This article highlights the efforts of the American University in Cairo’s (AUC) School of Business in promoting gender diversity and women’s empowerment through the Women on Boards (WoB) project. Established in 2014, the WoB initiative aims to increase the representation of women on corporate boards in Egypt, targeting 30% by 2030. Collaborating with local and international stakeholders, the project has developed a database of board-ready women, launched capacity-building programs, and influenced policies. By 2023, WoB representation grew to 23.3%. The initiative emphasises the importance of gender equality in governance and societal progress, advocating for collaborative, scalable impact across sectors.

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Overview

For society to progress, nothing is more crucial than preparing and motivating our most vital asset: people. It is essential to help them succeed in their pursuits, provide an environment that nurtures success, and encourage them to strive for a scalable and sustainable impact. Recognising that everyone possesses unique strengths is important, enabling them to create value and make a difference. However, everyone needs an opportunity to showcase their abilities. Sustainable growth and prosperity can be achieved by investing in people through awareness, capacity building, continuous learning, and knowledge sharing (Kamel, 2021). Life is a learning journey. I have been inspired by many influential individuals from various walks of life, and their diverse backgrounds and cultures have enriched my perspective (Kamel, 2020).

One of the people who influenced me was my grandfather, Mohamed Ali Kamel (1870-1955). He was a lawyer, entrepreneur, educator, publisher, and poet. Born 95 years apart, unfortunately, I never had the opportunity to meet him. However, genetic factors often play a significant role in shaping how future generations think and what they pursue in life. He was passionate about education, diversity, inclusion, and cultures (Kamel, 2020). I believe that his interest in lifelong learning, entrepreneurial thinking, and the essential role of human capital in society was passed down genetically to several members of his family and has been evident throughout my career, which focused on helping to cultivate generations of entrepreneurs, business leaders, and change agents who can positively impact society.

In 1896, my grandfather established Dar El-Taraqi–which translates to The House of Improvement, a bookstore and print shop, to help people broaden their knowledge and enhance their intellectual capital. In 1899, he was approached to publish Qassim Amin’s book, Tahrir Al-Mar’ah–which translates to The Liberation of Women, highlighting the crucial role of women in society. Despite anticipating controversy and recognising the potential impact the book might have, my grandfather supported Amin’s ideas and published the book. Qassim Amin (1865-1908), a prominent figure in the national movement in Egypt, advocated for women’s rights. Amin attributed Egypt’s weakness to women’s lack of education in his book. He believed that educating women was essential to a strong society and that their active role would lead to a better Egypt. Notably, the book’s subject was considered taboo at the time, and all print shops declined to publish it. My grandfather’s decision to publish the book reflected his progressive thinking and his firm belief in the potential impact of women in society; he argued that educating only men limited Egypt’s progress and saw the book as a unique opportunity to open doors for an impactful change. Consequently, the book sparked widespread debate across Egypt about the role of women in society 125 years ago (Kamel, 2020).

Interestingly, 20 years later, in 1919, The American University in Cairo (AUC) was founded to provide high-quality educational opportunities to students from all segments of society and contribute to Egypt’s cultural and intellectual life (Humphreys, 2019). In 1928, AUC admitted its first female student, Eva Habib El-Masri, who graduated in 1931. AUC women have continued to excel over the years, making significant contributions to science, technology, business, and entrepreneurship. AUC School of Business, whose roots date back to 1947, is dedicated to developing entrepreneurial and responsible global leaders and professionals who can positively impact society. The school places importance on the purpose and role of business education in inclusive development. Since its inception, the school has strived to attract the best faculty, staff, and students, focusing on equality, diversity, and inclusion. Table 1 illustrates the gender distribution of full-time and part-time faculty, professional staff, and undergraduate and graduate students from Fall 2014 to Fall 2023.

Table 1. Faculty, Professional Staff, and Students Gender Profile (2014-2023)

	Full-Time Faculty		Part-Time Faculty		Professional Staff		Undergraduate Students		Graduate Students
	Male	Female	Male	Female	Male	Female	Male	Female	Male	Female
Fall 2014	39 70%	17 30%	22 48%	24 52%	55 40%	83 60%	258 34%	499 66%	104 58%	75 42%
Fall 2015	32 71%	13 29%	29 54%	25 46%	43 39%	67 61%	273 35%	518 65%	86 52%	79 48%
Fall 2016	34 64%	19 36%	23 50%	23 50%	40 40%	60 60%	313 34%	603 66%	84 56%	66 44%
Fall 2017	29 60%	19 40%	25 56%	20 44%	45 38%	75 62%	317 36%	559 64%	69 52%	64 48%
Fall 2018	32 63%	19 37%	19 43%	25 57%	44 40%	66 60%	348 40%	517 60%	51 50%	50 50%
Fall 2019	31 62%	19 38%	24 47%	27 53%	33 33%	67 67%	356 42%	491 58%	61 54%	52 46%
Fall 2020	36 63%	21 37%	30 63%	18 37%	44 30%	103 70%	349 40%	530 60%	70 50%	69 50%
Fall 2021	34 57%	26 43%	16 40%	24 60%	41 27%	112 73%	386 42%	534 58%	70 50%	70 50%
Fall 2022	29 58%	21 42%	21 40%	32 60%	38 24%	120 76%	422 40%	630 60%	97 53%	87 47%
Fall 2023	33 55%	25 45%	22 37%	37 63%	42 28%	131 76%	473 41%	681 59%	100 53%	88 47%

Since 2007, the school has initiated and led numerous community development projects to support women’s empowerment in leadership, entrepreneurship, and information technology in Egypt and the Middle East Africa region. These projects aimed to provide equal opportunities for all members of society to learn, gain exposure, and excel to positively impact their lives and livelihoods. One of these projects is Women On Boards (WoB), which aims to empower women in organisational leadership.

Case: Egypt Women On Boards (WoB)

AUC School of Business launched the WoB project in line with its main focus areas: entrepreneurship and innovation, responsible business, and economic development. The mission of the project is to strengthen responsible business in corporate Egypt. From the outset, the project played a key role in enhancing corporate governance, promoting gender equality, supporting women’s empowerment within organisations, and advocating for women across society. Furthermore, the project aims to encourage men to play a more active role in achieving gender diversity and inclusion and support the National Strategy for the Empowerment of Egyptian Women 2030. It is worth noting that AUC is a signatory of the UN Global Compact and is committed to women’s empowerment principles, aligning with the school’s vision and mission.

The overall purpose of the WoB project was to impact society. Therefore, one of its key building blocks was its collaborative ecosystem–a consortium of partners – involving various stakeholders, including the government of Egypt and regional and international organisations. Such collective effort and alignment aimed to provide awareness campaigns and capacity-building programmes to support corporate governance, enhance diversity and inclusion, share best practices, improve WoB key performance indicators, and seek funding to ensure the sustainability and scaling of the project’s impact. The ecosystem included the Ministry of Planning and Economic Development, the National Institute for Governance and Sustainable Development, and Building Bridges, not Walls. Other partners included the International Finance Corporation, the European Bank for Reconstruction and Development, Boardroom Africa, the Women in Business Committee of the American Chamber of Commerce in Egypt, the Women and Memory Forum, the Top 50 Women Forum, and Businesswomen of Egypt 21.

In 2014, the WoB project was established following an ideation exercise. During this phase, seed funding was provided by the United Nations Development Programme. The focus was on capacity building and creating a database listing women who were board members. At the time, there were 174 women listed. Research across different companies revealed that the issue was not about finding qualified women or training them to be board member-ready. Instead, it addressed a complex problem requiring well-thought-out interventions at various organisational levels and across different stakeholders to enhance women’s empowerment in Egypt. In the early stages of the project’s development, it became clear that there was no baseline for the representation of WoB in Egypt. Achieving gender diversity was recognised as a long journey requiring collaborative efforts from various stakeholders.

In 2017, the AUC School of Business formed a consortium with various partners, including governmental organisations, and regional and international business associations, and research institutions, to establish Egypt’s WoB Observatory, which operates as a specialised entity within the framework of the National Council for Women and aims to achieve 30% representation of WoB in Egypt by 2030. The goal is to disrupt the existing patterns of gender bias that hinder women’s access to senior leadership and decision-making roles. The observatory has developed and institutionalised its activities to ensure a continuous and scalable impact towards reaching the 2030 target. These activities include producing and publishing the WoB annual monitoring report, creating the Egyptian board-ready women database, providing board placement services, and conducting advocacy, capacity building, networking, and awareness campaigns.

In 2019, a significant milestone was reached in promoting a favourable environment for the private sector through the collaboration between the observatory and UN Women. The partnership was instrumental in advancing the objectives of the observatory, resulting in several initiatives to enhance women’s capabilities and to reduce gender-specific barriers hindering their entry and retention in the workforce. Efforts were also made to cultivate an inclusive organisational culture while improving the marketable skills of women-owned or led businesses. Moreover, women were certified to enhance their readiness to serve on corporate boards, and support was provided to develop a database of Egyptian women prepared to serve on boards. Additionally, board placement services were offered to companies to facilitate the connection and placement of women’s talents, based on their expertise, with CEOs and board executives (Annual Monitoring Report, 2020).

In 2024, the database contains information on 1079 women ready to join corporate boards in over 26 different economic sectors, with expertise in more than 25 areas. The placement service has nominated over 1420 women for board positions across various sectors, and the database includes 462 women already serving on boards. Since 2019, UN Women has supported the production and publication of the WoB annual monitoring reports, which provide an indicator for WoB and identify any gaps. Tracking the observatory’s progress over time creates value and knowledge, helping to have a scalable impact on promoting stronger board governance for companies and inspiring board compositions that reflect the national commitment toward gender diversity and inclusion.

During this phase, there was a focus on expanding activities and recognising the importance of gender equality for profitability and sustainability. As a result of the observatory, the Central Bank of Egypt (CBE) issued a decree in 2021 requiring banks to have at least two women members on their boards by the end of 2021. Similarly, the Financial Regulatory Authority (FRA) took steps to support and promote gender-balanced boards, as outlined in the 2022 Annual Monitoring Report. Furthermore, decrees 109 and 110 of 2021 mandated that EGX-listed companies and non-banking financial institutions (NBFIs) must have a representation of 25% women or at least two women members on their boards. Additionally, the observatory launched the 30% Club MENA and the Bloomberg Gender-Equality Index in collaboration with the EGX. On the research front, the observatory partnered with Hult Ashridge in the UK to address the necessary changes for improving gender equality in the workplace for the betterment of society, as noted in the 2023 Annual Monitoring Report.

During this phase, there was a notable increase in discussions around gender equality. A range of capacity-building programmes were introduced, covering areas such as advanced management, executive leadership, digital marketing, human capital, digital transformation, real estate, supply chain, transportation, and logistics, focusing on fields traditionally dominated by men. Through a collaboration with UN Women, these programmes offered a 50% scholarship to women professionals, empowering them with the skills and knowledge needed to succeed in corporate boardrooms. The scholarship scheme resulted from a partnership between UN Women Egypt and the observatory as part of the UN Women and the International Labor Office regional joint programme ‘Promoting Productive Employment and Decent Work for Women in Egypt, Jordan, and Palestine’. It is also part of the UN Women’s programme for ‘Women’s Economic Empowerment in Egypt’, implemented in collaboration with the National Council for Women, the Ministry of Labor, and the Ministry of International Cooperation in Egypt. These programmes received generous support from the Swedish International Development Cooperation and the Korean International Cooperation Agency.

These programmes enhance the participants’ professional capabilities and contribute to broader goals of gender equality and diversity. The collaboration highlights the effectiveness of joint efforts between academic institutions and international organisations in driving meaningful change and empowering women in business. The AUC School of Business executive education led the implementation of this initiative, reaching 480 women professionals impacted to date.

According to the Morgan Stanley Capital International 2023 Women on Boards and Beyond progress report, women held 32.9% of all directorships in the MSCI World Index, which includes 1494 companies. The percentage was 31.3% in 2022 and 29% in 2021. In 2022, the leading European countries in terms of WoB were France at 46.1%, Italy at 42.5%, Norway at 39.7%, and Sweden at 35.4% (MSCI, 2023). In emerging economies, female directors accounted for 17% of emerging market boards in 2023, up from 15.9% in 2022 and 14.5% in 2021. The MSCI Emerging Markets Index includes 1374 companies (MSCI, 2023).

The WoB annual monitoring reports are created in collaboration with regulators in four categories: EGX-listed companies, banks, NBFIs, and public sector enterprises. Rational methods were employed to collect, review, and ensure the timeliness and accuracy of data, along with consultative meetings and focus groups involving various partners and stakeholders. It is important to note that the main data providers are the EGX, CBE, FRA, and the Ministry of Public Enterprise; some data are provided by the companies or gathered from their websites, and regular reviews are made to avoid duplication. The report’s data cut-off date is 30 November each year. The WoB indicator is determined based on the number of companies and banks, using 2020 data as the benchmark for comparison (Annual Monitoring Report, 2021).

WoB Progress

The observatory tracks progress across four main categories to achieve 30% WoB by 2030. Table 2 shows the WoB indicator in 2023. NBFIs are the largest category with the highest number and percentage of WoB. They are the closest to reaching the 30% goal by 2030, if not sooner. It is important to note that all categories have shown positive progress in increasing the representation of WoB.

Table 2. Women on Boards Observatory in 2023

	The Egyptian Exchange (EGX)	Banks	Non-Banking Financial Institutions (NFBIs)	Public Enterprises
Number of Organisations	237	38	660	73
Number of Women Board Members	425	59	1072	43
Number of Men Board Members	1536	257	3176	316
Number of Board Members	1961	316	4248	359
Percentage of Women Board Members	21.7%	18.7%	25.2%	12%

EGX-Listed Companies

The percentage of WoB in EGX-listed companies reached its highest level in 2023 at 21.7%. The percentage of companies with zero WoB decreased from 10.2% in 2022 to 4.2% in 2023, reaching only ten companies. The percentage of companies with at least one WoB increased from 89.9% in 2022 to 95.8% in 2023, marking a growth of 6.7%. Additionally, 20.3% of companies had 30% or more WoB representation, with 48 companies showing a growth rate of 92%. Notably, in 2023, there are five women on the board of the EGX, reflecting 44.4%.

Banks

The number of banks in Egypt is 38, including the CBE. WoB increased from 34 in 2019 to 59 in 2023, with the highest percentage of WoB at 18.7% in 2023. The number of banks with zero WoB decreased by 67% between 2022 and 2023, reaching only one bank. Additionally, 15.2% of banks had 30% or more WoB, with 5 banks representing a growth rate of 25%.

Non-Banking Financial Institutions (NBFIs)

The percentage of WoB in NBFIs reached 25.2% in 2023. NBFIs with zero WoB decreased by 34% between 2022 and 2023, accounting for 10.2% of NBFIs. The percentage of NBFIs with at least one WoB increased from 84.9% in 2022 to 89.8% in 2023, showing a growth rate of 5.7%. Additionally, 34% of NBFIs had 30% or more WoB, with the number of NBFIs increasing from 174 in 2022 to 227 in 2023, representing a growth rate of 30.5%. As a result, the FRA, to which the EGX reports, successfully achieved its goal of having an overall WoB reach 25%. In 2023, the FRA’s board comprised two women board members, reflecting 22% of women on the board. Notably, in 2019, the FRA’s board did not include any women.

Public Enterprises

The publicly-owned companies represent various industries, including pharmaceuticals, insurance, construction, real estate development, tourism and hospitality, textiles, maritime and land transport, and chemical and metallurgical sectors. The percentage of WoB increased to 12% in 2023. The percentage of enterprises with no WoB saw a slight increase from 52.4% in 2022 to 54.8% in 2023, representing a 4.6% growth. Also, the percentage of enterprises with at least one woman on their boards decreased from 47.6% in 2022 to 45.2% in 2023. Furthermore, only 2.7% of enterprises had 30% or more women on their boards, with 2 enterprises in 2023, compared to 3 enterprises in 2022. It is important to note that the number of subsidiaries in the public sector has been decreasing since 2019 due to a privatisation program and resulting mergers, leading to a 30% decrease in the number of public enterprises, including holdings and affiliates, from 94 in 2021 to 73 in 2023.

WoB in 2023

The 2023 edition of the WoB annual monitoring report outlined key findings of over 1000 companies and banks, including those listed on 237 EGX-listed companies, 38 banks, 660 NBFIs, and 73 public enterprises (including holding and affiliate companies). The WoB indicator reached 23.3%, up from 10% in 2019. The average annual increase for all four categories has been 3% over the past four years. If this percentage increase is maintained, the overall indicator could reach the goal of 30% WoB by 2026. To meet such a target, an estimated 86 women per annum must be appointed to corporate and bank boards. In 2023, the number of WoB of companies and banks has risen to 1563 from 1320 in 2022, marking an 18% growth rate and a 3.7% increase in the overall indicator. According to the 2023 figures, the estimated gap to reach the 2030 target is 455 women, including 161 women in EGX-listed companies, 35 women in banks, 189 women in NBFIs, and 70 women in public enterprise companies. In other words, an estimated annual gap of 65 women must be added to boards of companies and banks to reach the 2030 target, including 23 women in EGX-listed companies, 5 women in banks, 27 women in NBFIs, and 10 women in public enterprise companies.

The WoB observatory has been recognised with two global awards: the 2022 Innovations That Inspire Award from the Association to Advance Collegiate Schools of Business (www.aacsb.edu, 2022) and the 2022/2023 Excellence Awards from the Association of MBAs and Business Graduates Association (www.aucegypt.edu, 2022). The observatory has made significant progress towards achieving its 30% target from 2014 to 2024, reaching more than halfway. According to the 2024 figures, the indicator needs to increase by 6.7% to achieve the 30% goal by 2030. Table 3 illustrates the progress of the observatory indicator from 2019 to 2023.

Table 3.  Women on Boards Observatory Indicator (2019-2023)

	2019	2020	2021	2022	2023
WoB Observatory Indicator	10%	13%	16.7%	19.7%	23.3%
Number of Organisations	1285	970	1000	1028	1003
Number of WoB	578	714	1043	1320	1563
Number of Men on Boards	5129	4792	5190	5385	5142
Number of Board Members	5707	5506	6233	6705	6705
Average Women Per Board	0.4	0.7	1.04	1.28	1.6
WoB Annual Gap	113	95	92	86	65
Gap to Reach 30% in 2030	1134	945	830	692	455

AUC School of Business is expanding its efforts in the Middle East and Africa to promote gender diversity and inclusion in institutions. The goal is to increase the representation of WoB and executive leadership of companies and banks. In partnership with the Arab International Women Forum, 30% Club MENA, the Pearl Initiative, and the World Bank, a new project called The Arab Women on Boards (AWoB) Observatories Consortium has been introduced. The project will be implemented in two phases. The first phase involves selecting a champion organisation in each country to lead the formulation and development of the WoB initiative, which includes producing country-specific monitoring reports and building a database of board-ready women. The second phase includes developing the AWoB Observatories Consortium website, a regional report, and a regional database. The AWoB Observatories Consortium’s structure will be implemented on two levels. At the regional level, Egypt WoB Observatory will lead, offer capacity-building technical assistance, and collaborate with partners. At the national level, a champion organisation will work with Egypt WoB Observatory on country-specific reports and database activities, organising awareness campaigns and fundraising to help find corporate partners and sponsors.

Conclusion

The WoB Observatory is committed to fulfilling its mission and strategic objectives by continuously raising awareness of the advantages of gender equality and advocating for increased representation of women in high-growth sectors. According to the WoB philosophy, gender equality benefits men and women, leading to a more equitable, better-governed, and performing society. It actively promotes the sponsorship and empowerment of women by organisations and men in leadership roles through various means, such as workshops, seminars, meetings, and forums. The aim is to provide equal opportunities and encourage women to take active and leading positions to achieve greater gender equity.

In 2024, gender equality still has a long way to go. Women’s participation in the workforce remains low, as does their representation in higher education, parliamentary seats, government positions, and other areas. The public sector employs more women than the private sector. The goal is to strive for excellence and attract the best talent to help improve organisations and society. When comparing Egypt to other countries, there has been progress over the last decade; however, more should be done. For instance, in Europe, the percentage of WoB ranges between 40-45%. In contrast, Egypt started at 9% in 2014, and by 2024, the percentage had reached 23% across boards of EGX-listed companies, banks, NBFIs, and public sector enterprises. On this note, the WoB ecosystem of local and international organisations could help achieve the 30% target as a first milestone, and then the next steps could be revisited.

In light of the ongoing societal changes, empowering people for continued development and growth is crucial. This requires consistent alignment, collaboration, and stakeholder commitment around a shared vision, clear objectives, and a well-planned implementation strategy. Although the journey of WoB is still in its early stages, the groundwork was laid a decade ago by actively involving and gaining the support of key government, private sector, and civil society stakeholders. This engagement continues to be vital in mobilising resources, influencing policy, and garnering support from other groups, which help build momentum, raise awareness, and sustain and expand the impact of the WoB Observatory.

Today, I am thinking of my grandfather and how he modestly contributed to the importance of the role of women in society by publishing Amin’s book. I am thrilled that more than a century and a quarter later, I was fortunate to have the opportunity to build on his effort as part of a team that contributed to empowering women in Egypt.

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References

Association to Advance Collegiate Colleges of Business. (2022). Egypt Women-On-Boards Observatory, (website), AACSB, https://www.aacsb.edu/about-us/advocacy/member-spotlight/innovations-that-inspire/2022/the-american-univeristy-in-cairo, retrieved 10 August 2024.

Humphreys, A. ((2019). Centennial Book. Cairo: The American University in Cairo Press.

Kamel, S. (2021). Leading Change in Challenging Times: Lessons of Disruption and Innovation from Egypt–
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Kamel, S. (2020). The Journey of a Lawyer with a Societal Mission and an Everlasting Impact on his Family, The NileView, Issue 4, (website), https://sherifkamel.substack.com/p/the-nileview-579, retrieved 10 July 2024.

Morgan Stanley Capital International (2023) Women-On-Boards and Beyond Progress Report.

The American University in Cairo. (2022). AUC School of Business Receives Multiple Recognitions at the AMBA & BGA Excellence Awards 2022, (website), AUC, https://business.aucegypt.edu/news/auc-school-business-receives-multiple-recognitions-amba-bga-excellence-awards-2022, retrieved 12 August 2024.

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