United efforts for gender-equal, post-Covid future

Celebrating International Women's Day, International Finance Corporation, a member of the World Bank Group, partnered with Dhaka Stock Exchange (DSE), UN Women and United Nations Global Compact for the sixth consecutive year to "Ring the Bell for Gender Equality".  

While emphasising women's role in shaping a more equal future, the annual event highlights the link between gender equality, sustainability and inclusive growth.

This year's event comes at a critical moment, as the economic and social consequences of COVID-19 continue to disproportionally impact women.

Research shows that women have borne the brunt of added household burdens and have lost their jobs at about 1.8 times the rate of men.

Studies also show that female talent is among the least utilised economic and business resource around the world, and the pandemic is worsening the situation.

Making even small inroads in closing the global gender gap could quickly yield strong results, with the potential to increase global gross domestic product by $12 trillion by 2025, according to a McKinsey Global Institute report.

"We are extremely pleased that the Dhaka Stock Exchange—along with over 100 other stock exchanges around the world—joined hands with IFC and other partners to Ring the Bell for Gender Equality," said Shibli Rubayat-Ul- Islam, chairman, Bangladesh Securities and Exchange Commission.

"We remain fully committed to closing the gender gap and promoting women's role in leadership, particularly in listed companies in Bangladesh. This will help private sector companies create value and promote inclusive growth," he added. 

A 2020 IFC-DSE study indicates that around 18 per cent of board directors on companies listed in Bangladesh were women.

In terms of women on boards of listed companies, Bangladesh tops the South Asia region with a higher average than the global average of 17 per cent. However, only 5 per cent of the women board directors are currently independent directors.

"Women have to work twice as hard to succeed in a male-dominated world of work, and at the same time, women carry a significantly larger part of the unpaid domestic care burden. This care burden and other gendered access barriers have been amplified by COVID-19," said Mia Seppo, United Nations Resident Coordinator in Bangladesh.

"Despite this, we see plenty of evidence of women's resilience, innovation and leadership. In a future, gender equal world, there is no limit to how far women can go."