UAE-listed companies now require at least one woman to sit on boards

UAE-listed companies now require at least one woman to sit on boards

UAE-listed companies now must have one female director on their boards, according to the latest move by the Securities and Commodities Authority.

The requirement came into force after the Securities and Commodities Authority's meeting on Sunday, according to the report.

"We previously used to accept explanations if there wasn't compliance, but now we are moving to make female representation compulsory,“ the regulator's Chief Executive Officer Obaid Saif Al Zaabi was quoted as saying by the National. "So now there must be at least one female member on the board of any listed company.“

The emirates have recently sought to increase female representation in the workforce. The UAE Central Bank and Aurora 50, a social enterprise focusing on achieving gender-balanced boardrooms in the UAE, penned a partnership as well.

"The UAE has made remarkable progress in the past decade to increase the participation of women in the public and private sectors, and advancing gender equality is part of the UAE's 2021 National Agenda. As a regulatory authority for licensed financial institutions in the UAE, we are committed to supporting the national agenda through engaging with the nomination committees of the Boards of financial institutions to ensure a fair representation of women on their Boards, as