A new report from Heriot-Watt University and Grant Thornton shows that women chair audit committees – often considered the ‘senior’ committee of a board – at 13.3 percent of listed companies in the UAE.
The report, ‘Grant Thornton Discovery Series – Women on Audit Committees in the UAE 2024’, recognises the critical role that audit committees play in organisations and UAE corporate governance, and the significance of women on audit committees.
It is the first time a detailed analysis has been published that includes information on women on audit committees in the listed companies across the UAE.
It follows the April publication of the inaugural GCC Gender Board Index Report 2024 by Aurora50 and Heriot-Watt University Dubai, which found that women hold 5.2 percent of all listed company board seats in the GCC and 10.8 percent of board seats in 168 listed companies in the UAE. Download the GCC Board Index Report 2024 for free (form leads to PDF).
Key findings from the UAE audit committee report:
Five accounting companies dominate the auditing landscape for listed companies in the UAE:
The findings will reinforce the advancements that the UAE is making in gender diversity on boards, following the announcement in September by the UAE Ministry for the Economy that all private companies should allocate at least one seat for women on their boards of directors.
Hisham Farouk, CEO of Grant Thornton said the results showed that the UAE was “certainly on the right path” with the report showing that 13.3 percent of listed companies in the UAE had a female chair.
“It is imperative that we keep gender diversity at leadership levels on the national business agenda,” he said.
“This is how we will know if we are really committed to, and creating, the types of gender diverse and inclusive corporate governance fora that are essential for not only good business but for growth and innovation in the UAE.”
The Chair of Audit Committee at United Arab Bank, Najla Al Midfa, said the 13.3 percent figure was a “significant milestone” that underscored “our nation’s commitment to advancing gender diversity and inclusivity in corporate governance”.
‘Women on board audit committees champion ESG priorities’
“Women chairing audit committees are not only strengthening oversight by enhancing controls and transparency, but they are also championing rigorous risk management and ESG priorities, driving investor trust and confidence.
“Diverse leadership prepares organisations for long-term resilience and sustainable growth, ensuring that governance adapts to the complexities of a rapidly evolving global landscape.
“Research consistently shows that having more women on boards fosters better decision-making and innovation, ultimately contributing to stronger corporate performance.”
Provost and Vice Principal of Heriot-Watt University Dubai, Professor Dame Heather McGregor, said, “The audit committee is considered by many to be the senior committee of the board.
“By publishing this report, we seek to advance the argument beyond simply the proportion of women on boards and look at their presence (or absence) on key committees of the board.
“Accurate and comprehensive data is essential for driving policies and initiatives that promote greater gender balance, and this report is an essential step toward fostering a more equitable corporate landscape.”
The report, authored by Professor Dame Heather McGregor, and Heriot-Watt University Dubai PhD students Olabisi Ibilaiye and Claudine Salgado, looked at data from the financial year ended in 2023 for 148 of the 168 listed companies on the Abu Dhabi Securities Exchange (ADX) and Dubai Financial Market (DFM).
The 20 companies excluded were either not yet listed in 2023 or did not have accessible corporate governance reports.
Pathway20 is Aurora50’s powerful 12-week board accelerator for busy executives: the boardroom launchpad for influential GCC women. Aurora50 has been running Pathway20 since 2020 and over 80 percent of graduates are now non-executive directors. NOORA is the GCC’s corporate women’s network, run by Aurora50.
Contact Aurora50 to discuss sponsoring future editions of this report or any other research requirements you may have.
Download the GCC Board Index Report 2024 for free (form leads to PDF).
The big achievements from Aurora50 in 2023.
Another 18 private-sector companies have signed the UAE Gender Balance Council’s SDG 5 pledge to put women in 30% of senior roles by 2025.
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