Ringing the Bell at Dhaka Stock Exchange for Greater Participation of Women in Leadership Roles

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Dhaka, Bangladesh, March 14, 2023—Celebrating International Women's Day, IFC partnered with the Dhaka Stock Exchange (DSE), UN Women, United Nations Global Compact and the Swiss State Secretariat for Economic Affairs (SECO) to 'Ring the Bell for Gender Equality.'

The annual global initiative with nearly 120 stock exchanges around world highlights the importance of gender equality for economic development and growth—an issue of even more importance given the economic and social consequences of the COVID-19 pandemic and the global economic downturn.

The commemoration event came as new figures showed a slight increase in the percentage of women on boards of listed companies on the Dhaka Stock Exchange from 18 percent in 2022 to 19 percent in 2023, with the percentage of women who are independent directors remaining at 6 percent compared to last year.

Speaking at the event, Corinne Henchoz Pignani, Deputy Head of Cooperation, Embassy of Switzerland in Bangladesh said "Excluding women from the digital world has shaved $1 trillion from the gross domestic product of low- and middle-income countries in the last decade. Without action, this loss will grow to $1.5 trillion by 2025. Ringing the bell with all of you this morning is the symbol of our joint commitment to keep reducing the gender gap in the financial, business and digital sectors. Together we will leave no women or girls behind!"

"The Dhaka Stock Exchange strongly believes in the good results that gender parity and diversification can bring through the empowerment of women, particularly in the areas of social protection systems, access to public services and sustainable infrastructure with the help of efficient and productive use of digital technology," said Professor Dr. Hafiz Md Hasan Babu, Chairman, Dhaka Stock Exchange.

IFC's commitment to the Ring the Bell initiative is part of its strong focus on gender equality, which includes leveraging relationships with financial institutions to expand access to finance for female entrepreneurs and increase the number of women in leadership roles.

"Studies show that female talent is among the least utilized economic and business resources around the world, which makes no sense," said Martin Holtmann, IFC Country Manager for Bangladesh, Bhutan and Nepal. "IFC's own research has found that more women in leadership is positively linked to higher environmental, social, and governance (ESG) standards, leading to improved business performance and spurring inclusive economic growth. That's why we're working in Bangladesh including with the stock exchange, regulators, and development partners like SECO to identify gender gaps, respond to the different crises, and prevent the gender gap from widening."

IFC and the UN Sustainable Stock Exchanges initiative (UNSSE), in strategic collaboration with UN Women, are scaling up their work with exchanges in emerging markets, advancing sound environmental, social, and governance practices and promoting gender equality in listed companies.

Last year, the partnership produced a guidance note on how exchanges can advance gender equality and three market monitors on gender equality in corporate leadership to rank stock exchanges by the gender balance of these issuers' boards and senior management. The partnership expects to launch training for exchanges and their listed companies focused on sustainable finance, including gender-lens investing, disclosure on gender metrics, and nexus with climate change.

The 2023 Ring the Bell for Gender Equality events mark the ninth year of a global partnership that includes IFC, UN Global Compact, UNSSE, UN Women, and The World Federation of Exchanges.

About IFC

IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2021, IFC committed a record $31.5 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the COVID-19 pandemic. For more information, visit www.ifc.org.

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