The United Arab Emirates has required all listed companies on Abu Dhabi and Dubai stock markets to have at least one woman as board member as the Gulf country strives to raise the number of women on the boards of both public and private companies, reports say.
The National newspaper notes that the directive came into forces following the Securities and Commodities Authority’s meeting on Sunday.
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 said. “So now there must be at least one female member on the board of any listed company.”
The central bank of the Gulf country has signed a memorandum of understanding with Aurora50, a firm focused on gender-balanced boardrooms to help increase the number of women on the boards of both public and private companies, Bloomberg notes.
Listed firms in UAE forced to have at least one woman as board member
