability,” Her Excellency stated.
“The choice displays the shut fruitful collaboration between the ministry and the UAE Gender Stability Council, demonstrating the nation’s unwavering dedication to empowering girls economically and enhancing their participation within the workforce. This initiative not solely advances social growth but additionally contributes to elevating the UAE’s standing as a outstanding international funding vacation spot. We look ahead to deepening this partnership to advance the UAE’s strategic targets and additional cement its rising standing as a world chief in gender stability,” she added.
The Ministry of Financial system additional introduced that the implementation of this determination will start in January 2025, and urged non-public joint-stock corporations to issue this requirement into their future board restructuring plans. This directive displays the Ministry’s dedication to adopting international company governance greatest practices and guaranteeing that firm boards signify all segments of society.
In 2021, the Board of the UAE Securities and Commodities Authority (SCA) issued a landmark determination that mandated public joint inventory corporations listed in Abu Dhabi and Dubai inventory markets to have no less than one lady board member. The most recent determination of the Ministry of Financial system to increase the requirement to non-public joint-stock corporations additional helps the UAE’s imaginative and prescient to empower girls and encourage them to play a larger function on the boards of listed corporations.
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