EABL ranks top in Africa with more women in boardroom

Kenyan listed companies have the largest representation of women on their boards compared to their peers on the continent, a study by the African Development Bank (AfDB) has shown.

The AfDB survey also ranks regional beer maker East African Breweries Limited (EABL) as the firm with the highest representation of women directors.

The continental bank said a fifth of Kenya’s blue-chip firms have female board members, which placed it ahead of South Africa, Botswana, Zambia and Ghana.

EABL’s 45.5 per cent female board representation helped the regional brewer to beat Impala Platinum Holdings and Woolworths Holdings, two South African firms, to the top position.

Several studies have showed that female representation in Kenyan boardrooms is below global standards, standing at less than 15 per cent, despite proof that a representative mix is beneficial to companies.

Geraldine Fraser-Moleketi, the AfDB’s special envoy on gender said to break the glass ceiling in Africa, its urgent to bring women on corporate boards.

“We can do this by fast-tracking them through middle and senior management in the private sector. We need to think and act differently and invest markedly in women’s leadership,” she said.

The study, which was released at the World Economic Forum Africa, found that the sectors with the highest number of female board members are the financial services, basic materials and construction, and automotive industries.

“Where are the Women: Inclusive boardrooms in Africa Top Listed Companies” comprises a survey of the boards of 307 listed companies across 12 countries as of 2013.

EABL emerged top with a 45.5 per cent female board representation, followed by Impala Platinum Holdings (38.5 per cent) and Woolworths Holdings (30.8 per cent).

Kenya was ranked top with 19.8 per cent representation mark followed by Ghana (17.7 per cent), South Africa (17.4 per cent) and Botswana (16.9 per cent) while Zambia (16.9 per cent) completed the top-five list.

READ: Boardroom still a strange place for Kenya women

Several studies into the role of women in boardrooms have concluded that firms with a significant number of women in senior management did better in leadership, accountability and innovation. Despite such conclusion, Kenya still ranks poorly in this respect.

A recent study by the Chartered Institute of Marketing found that only 15 per cent of listed companies have crossed the threshold of having 30 per cent women on their boards.

A presidential taskforce on parastatal reforms in Kenya noted that on average, women make up 27.8 per cent of the board members in the State-run agencies and 14.3 per cent of board chairs.

Most women leaders blame the lack of transparency about availability of board positions, the lack of mentorship and competition within the entrenched boys club as some factors keeping them out of boardrooms.

“Africa may stack up well compared with other regions, but it has a distance to go to make sure its strong economic growth includes its most talented women at the top,” said AfDB.