ECONOMYNEXT – Fourteen (or is it 13) Sri Lanka companies have pledged to boost female directors and management to 20 percent by 2025, at an event initiated by the International Finance Corporation and Colombo Stock Exchange.
A ‘Ring the Bell for Gender Equality’ event was on International Women’s Day the Colombo Stock Exchange said.
According to an IFC study supported by Australia’s DFAT the number of women on CSE-listed boards was only 10.1 percent in 2022 up from 8.2 percent in 2018 rising from 144 to 240.
“We know that making even small inroads in closing the gender gap can yield clear and positive results for businesses especially in financial performance and better decision- making processes,” said Sarah Twigg, Manager, Women in Work Program, IFC.
“The commitment of the 13 top Sri Lankan companies is a significant step towards accelerating the progress we have made so far and this is also the time that Sri Lanka needs more women corporate and business leaders to help ensure an inclusive and resilient recovery in the country.”
Dilshan Wirasekera, Chairman of the Colombo Stock Exchange said the event, held for the 8th time is used as a ‘call to action’ for businesses to advance women’s empowerment and gender equality/
“We wanted to invite initially the 20 S&P companies today to pledge their commitment towards increasing female representation at the board level and in management to a minimum of 20 percent by 2025,” he said.
Reserves by IFC’s Women on Boards program, has also shown a clear correlation in Sri Lanka between increased board diversity and financial performance, with positive trends reported in line with indicators such as return on total assets and price-to-earnings ratio, the statement said.
IFC’s work on the ‘Women on Boards’ program in Sri Lanka is supported by the government of Australia under the IFC-DFAT Women in Work program.
Lalita Kapur the Australian Deputy High Commissioner to Sri Lanka and Maldives participating in the event said, as Sri Lanka navigates significant economic challenges, it is critical now more than ever to find new ways to advance gender equality.
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At the event 14 companies signed onto a commitment to boost female representation at the board level and in management to a minimum of 20 percent by 2025.
“We know that making even small inroads in closing the gender gap can yield clear and positive results for businesses especially in financial performance and better decision- making processes,” said Sarah Twigg, Manager, Women in Work Program, IFC.
“The commitment of the 13 top Sri Lankan companies is a significant step towards accelerating the progress we have made so far and this is also the time that Sri Lanka needs more women corporate and business leaders to help ensure an inclusive and resilient recovery in the country.”
The International Finance Corporation (IFC) and the Colombo Stock Exchange (CSE) partnered for ‘Ring the Bell for Gender Equality’ event in Sri Lanka for the eighth consecutive year on Wednesday, celebrated in line with the International Women’s Day.
The annual global initiative highlights how greater participation of women in the economy can spur sustainable and inclusive growth, thereby shaping a more equal future.
The Global Gender Gap Report of 2022 indicates the share of women hired into leadership roles have seen a steady increase, from over 33 percent in 2016 to nearly 37 percent in 2022.
However, amid multiple global crises, sparked initially by the COVID-19 pandemic, there are concerns that women’s workforce participation has dropped, risking further backsliding on gender parity.
IFC’s commitment to the initiative is part of its strong focus on gender equality, which includes leveraging relationships with financial institutions to expand access to finance for female entrepreneurs and increase the number of women in leadership roles.
At the event 14 companies signed onto a commitment to boost female representation at the board level and in management to a minimum of 20 percent by 2025.
“We know that making even small inroads in closing the gender gap can yield clear and positive results for businesses especially in financial performance and better decision- making processes,” said Sarah Twigg, Manager, Women in Work Program, IFC.
“The commitment of the 13 top Sri Lankan companies is a significant step towards accelerating the progress we have made so far and this is also the time that Sri Lanka needs more women corporate and business leaders to help ensure an inclusive and resilient recovery in the country.”
The female labor force participation rate remains stagnate at around 35 percent in Sri Lanka, compared with a steady male participation rate of 74 percent. Similarly, the average female unemployment rate (7 percent) remained more than double that of men (3 percent) between 2011 and 2019.
(Colombo/ Mar 12/2023)