TBT DESK: To mark International Women's Day, the "Ring the Bell for Gender Equality" initiative was held in collaboration with the International Finance Corporation (IFC), Dhaka Stock Exchange (DSE), UN Women, United Nations Global Compact, and the Swiss State Secretariat for Economic Affairs (SECO).
The event underscored the importance of the private sector's role in enhancing women's economic participation, especially in leadership positions.
As part of the 2024 Corporate Governance Code, listed companies are now required to appoint at least one female independent director. Notably, the %age of female independent directors increased from 5 % in 2023 to 6.17 % in 2024, reflecting efforts to raise women's representation in management and board positions in Bangladesh.
Farzana Lalarukh, commissioner at Bangladesh Securities and Exchange Commission, said, "We are extremely pleased that listed companies have positively embraced the requirement for female independent directors. The %age of female board members among listed companies is now 19%, demonstrating a positive shift towards gender parity. We remain fully committed to closing the gender gap and promoting women's leadership, especially in listed companies in Bangladesh."
The Ring the Bell initiative highlights IFC's commitment to gender equality, alongside key development partners. Through its Environmental, Social, and Governance (ESG) project in Bangladesh, supported by SECO, IFC aims to increase the representation of women in leadership positions beyond the current 15%. Additionally, it seeks to expand access to finance for female entrepreneurs.
Martin Holtmann, IFC's country manager for Bangladesh, Bhutan, and Nepal, said, "To sustain progress in increasing women's representation on boards, we must support their advancement into leadership roles across all sectors. Empowering women economically strengthens businesses and builds more resilient communities, a vital step towards sustainable growth in Bangladesh's economy."
This year's International Women's Day theme, "For ALL Women and Girls: Rights. Equality.
Empowerment," calls for unlocking opportunities for women and girls to lead and innovate. Stock exchanges play a crucial role in encouraging the private sector to increase women's participation in business and economic development by connecting companies, investors, and policymakers.
Corinne Henchoz Pignani, deputy head of Mission, Embassy of Switzerland, spoke about the growing focus on gender diversity and responsible investing, saying, "Companies promoting gender balance generate better returns on equity, returns on total assets, and price-to-earnings ratios."
The Ring the Bell for Gender Equality Initiative advocates for the full and equal participation of all people to achieve the Sustainable Development Goals and create a world free of poverty.