Wednesday, May 08, 2024
To mark International Women’s Day, IFC partnered with the Dhaka Stock Exchange (DSE), UN Women, United Nations Global Compact and the Swiss State Secretariat for Economic Affairs (SECO) to Ring the Bell for Gender Equality, highlighting the private sector’s key role in boosting the economic participation of women.
The event was held at the DSE Multipurpose Hall in Dhaka on Sunday and was graced by State Minister for Finance Waseqa Ayesha Khan as the chief guest and presided over by DSE Chairman Professor Hafez Mohammad Hassan Babu with Bangladesh Securities and Exchange Commission’s Chairman Professor Shibli Rubaiyat Ul Islam as the special guest.
The Ring the Bell for Gender Equality Initiative – a global partnership that includes IFC, United Nations Global Compact, UN SSE, UN Women, and The World Federation of Exchanges – advocates for the full and equal participation of all people to achieve the Sustainable Development Goals and create a world free of poverty on a livable planet, reads a press release.
The event took note of recent data indicating a decline in the number of women serving as independent directors on the boards of listed companies on the DSE. The percentage decreased from six per cent in 2023 to five per cent in 2024, emphasising the continued relevance of an event like this.
Waseqa Ayesha Khan said, "The Government of Bangladesh, under the transformative leadership of Prime Minister Sheikh Hasina, is committed to ensuring women are given equal opportunities. I would strongly encourage the regulators and private sector companies to ensure there is representation of at least one female independent director on the board of listed companies."
The Ring the Bell initiative is emblematic of IFC’s commitment to gender equality, along with key development partners. Through its Environmental, Social, and Governance (ESG) project in Bangladesh supported by the Swiss State Secretariat for Economic Affairs (SECO) through the Embassy of Switzerland in Bangladesh, IFC aims to boost the representation of women in leadership positions beyond current percentage of 15 per cent. Additionally, IFC leverages its relationships with clients to broaden financial access for female entrepreneurs.
IFC Country Manager for Bangladesh, Bhutan and Nepal Martin Holtmann said, “IFC strongly supports women as economic actors through projects focused on capital market development.”
“We believe that having more women in leadership positions makes economic sense for companies and is also linked to better environmental, social, and corporate governance standards and practices. This is why IFC, as part of the World Bank Group, is partnering with the Dhaka Stock Exchange to help improve disclosure practices and support key stakeholders through this programme.”
This year’s International Women’s Day theme ‘Investing in Women, Accelerating Progress’ is a clear call to action. Stock exchanges can help improve transparency and disclosure of gender-related data, promote access to finance, and encourage women to invest in public markets. Exchanges can also help develop new products, such as sustainability-linked bonds with gender criteria, and adopt gender equality listing criteria, adds the press release.
Corinne Henchoz Pignani, deputy head of Cooperation at Switzerland Embassy said “Investing in women is not just the right thing to do but it is the smart thing to do since it facilitates an increased representation of women in leadership roles, greater gender diversity and equity within the workforce, more products and services that cater to the distinct needs of women, which will eventually result in improving the lives of women and girls.”
