IFC, Global Partners ring bell at DSE to advance gender equality

IFC, Global Partners ring bell at DSE to advance gender equality

Dhaka, Mar 10 -To mark International Women’s Day, IFC partnered with the Dhaka Stock Exchange (DSE), UN Women, United Nations Global Compact and the Swiss State Secretariat for Economic Affairs (SECO, Swiss acronym) to Ring the Bell for Gender Equality, highlighting the private sector’s key role in boosting the economic participation of women.

The event in Dhaka took note of recent data indicating a decline in the number of women serving as independent directors on the boards of listed companies on the Dhaka Stock Exchange.

The percentage decreased from 6 percent in 2023 to 5 percent in 2024, emphasizing the continued relevance of an event like this.

State Minister for Finance Waseqa Ayesha Khan said that the government is committed to ensuring women are given equal opportunities.

“I would strongly encourage the regulators and private sector companies to ensure there is representation of at least one female independent director on the board of listed companies”, she said.

The Ring the Bell initiative is emblematic of IFC’s commitment to gender equality, along with key development partners.

Through its Environmental, Social, and Governance (ESG) project in Bangladesh supported by the Swiss State Secretariat for Economic Affairs (SECO) through the Embassy of Switzerland in Bangladesh, IFC aims to boost the representation of women in leadership positions beyond the current percentage of 15 percent.

Additionally, IFC leverages its relationships with clients to broaden financial access for female entrepreneurs.

“IFC strongly supports women as economic actors through projects focused on capital market development,” said Martin Holtmann, IFC Country Manager for Bangladesh, Bhutan and Nepal.

“We believe that having more women in leadership positions makes economic sense for companies and is also linked to better environmental, social, and corporate governance standards and practices. This is why IFC, as part of the World Bank Group, is partnering with the Dhaka Stock Exchange to help improve disclosure practices and support key stakeholders through this program”.

This year’s International Women’s Day theme of Investing in Women, Accelerating Progress is a clear call to action. Stock exchanges can help improve transparency and disclosure of gender-related data, promote access to finance, and encourage women to invest in public markets.

Exchanges can also help develop new products, such as sustainability-linked bonds with gender criteria, and adopt gender equality listing criteria.

Corinne Henchoz Pignani, Deputy Head of Cooperation, Embassy of Switzerland in Bangladesh, said, “Investing in women is not just the right thing to do but it is the smart thing to do since it facilitates an increased representation of women in leadership roles, greater gender diversity and equity within the workforce, more products and services that cater to the distinct needs of women, which will eventually result in improving the lives of women and girls.”

The Ring the Bell for Gender Equality Initiative – a global partnership that includes IFC, United Nations Global Compact, UN SSE, UN Women, and The World Federation of Exchanges – advocates for the full and equal participation of all people to achieve the Sustainable Development Goals and create a world free of poverty on a livable planet.-UNB