In the shifting landscape of global governance and diversity, the 2024 Women on Boards (WoB) Monitoring Report, released by the AUC Women on Boards Observatory, presents compelling insights for Egypt, and by extension, the MENA region. The report not only tracks quantitative progress toward gender-inclusive boards but also highlights systemic challenges and opportunities that investors, founders, and corporate stakeholders can no longer afford to ignore.
Key Headline – WoB Representation Climbs to 24.3% in 2024
As of 2024, the overall Women on Boards (WoB) indicator in Egypt reached 24.3%, up from 23.3% in 2023, reflecting a 4.7% year-over-year growth. While this marks a doubling from 10% in 2019, the report also notes a slowdown in momentum, only 1% growth in 2024 compared to the annual average of +3% over recent years.
The target, in alignment with Egypt’s National Strategy for the Empowerment of Egyptian Women 2030, is 30% female representation on boards by the year 2030. This leaves a gap of 5.7% to bridge in just six years.
The Breakdown – By Sector and Numbers
Across 6,752 total board seats, 1,638 are held by women. Here’s the sector-wise breakdown of women board members:
- Non-Banking Financial Sector (NBFS): 1,140 women (70% of total)
- Egyptian Exchange (EGX) Listed Companies: 413 women (25%)
- Banking Sector: 60 women (4%)
- Public Enterprise Sector: 25 women (1%)
WoB by Sector in 2024
| Sector | WoB % (2024) | 2030 Annual Gap | Companies w/ 30%+ WoB |
|---|---|---|---|
| Non-Banking Financial | 26.4% | 26 women/year | 39% |
| EGX Listed Companies | 22.0% | 26 women/year | 20.3% |
| Banking Sector | 18.8% | 6 women/year | 6.1% |
| Public Enterprise Sector | 12.2% | 9 women/year | 7.5% |
Sectoral Analysis – Where Are the Gaps?
1- NBFS -The Clear Front-Runner
NBFS leads both in numbers and momentum:
- Added 68 new women to boards in 2024
- Achieved 1.2% increase in one year
- Home to 260 companies with 30%+ WoB, up from 227 in 2023
⚠️ Insight for Investors: NBFS firms show higher governance innovation and compliance with FRA mandates. This suggests they’re ripe for ESG-aligned investments.
2- EGX-Listed Firms: Progress With Pacing Concerns
While 48 companies reached 30% WoB, the overall placement slowed in 2024:
- Only 9 new women were appointed, down 91% vs. 2023
- 13 companies still had zero women on boards
⚠️ For VCs & Founders: Firms aligning with FRA mandates (minimum 2 women on board) show stronger compliance. Consider prioritizing these for board diversification and governance audits.
3- Banking Sector: Holding Ground, But Lagging Pace
- 97% of banks have at least one woman on board
- However, only 2 banks (6.1%) meet the 30% target
- Growth rate: just 0.1% in 2024
⚠️ Entrepreneurial Insight – There’s room for female-focused FinTechs or incubators to nurture executive female talent for future board roles.
4- Public Enterprise Sector: Needs Bold Intervention
- WoB representation at 12.2%, up just 0.2%
- Over 50.7% of companies still have no women on board
- No company has more than 2 women directors
⚠️ Policy Wake-Up Call: This sector urgently needs targeted policy shifts or quota enforcement to catch up.
Global Comparison & What Works
The report draws comparisons with international best practices:
- France, Italy, Belgium: Enforce board gender quotas with penalties for non-compliance
- UK: Achieved significant results using voluntary targets and public-private initiatives
- Australia: Hit 30% WoB without quotas, via government networks like the Workplace Gender Equality Agency (WGEA)
What This Means for MENA’s Future
MENA countries, especially Egypt, Saudi Arabia, and the UAE, are actively pushing digital transformation, ESG alignment, and local innovation. However, gender equity in governance is foundational to sustainable growth.
The data from this report provides:
- ✅ Benchmarking for ESG-conscious investors
- ✅ Hiring guidance for founders building inclusive boards
- ✅ Policy input for governments and regulators
- ✅ Early signals for market analysts tracking governance maturity
Opportunities Ahead – Strategic Recommendations
For VCs & Private Equity
- Make board diversity a term-sheet requirement
- Align due diligence metrics with ESG board composition
Startups & Growth Companies
- Develop internal pipelines: mentorship, promotion policies, D&I hiring
- Recruit female NEDs or advisors from industry networks and accelerators
For Policy Makers & Regulators
- Adopt mandatory or voluntary quotas
- Provide incentives: awards, compliance certificates, or investor advantages
The Road to 2030 – How Close Are We?
- Egypt needs 402 additional women on boards by 2030
- That translates to 67 women annually
- At the current pace (only 74 added in 2024), acceleration is necessary
Final Word – It’s Not Just Diversity—It’s Good Business
Multiple global studies link gender-diverse boards to improved financial performance, lower risk, and better innovation. For MENA, as economic diversification accelerates, ensuring inclusive governance is not just ethical, it’s strategic.
The 2024 Women on Boards Report offers not just data but direction. For stakeholders ready to act, the opportunity to shape boardrooms of the future, diverse, agile, and globally competitive, is now.