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The Securities and Commodities Authority told Bloomberg in a written response to questions that penalties for companies that don’t comply may range from warnings to a fine, or even a referral to public prosecution.
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The UAE wants to show it is serious about its new rule. The World Bank estimates that the Middle East North Africa region’s female labor force participation rate is the lowest in the world. An unprecedented step for the Middle East, it comes as the oil-rich Gulf region - long dependent on crude to carry its trillion-dollar economy - looks to diversify the pools of talent it taps as global hydrocarbon reliance ebbs. That’s the backdrop for the UAE’s board push, with threats of penalties for companies that don’t comply. last year showed no “clean data” for the UAE’s female employment but estimated that their workforce participation fares poorly even when compared with neighbors like Saudi Arabia, Kuwait and Qatar. While women constitute around two thirds of public sector workers, only 30% are in leadership positions, according to data from the UAE’s Gender Balance Council. The social context poses an uphill battle for gender equality even as Emirati women make up 70% of all university graduates. “I interview a lot of people, and sometimes a female candidate has to ask permission from her parents to take on an offer because there are many males,” said Hussain, who joined Aramex’s board after the post was advertised in a local newspaper. Women - especially from conservative backgrounds - shun posts that may require staying out late or interacting with male colleagues, said the UAE national, who’s also the chief human capital officer at TECOM Group, a unit of sovereign investment vehicle Dubai Holding. That barely moves the needle in a country where about 96% of such positions are held by men.įor Fatma Hussain, the only female on the board of Dubai-based logistics group Aramex PJSC, the sluggish progress is evidence of a cultural mindset that keeps women away from such roles. Since the country announced on March 15 that listed companies should have at least one female board member, only four of the 23 people added to such roles at firms on the UAE’s two major stock exchanges have been women, according to data compiled by Bloomberg. Racioppi's efforts in empowering women in her latest book Relationships Matter, which explores how women can leverage relationships to inform their career development and establish themselves as leaders.Getting more women on corporate boards in the United Arab Emirates was never going to be easy, and the numbers after a new rule went into effect to boost their presence bears that out. It's truly been an honor over the last 25 years to see the thousands of women I've worked with strengthen themselves professionally." she told Redbook. I believe women in corporate America are now poised for an explosion in representation at more senior levels. I've also had the distinct pleasure of working with business leaders who are passionate about changing the corporate landscape, making gender parity a priority and pushing women to feel confident in taking C-Suite positions. Racioppi's mission is to help women advance in their careers: "Every day, I am surrounded by bright and powerful women who are committed to taking their careers to new heights. Rosina Racioppi is the CEO and president behind WOMEN Unlimited, an organization focused on developing female leaders in major corporations including Prudential, Colgate, and Adobe.