The Ministry of Economy has announced that starting from January 2025, private joint-stock companies in the UAE must allocate at least one seat for women on the board of directors. This must be done after the current board's term of office is completed. The requirements are enshrined in Ministerial Decision No. 137 of 2024.
The decision follows a similar requirement for public joint-stock companies listed on the Abu Dhabi and Dubai stock markets. The previous decision was issued in 2021 by the UAE Securities and Commodities Authority (SCA) Board.
Best global practices in corporate governance are emerging in the UAE now thanks to cooperation between the Ministry of Economy and the UAE Gender Balance Council. They reinforce the UAE's position as a leader in gender equality. The Gender Balance Council's goal is to increase the number of women in senior management positions to 30% by 2025.
UAE - 20 September 2024
Original article: WAM