Lenders get lowest score on board slots for women

Boards of professional associations, microfinance institutions and State-owned enterprises topped the list at 26 per cent women representation each. Insurance companies have 15 per cent women directors.

The low representation of women on boards has been attributed to gender differences, work life balance and board nomination processes, said the study.

“We intend to support and lobby for the achievement of the constitutional requirement of gender equity in all elective and appointive positions,” said John Luusa, chairman IOD (K).

Qualifications database

Mr Luusa added that IOD (K) is ready to share with the government the database of qualified women trained in corporate governance and in good professional standing for consideration for appointment to various boards, commissions and public offices.

The study found that boards with adequate women representation were found to score higher on innovation and creativity, he said.

“A key benefit of including women in decision making is heightened innovation as women on boards have been found to foster creativity and innovation. I can attest that men perform even better in the presence of women,” said Mr Luusa.

READ: Boardroom still a strange place for Kenya women

As of 2013 only four firms listed on the Nairobi Securities Exchange (NSE) had women chairing their boards.

They were Standard Chartered Bank, Kenya Re, Liberty Insurance and Uchumi Supermarkets.

To increase these numbers, IOD (K) recommends that the government ensure compliance with the constitutional requirements of no more than two-thirds of the members of any selective and appointive public body coming from one gender.

Chinyere Almona, head of Africa corporate governance (Advisory) Programme, said that more than 10,000 Kenyan women have been trained for consideration as board directors.