Dubai, United Arab Emirates (CNN) – The United Arab Emirates has mandated the appointment of at least one woman to the boards of directors of companies listed in the country, in a move towards empowering women and encouraging them to play greater roles in the country.
The Board of Directors of the Securities and Commodities Authority announced the decision on Sunday during a meeting chaired by the UAE Minister of Economy and Chairman of the Authority’s Board of Directors, Abdullah bin Touq Al Marri, during which some initiatives aimed at developing the system of financial activities and services were discussed, according to what was reported by the Emirates News Agency.
A statement by the Emirates News Agency stated that, “In the context of keenness to empower Emirati women and encourage them to play a greater role in the boards of directors of listed companies, the Authority’s Board of Directors has approved obligating companies to have a representation of women in the Board of Directors, provided that the percentage of women’s representation in every board of directors of a listed company is not less. For one member. “
The meeting also included other topics, such as the transfer of operational and executive powers between the Authority and the local stock markets, as well as new procedures for developing the mechanisms of trading commission for financial derivative contracts and organizing the central depository activity.