Research has shown that diverse boards have improved financial performance, good corporate governance and facilitate better decision making in the business.
Even though the global business market has been pushing for more diversity on Boards and executive management teams, the uptake on gender-balanced boards is slow in Nigeria. There’s rarely any public debates on female representation on the boards of Nigerian businesses.
If the experts believe that companies with a fair share of women directors deal effectively with risk, have a better pulse on the concerns of customers, employees and shareholders, focus on long-term priorities, and have the likelihood of developing successful products and services, why are we behind the trend?
Are you considering building a gender-balanced board for your company in Nigeria? There a few ways to go about it.
You can start by conducting a Board Evaluation. This will help you assess your Board’s view and appetite for gender diversity and work out a plan on rectifying the gap.
Without a turnover of the directors on your board, changing the diversity mix could be difficult. So you should consider introducing term limits on the Board, either in your articles of association or the director service agreement. This will help the gender change in a planned way.
What are your plans for a gender diverse board for your company?