Aurora50 announces far-reaching agreements to drive board-level gender balancePress Release22 Aug 2020 02:00 pm
- Partnership to include support for the first cohort of the ‘20 for 2020’ initiative, a flagship project of Aurora50
UAE - 22 August 2020: In a move with far-reaching effects, Aurora50 and the UAE’s prominent financial centers and exchanges – Dubai International Financial Centre (DIFC), Dubai Financial Market (DFM), Nasdaq Dubai, Abu Dhabi Global Market (ADGM) and Abu Dhabi Securities Exchange (ADX), have agreed on a collaboration to enhance female representation at the board-level.
As global economies restart in the wake of the COVID-19 pandemic, environmental, social and governance (ESG) aspects - and in particular diversity and inclusion, are coming under heightened investor scrutiny. Board-level diversity is linked with better governance and financial performance and can also contribute towards greater national competitiveness.
With companies accelerating progress towards greater board-level gender diversity, particularly in the light of pressing challenges, it is important for financial markets to provide the required support to enable this shift.
Commending this partnership, Sheikha Shamma bint Sultan bin Khalifa Al Nahyan, Co-founder of Aurora50, said: “Collaboration and innovation within our financial sector has contributed significantly to the UAE's position as a globally competitive market. Greater diversity will only serve to reinforce our standing.”
“The collective effort of our supporters has already begun to move the needle by demonstrating that female representation at board-level directly correlates to higher business performance. I am confident that, with our newest partners on board, we will be able to increase momentum and impact change. It is through such partnerships that we are able to grow our ecosystem and shape the future of women on boards,” Sheikha Shamma continued.
Aurora50’s flagship initiative ‘20 for 2020’ is pioneering efforts to develop a talent pipeline of competent, board-ready women and match them with relevant board positions. As part of the collaboration, the financial centers and exchanges will be recognised as Founding Knowledge Partners of the ‘20 for 2020’ initiative, and commit to promoting the initiative through relevant networks and channels. As part of the agreement, the Partners will also develop and deliver board specific workshops, such as finance essentials for directors, for the inaugural ‘20 for 2020’ participant cohort.
Arif Amiri, CEO, Dubai International Financial Centre (DIFC), said:“DIFC has championed gender diversity and inclusivity since establishing operations 16 years ago. During this time, we have built a reputation for accelerating women into senior positions. DIFC's three independent bodies continue to have strong female reputation in their management teams. To stay ahead, there is more we can do with the industry and other partners. Over 60% of DIFC Authority staff and 33% of people working in the region’s largest financial centre ecosystem are female, meaning the pipeline for board positions is tremendous.”
Aurora50 is kickstarting the discussion around board-level gender diversity with ‘The Board Summit’, a virtual event spread over two days that brings together well-respected board chairs, directors and business figures. The event sessions have been carefully curated to stimulate thought provoking discussions on diversity and inclusion, particularly among an audience of board directors and high-potential board talent. Registrations are now open via www.aurora50.com/theboardsummit.