By Own Correspondent

WOMEN still constitute a very low percentage in companies’ directorship, a Civil Society Organisation has revealed on the back of calls to escalate the empowerment of the gender group going forward.

The details were revealed by New Faces New Voices, Chairperson Olga Denga who said Zimbabwe was lagging behind most countries in terms of gender and diversity on boards, with implications for corporate performance.

“It is increasingly becoming clear that women’s participation in the financial sector is not just essential for sustainable development, but also for their empowerment, expression, agency and emancipation. It is generally recognised that women are underrepresented in all sectors and levels and Zimbabwe’s financial sector is no exception. Promoting women’s participation, representation and leadership roles in the private sector is therefore a pressing policy issue in Zimbabwe.

According to a study conducted in 2022-2023, out of 50 Zimbabwe Stock Exchange-listed companies, only 18% have women as directors. Of the 19 banking institutions, only one has a female managing director, and out of 8 deposit-taking micro-finance institutions, only one is headed by a woman.

However, on a positive note, Zimbabwe ranked 53 out of 166 under central banks for having a female deputy governor at the Reserve Bank of Zimbabwe and 17 out of 50 under sovereign funds for having 40% female board members.”

The study also revealed that women remain significantly under-represented in senior leadership positions in financial institutions. “The majority of women interviewed in 2023 had a master’s degree, and 20% had 11-15 years of experience. However, 70% of women participants had never applied for senior positions, despite having the requisite qualifications and experience. Of those who applied, only 30% were successful,” Denga said.