Top Sri Lankan companies, pledge to increase women representation in corporate leadership
The Colombo Stock Exchange (CSE) and the International Finance Corporation (IFC) in association with the World Federation of Exchanges, the Sustainable Stock Exchanges (SSE) Initiative, UN Global Compact Network, the Department of Foreign Affairs and Trade (DFAT) of the Australian Government, UN Entity for Gender Equality and the Empowerment of Women (UN Women), and the Sri Lanka Institute of Directors (SLID) rang the market opening bell for gender equality, in line with the International Women’s Day 2023, for the eighth consecutive year, with several top Sri Lankan Companies, pledging to increase women representation in corporate leadership.
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% by 2025.
The annual global initiative highlights how greater participation of women in the economy can spur sustainable and inclusive growth, shaping a more equal future.
“The Colombo Stock Exchange joined this initiative in 2016, as one of the initial stock exchanges, and we believe this is the platform to convene business leaders, investors, and other key parties at the national level to highlight the growing business and economic case for gender equality, said CSE Chairman Mr. Dilshan Wirasekera delivering the opening remarks.”
“If we look at the progress that the Exchanges have made, specifically with regard to listed companies, we relatively had success; if we look at the numbers way back in 2018, we had 8% of women representation in our boards and that has increased to 10 % today. We have global statistics that show, women representing management in organizations even at board level have contributed for better financial results,” he added.
“The event today 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% by 2025.”
The Global Gender Gap Report of 2022 indicates the share of women hired into leadership roles has 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.
“Better gender balance in business leadership is inextricably linked with achieving sustainable, inclusive growth. 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. 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.”
Ms. Lalita Kapur, Australian Deputy High Commissioner to Sri Lanka and Maldives sharing her valuable insights on the initiative, stated, “The global ‘Ring the Bell’ event helps raise awareness of the essential contribution women make to our economies – and reinforces the undeniable business case for women’s labour force participation. As Sri Lanka navigates significant economic challenges, it is critical now more than ever, that we find new ways to advance gender equality.”
Sharing thoughts on the initiative, Ms. Dinali Peiris, Director -Group Human Resources, MAS Holdings and Board Member, UN Global Compact Network Sri Lanka said that, “as we mark the 8th consecutive year of this initiative with the IFC and the CSE, to ring the bell for gender equality, we are reminded of how greater participation of women in the economy can spur sustainable and inclusive growth, shaping a more equal future.”
“The Global Gender Gap Report in 2022 reports that the gender gap has been closed by 68.1% in 2022, and in this trajectory, it would take us 132 years to close the economic gender gap.”
Aligning with the International Women’s Day 2023 theme, ‘DigitAll: Innovation for Gender Equality,’ Ms. Peiris also stated, “According to statistics, 37% of women do not use the internet, and although women account for nearly half the world’s population, 259 million fewer women have access to the internet. So, if women do not have access to the internet and do not feel safe using the internet, they are unable to develop the necessary skills required to engage and explore digital spaces and they lose out on opportunities to pursue careers in Science, Technology, Engineering and Mathematics (STEM).”
“Realizing we had a role to change this, MAS launched the ‘Girls in STEM’ initiative. With this programme, our aim is to provide access to schoolgirls to explore diverse STEM related fields that could lead to exciting opportunities and potential careers.”
“Joining the UN Global Compact Network has truly supported us, at MAS, to be the change we want to see, and I humbly urge all companies to join this movement and engage in the ‘strength of the collective.’”
Ms.Nadija Tambiah, President -Legal , Secretarial and CSR, John Keells Holdings and SLID, noted that “as Sri Lanka starts this vital journey of rebuilding our economy, we desperately need the leadership, the partnership and productivity of the women of this nation. Sri Lanka could add USD 20 billion to its GDP by improving gender equality metrics. All of us hold ourselves and each other accountable to delivering women into the workplace.”
“SLID through the Women Directors Forum is part of this effort and has initiated a programme which includes training, sponsorship and mentorship of potential women leaders. They have also launched a directory of women capable of taking board seats,” She added.
“She called on all the women of Sri Lanka to play their fullest part and bring their best contribution in this crisis so that Sri Lanka can reach its full potential.”
Delivering the keynote speech, Ms. Manohari Abeysekera, Former Independent Non-Executive Director/Chairperson-Audit Committee of the National Savings Bank, indicated that, it is necessary to tap the enormous potential of educated women in Sri Lanka by creating the conducive environment for women to work. Sri Lankan corporates would need to encourage more female participation in the Boards, increasing the current 9.5% female participation to at least 20-30% within the next few years encouraging diversity, empathy in Board decision making. In this regard, creating crèches, flexi worktimes, work from home, co-parenting leave are key factors allowing females to go up in their career ladder.
Mrs. Abeyesekera also shared advice on creating a brand outside the corporate designations, networking, volunteering and also being able to negotiate your remuneration with your employers to determine your market worth etc., which are useful in making a mark in your corporate career. She also said that we need to encourage SME female entrepreneurs to create value and export products & services to generate foreign exchange to the country.
The research shows accelerating the pace of gender parity could generate financial returns in the private sector, leading to significant economic, environmental, social, and governance gains in emerging markets. According to an IFC study — under the IFC-DFAT Women in Work program — the number of women on CSE-listed boards increased from 8.2 percent in 2018 to 10.1 percent in 2022 (from 144 to 240). The research, under IFC’s Women on Boards program, has also highlighted the clear correlation in Sri Lanka between increased board diversity and financial performance, with positive trends being reported in line with indicators such as return on total assets and price-to-earnings ratio. 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.
The Colombo Stock Exchange, Expo Lanka PLC, Sampath Bank PLC, John Keells Holdings, Vallibel One PLC, Lanka IOC, Commercial Bank of Sri Lanka, Hayleys PLC, Softlogic Life Insurance, Teejay Lanka PLC, CIC Holdings, Watawala Plantations PLC, Royal Ceramics Lanka PLC and LOLC Holdings PLC, signed, pledging their commitment towards increasing female representation at the board level and in management to a minimum of 20% by 2025.
