When the list of countries implementing international and local directives that more women should be given chances to serve on banks’ boards was rolled out last week, Nigeria did not make it.
This is despite that the Central Bank of Nigeria’s (CBN’s) directive that banks give 40 per cent board positions to women.
Major findings in the report, titled: Where are the Women? Inclusive boardrooms in Africa’s top-listed companies, which measured 2013 data for 307 companies in 12 countries, showed that African countries with the highest percentage of women on boards, include Kenya (19.8 per cent), South Africa (17.4 per cent), Botswana (16.9 per cent), Zambia (16.9 per cent) and Ghana (17.7 per cent).
The greatest sectoral champions for women on boards in Africa are the financial services, basic materials and construction, as well as automotive industries.
The Special Envoy on Gender of the African Development Bank (AfDB), Geraldine Fraser-Moleketi, said Africa has a long distance to make sure its strong economic growth includes its most talented women at the top, according to the first-ever study of female board membership in Africa, unveiled during the World Economic Forum Africa, by the AfDB, Commissioner.
“To break the glass ceiling in Africa, we urgently need to bring women on corporate boards, which we can do by fast-tracking them through middle and senior management in the private sector,” Fraser-Moleketi, said.
“We need to think and act differently and invest markedly in women’s leadership.”
The report said Africa has a commanding lead among emerging regions with 14. 4 per cent of women represented on the boards of blue-chip companies (Asia-Pacific 9.8 per cent, Latin America 5.6 per cent, the Middle East one per cent). That puts Africa third behind the developed regions of Europe (18 per cent) and the US (16.9 per cent).
The companies with the highest percentage of women on boards are East Africa Breweries of Kenya (45.5 per cent), followed by two South African firms, Impala Platinum Holdings (38.5 per cent) and Woolworths Holdings (30.8 per cent).
It said to boost women participation in boardrooms across Africa, a list of recommendations should be sent to governments, civil society, the private sector, and African stock exchanges that includes baseline research on female board membership to track progress and setbacks, mandated public reporting by listed companies of board composition and board diversity as a listing requirement, and mandates for female board membership, starting with state-owned companies.
The AfDB said it was the first multilateral bank to appoint a Special Envoy on Gender in 2013, Fraser-Moleketi. The board study figures into the bank’s five-year Gender Strategy, which focuses on economic empowerment, knowledge management and capacity building, and legal status and property rights.
CBN Deputy Governor, Economic Policy, Dr. Sarah Alade, had insisted that the CBN has drummed it into the banks that compliance was important.
She said there was an agreement that women on board should be increased for economic growth sustainability.
She said the sector made commitment to increase the critical mass of women in decision-making process, 40 per cent of top management positions and 30 per cent of board positions occupied by women last year.
She said the CBN has taken proactive steps and actions to promote gender equality and women economic empowerment.