IFC and CFA launch survey on women in Moroccan corporate governance bodies

The International Finance Corporation (IFC) and the Club of Women Administrators in Morocco (CFA) launched a survey to collect in-depth data on the link between gender diversity and the performance of corporate boards and supervisory boards in Morocco . The project is part of IFC’s efforts to promote gender diversity in the workplace, including at the highest levels of business, an IFC statement said Thursday. For this survey, the first of its kind in the Maghreb, IFC and CFA will collect information from members of boards of directors or supervisory of Moroccan companies via an online questionnaire, specifies the same source, adding that the survey s ‘will focus more particularly on the impact of the presence of women on the performance of the said councils. Various international studies have shown that companies with mixed governance bodies perform better than those run exclusively by men. However, in Morocco, only 2% of Moroccan companies have a woman as CEO and listed companies only have 18% of women on their boards of directors or supervisory boards. “This survey is important because its findings will help explain how gender diversity on boards of directors or supervisory boards influences their functioning and effectiveness,” said Amina Figuigui, president of CFA, quoted in the statement. He added that “we hope that the survey will help strengthen the managerial skills of women and highlight the added value they bring to the economy.” Promoting gender diversity is one of the priorities of CFA and IFC in Morocco as it can foster stronger and more inclusive economic growth. “IFC helps companies around the world to improve their governance practices. Making boards more diverse and inclusive is an essential aspect of this process,” said Xavier Reille, director of IFC for the Maghreb. “This survey, which is based on our partnership with the Club of Women Administrators, comes at the right time since many Moroccan companies will have to comply with new laws requiring to gradually strengthen the presence and participation of women at the highest level of business leadership, “he said. The partnership between IFC and CFA was born last February and is part of IFC’s Governance for Sustainability program in Morocco, implemented within the framework of the Initiative for the development of the private sector in the MENA region, developed in partnership with the government of the Netherlands, recalled the press release. CFA is a non-profit association dedicated to promoting good governance and gender diversity on boards of directors. Created in 2012, CFA-Maroc brings together business leaders and senior executives. Its members sit on the boards of more than 300 public and private companies in Morocco.