WORLD BANK GROUP GENDER THEMATIC POLICY NOTES SERIES: EVIDENCE AND PRACTICE NOTE INCREASING WOMEN’S REPRESENTATION IN BUSINESS LEADERSHIP LOTY SALAZAR AND ANN MOLINE OVERVIEW Better gender balance in business leadership is inextricably linked with achieving the Sustainable Development Goals (SDGs). By definition, attainment of SDG 5, gender equality, is impossible without women’s equal representation at the top. Women leaders are levers of change for all SDGs, as they prioritize social protections, health, education, climate, and inclusivity.1 Having more women in leadership is positively correlated with higher environmental, social, and governance (ESG) standards, leading to improved business performance and inclusive economic growth.2 Yet, enormous gender gaps in corporate leadership persist. Globally, women hold only 19.7 percent of board seats, and 6.7 percent of board chair, 5 percent of CEO, and 15.7 percent of CFO positions.3 Unconscious and cultural biases, lack of opportunities, and other workforce barriers can limit women’s professional aspirations and narrow leadership paths.4 While direct cause-and-effect links cannot always be demonstrated, World Bank Group interventions that address the root causes of gender gaps in business leadership offer strong potential for progress. This note examines World Bank Group experience and provides several strategies that other programs can consider to accelerate the pace at which women ascend to senior leadership positions: • Improve gender disclosure and raise ambition. Collect sex-disaggregated data, set diversity targets, measure, and disclose progress. • Strengthen human capital management with inclusive hiring, retention, and promotion practices. • Build the women’s talent pipeline through training, mentoring, sponsoring, and coaching. • Formalize and implement family-friendly and gender-equitable policies. • Develop professional-level career re-entry programs. • Promote partnership and engagement with men. • Expand the search for executive and board talent. • Institute regular evaluations and time limits on board directorships. • Hold senior leaders accountable for gender goals. • Include a gender lens in climate governance strategies. • Establish a culture of conscious inclusion to mainstream gender diversity. • Showcase success stories of women leaders across regions and industries/sectors. • Improve gender-based violence and sexual harassment (GBVH) risk management, including through better controls and transparency and adding awareness-raising activities to all training. JUNE 2023 TABLE OF CONTENTS OVERVIEW 1 INTRODUCTION: THE BUSINESS CASE FOR MORE WOMEN IN BUSINESS LEADERSHIP 1 2 BARRIERS TO WOMEN’S PARTICIPATION IN LEADERSHIP 3 3 REGULATORY MEASURES TO PROMOTE MORE WOMEN IN LEADERSHIP POSITIONS 8 4 PROMISING INTERVENTIONS TO CLOSE THE GENDER GAPS IN BUSINESS LEADERSHIP 11 4.1 Women on Boards and in Business Leadership program 11 4.1.1 WBBL and country-specific  programs 14 4.2 Spotlight on utilities 15 4.3 Other sectors and industries 19 4.3.1 Capital markets and private equity and venture capital 19 4.3.2 Company investment and support 22 4.3.3 Networks and platforms 23 5 BEST PRACTICE STRATEGIES AND RECOMMENDATIONS TO ADVANCE 25 WOMEN BUSINESS LEADERS 5.1 For World Bank Group work with regulators and exchanges 25 5.2 For World Bank Group work with boards 26 5.3 For World Bank Group work with companies 26 5.4 For World Bank Group work with global partners and local stakeholders 28 FOR MORE INFORMATION 29 ENDNOTES 30 This thematic policy note is part of a series that provides an analytical foundation for the update to the World Bank Group Gender Strategy (FY24–30). This series seeks to give a broad overview of the latest research and findings on gender equality outcomes and summarizes key thematic issues, evidence on promising solutions, operational good practices, and key areas for future engagement on promoting gender equality and empowerment. The findings, interpretations, and conclusions expressed in this work are entirely those of the author(s). They do not necessarily reflect the views of the World Bank Group or its Board of Directors. This policy brief is a product of close coordination between the IFC and World Bank Gender Groups. It was prepared by Loty Salazar (IFC) in collaboration with Ann Moline (IFC), with contributions from Adriana Eftimie (IFC), Kamila Galeza (WB), and Sanola Dailey (IFC), and with guidance from IFC’s Martine Valcin, Kate Lazarus, Priyanka Tayal and Carol Tojeiro, and from the World Bank’s Saroj Kumar Jha. Additional inputs were provided by Bipina Sharma Basnet (IFC), Atiyah Curmally (IFC), Abigail Goodnow Dalton (WB), Mary Dominic (IFC), Laurien Field (IFC), Montserrat Ganuza (IFC), Gaia Hatzfeldt (WB), Anne Njambi Kabugi (IFC), Heather Kipnis (IFC), Sundas Liaqat (WB), Mike Lubrano (IFC/Valoris Catalysts), Pilar Maroquin (IFC), Margaret Makepeace McClure (WB), Maria Beatriz Orlando (WB), Antonella Orsili (IFC), Jody Tamar Pollock (IFC), Lopa Rahman (IFC), Paula Tavares (IFC), Diego Javier Ubfal (WB), Pranav Vaidya (WB), and Andrea Fitri Woodhouse (WB). Ann Moline (IFC) and Leslie Ashby (WB) were the copyeditors for this brief. For more information, please contact Lsalazar@worldbank.org (IFC) ii This note contributes to an increased understanding of the importance of gender-diverse leadership for inclusive and sustainable economic growth. The topic of leadership is quite broad, so the note directs focus to the critical aspect of women in business leadership. It explores the reasons for the significant gender gaps in the leadership of large enterprises, including private sector businesses and state-owned entities. It offers programmatic evidence of promising interventions to increase women’s representation in the leadership of these enterprises, based on IFC and World Bank experience. The note is organized into five sections. Section 1 highlights the business case for more women in business leadership. Section 2 looks at the barriers preventing more women from ascending to leadership. Section 3 provides an overview of regulatory interventions that can improve gender balance on boards and in senior leadership. Section 4 explores an array of IFC and World Bank interventions that are helping to close the gaps, overcome challenges, and seize opportunities for progress. Section 5 offers recommendations based on these experiences. iii INTRODUCTION: THE BUSINESS CASE FOR MORE WOMEN IN BUSINESS LEADERSHIP The health and economic crises emanating from the COVID-19 As the world grapples with climate change, armed conflict, pandemic have elevated the importance of prioritizing refugee crises, a global economic downturn, and other better gender balance and an inclusive leadership. Women unprecedented environmental, social, and governance (ESG) leaders have demonstrated strong and steady stewardship, challenges, women leaders will be ever more essential in incorporating ethical and moral purpose, compassion, ensuring business resilience and sustainability. Their inherent and care (Figure 1).5 Such leadership characteristics— strengths can help uplift communities and countries.6 traditionally associated with women—have proven invaluable to ensuring business continuity, employee retention, and There is an inextricable link between women in leadership customer loyalty. and achievement of the SDGs. Increasing the presence and amplifying the voices of women in senior public- and private- sector leadership will accelerate progress on all SDGs.7 FIGURE 1. WOMEN BUSINESS LEADERS HAVE STRENGTHS THAT HAVE PROVEN VALUABLE IN TIMES OF CRISIS AND UNCERTAINTY Source: IFC 1 Companies with more gender-diverse leadership demon- Companies with more women on their boards also tend strate a stronger commitment to inclusive growth, broader to prioritize climate governance and are more likely stakeholder focus, and good ESG practices. These contribute to be on track to meet global climate goals. The nexus to better financial performance, reduced business risk, great- between gender-balanced leadership and effectively er resilience, and enhanced sustainability.8 addressing climate change risks and opportunities (climate governance) is an emerging research area. While the data is • Companies with enhanced ESG perform better on critical limited, some evidence is already available, and more work business indicators, with stronger internal controls and is underway: management oversight, reduced risk of fraud or other ethical violations, positive workplace environment and • In a first-of-a-kind study, investment research and asset worker productivity, enhanced stakeholder engagement, manager Arabesque found that the most gender-diverse and improved reputation and brand.9 20 percent of the world’s 1,000 biggest companies were more aligned to cap global warming at 1.5 Celsius above • Firms with more women directors achieve greater the pre-industrial average by 2050.15 innovative success: An increase of 10 percentage points in women’s representation on boards is associated with • Companies with greater gender diversity on their boards 6 percent more patents. 10 were found to be 60 percent more likely to reduce the intensity of energy consumption, 39 percent more likely • When companies shift from no women leaders to 30 to reduce greenhouse gas emissions, and 46 percent more percent women in corporate leadership roles, it is linked likely to reduce water use.16 to a 15 percent increase in profitability.11 • A survey of G20 markets found that women — more often • In water and sanitation utilities, higher gender diversity in than men — have changed their behavior to decrease their staffing is correlated with more hours of service and fewer carbon dioxide emissions by recycling, buying local, and service disruptions.12 reducing water and meat consumption.17 • There are positive correlations between increased • A critical mass of 30 percent or more women on corporate gender diversity in leadership positions and superior boards positively correlates with better climate governance returns on capital, ESG, and stock performance. and innovation in the global electric utilities, oil and gas, The higher the diversity is within an organization, the and mining sectors.18 stronger the relationship.13 • A study using data from 2,000 listed companies found • Private equity and venture capital funds with gender- that a one percentage point increase in the share of balanced senior investment teams generated 10 percent women in management leads to a 0.5 percent decrease to 20 percent higher returns, compared to funds that have in CO2 emissions.19 a majority of male or female leaders.14 • IFC’s recently initiated research study is exploring the connection between women business leadership and climate governance in greater detail, focusing on companies in emerging markets and fragile and conflict countries.20 2 BARRIERS TO WOMEN’S PARTICIPATION IN LEADERSHIP In many emerging markets, women have made progress on indicators such as educational attainment, workforce participation, and even representation on boards.21 Yet, when it comes to professional development and promotions, a more nuanced picture appears. Having more women on company boards (Figure 2) does not always equate to greater gender diversity in managerial posts (Figure 3).22 Evidence points to a drop in the number of women represented among the highest ranks of an organization. This is the so-called “leaky pipeline”—the higher up in the organization, the fewer women there are.23 FIGURE 2. AVERAGE PERCENTAGE OF WOMEN ON BOARDS IN SELECTED COUNTRIES Source: BoardEx.2021. Global Gender Balance Report 2021 3 FIGURE 3. PERCENTAGE OF WOMEN DIRECTORS AND CEOS OF COMPANIES LISTED ON STOCK EXCHANGES AROUND THE WORLD* Source: UN SSE, IFC 2022 *Based on data provided by 3,246 companies listed on 35 exchanges in 7 global regions. 4 Women are also less likely to have roles with the profit-and-loss responsibilities that often serve as stepping-stones to the CEO role, such as chief operating officer, head of sales, or CEOs of subsidiaries. They are more highly concentrated in support positions such as human resources officer, general counsel, or chief administrative officer.24 And some industries, such as energy and telecommunications, lag behind others in terms of women’s participation in leadership (Figures 4 and 5).25 FIGURE 4. PERCENTAGE OF WOMEN EXECUTIVE OFFICERS BY SECTOR, RUSSELL 3000 FIGURE 5. PERCENTAGE OF FEMALE SENIOR MANAGERS IN THE TOP 10 EXECUTIVE ROLES, RUSSELL 3000 Source for figures 4-5: Mishra, Subhodh. “Women in the C-Suite: the Next Frontier in Gender Diversity.” Harvard Law School Forum on Analytics. Corporate Governance. August 2018. Graphics based on an ISS Analytics publication; Kosmas Papadopoulos, managing editor. 5 In addition to the structural obstacles faced by women • Biases and stereotypes suggest women do not have the in the general workforce, such as unequal regulatory characteristics needed to lead, such as logical thinking and environments, lack of workplace flexibility and conflicts decisiveness, or create a double bind, in which women between work and family obligations, there are specific are expected to be nice or competent but cannot be barriers that narrow women’s leadership paths and cause both. These biases are more subtle than the norms that the drop in representation at the top.26 These include deliberately exclude women and can be more challenging the following: to overcome.28 • Limited availability of sex-disaggregated data and • Lack of awareness or skepticism about the business case inconsistent reporting practices make it difficult to for gender-balanced leadership can mean that initiatives measure progress or understand the extent of the gender to advance women may not be a top strategic priority gap. In turn, this creates challenges in identifying effective for companies. As allies, men in leadership who have interventions to close the gaps. embraced the values of diversity and inclusion can help to elevate the importance of such initiatives and drive action. • Lack of training and professional development opportunities, particularly in areas with front-line • Limited access to networks and connections can make operational or financial responsibilities, hinder women’s board and management-qualified women less visible to attainment of qualifications. nominating committees, and to prominent men who could advocate as allies and champions. • Lack of gender-sensitive human capital management, including in hiring, retention, and promotion processes— • Lack of access to role models, mentors, coaches, and such as non-diverse hiring committees and limited use sponsors can stunt women’s leadership potential. Such of gender-blind applications—can lead to decisions based individuals can play important roles in boosting women’s on biases rather than on qualifications. Failure to recruit self-confidence, guiding their professional journeys, and widely for applicants or not embedding a gender lens championing their advancement.29 into job postings also can reduce the number of qualified women applicants.27 6 • Unsuitable work environments in traditionally male- It is important to note that achieving a truly gender-diverse dominated industries, such as water utilities, make it more senior leadership team—and optimizing the true value in difficult for women to pursue long-term career paths. diversity—is about more than sheer numbers and gaining For example, there may not be women’s locker rooms parity in representation. The key is ensuring that men and for changing out of uniforms or women’s washrooms for women have equal voice and agency once they are in their managing menstruation with privacy. While not specific leadership roles, so that they all contribute to determining to women in leadership, such lack of accommodation their organization’s path.31 represents an overall deterrent to women entering the sector and progressing through the leadership ranks. To increase the number of women leaders and prepare them to take on leadership roles, companies must truly • Safety concerns in operational locations and gender- invest in women. This means attending to the culture and based violence and harassment (GBVH) represent serious purpose of their organizations. And it means adopting deterrents to women’ professional advancement. GBVH a more people-focused business model as part of an in the workplace and domestic and sexual violence approach that integrates an ESG orientation into all aspects experienced beyond the workplace affect employees’ of operations. well-being and business operations. Such experiences can lead to reduced productivity, increased absenteeism, and higher employee turnover.30 It also can deter women from pursuing the promotions and career development opportunities that are stepping stones to senior leadership. 7 REGULATORY MEASURES TO PROMOTE MORE WOMEN IN LEADERSHIP POSITIONS Accountability matters in accelerating progress on closing posts, and capital markets, with regulatory requirements gender gaps in leadership. Articulating the need for more to increase the number of women on listed company women in the corridors of power is a good start, but without boards. Most recently, in November 2022, the European a push to do so, change will be slow. Approaches to compel Union passed legislation indicating that by July 2026, 40 change include regulation such as quotas and targets, percent of a listed company’s non-executive directors transparency and reporting requirements, corporate must be female. governance codes, and investor activism. Quite a few countries have introduced mandatory quotas or voluntary The use of quotas has clearly resulted in an uptick in targets for female board representation in major listed women’s numbers in leadership. However, there are firms. Such measures have made a difference; however, questions as to whether the contributions of women further progress will require not only legislation but other who have ascended to leadership to fulfill a quota have measures to promote a continued shift in corporate culture had a broader impact on gender diversity within their and broader societal attitudes.32 institutions. The research suggests that an increase in the number of women on boards does not necessarily trickle Some countries, particularly in Europe, have enacted down to more women in decision-making positions within mandatory quotas or “hard laws” to drive change, applying the company.33 This disconnect is reflected in the lower to parliamentary bodies, other government leadership number of women board chairs, CEOs, and CFOs globally.34 FIGURE 6. PROPORTION OF COMPANY BOARD SEATS HELD BY WOMEN IN VARIOUS COUNTRIES, BY TYPE OF GENDER EQUITY MANDATE (%) Source: BoardEx. Global Gender Diversity 2022 8 For instance, France, among other developed markets Gender equality, including women in leadership, is an with quotas, presents higher numbers of women board increasing focus of market regulators, who are exploring directors: 44–45 percent of board seats (Figures 3 and 6). ways to integrate gender goals into voluntary corporate But the country’s female executive leadership pipeline was governance codes—soft laws—that present a set of best not as strong, as reflected in the low percentage of women governance practices without the force of law. While CEOs—6 percent. For this reason, in May 2021, the French compliance with the codes is voluntary, reporting company parliament voted to introduce gender quotas for executive practices on the code’s recommendations is mandatory leadership: 30 percent minimum for either gender by for public companies. Several studies have shown that 2027; 40 percent by 2030. This action follows similar steps the introduction of corporate governance standards in taken by Germany in 2020, where companies will also the form of a code has positive effects on the evolution have to publish data identifying specific gender gaps in of governance practices, particularly on improving their businesses. transparency and disclosure.37 Another approach makes use of “soft laws”—voluntary For example, in 2016, IFC and the Securities and Exchange corporate governance codes that include targets Commission of the Philippines, the capital market regulator, for women in leadership. This approach can yield collaborated on an update to the Philippines Corporate multiple benefits, particularly if they are part of a more Governance Code, which encourages companies to develop comprehensive approach to diversity, equity, and inclusion a board diversity policy that includes gender diversity. that includes workforce diversity commitments. They can The code specifically calls for increasing the number of help to unite the institution’s employees, managers, and female directors, including female independent directors. board on the vision, demonstrating the commitment of These changes have made an impact. According to data senior leadership and creating accountability.35 Some from the Institute of Corporate Directors of Philippines, research suggests that soft laws could prove more effective the average percent of women directors on the boards of than hard laws, but this may depend on the broader Philippines listed companies significantly increased since enabling environment. For example, if the country has the adoption of the new code, going from 10.4 percent of other policy prescriptions in place to promote inclusivity, board seats held by women in 2016 to 13.9 percent in 2018, the soft laws may be effective. If, on the other hand, the and climbing to 17.7 percent in 2021. Multiple factors are regulatory framework does not include other enabling likely to have played a role in improvement of practices, legislation or enforcement mechanisms, voluntary including greater awareness on the topic and contributions codes may not gain much traction. Of note, when a law from various stakeholders, but the new requirements in or regulation requires companies to disclose against a the Philippine corporate governance code played a key voluntary code, the disclosure requirement can be viewed role as well. as a hard law, since a fine is levied against companies that fail to do so.36 Conversely, legislation setting board quotas Another example is the Vietnam corporate governance without accompanying enforcement mechanisms such as code, adopted in 2019 on a voluntary basis. Envisioned as a sanctions for non-compliance could be considered soft code in which companies must comply or explain why they law, since there are no punitive reasons to comply. So, in did not—a soft law—it recommends that companies include effect, any actions companies take toward meeting the at least two female members, or reach 30 percent female mandate are voluntary. directors, to optimize the benefits of gender diversity on boards. The data trends show notable improvements Other types of enabling legislation, focused on the since the code’s implementation, demonstrating the broader environment for gender equality and women’s effectiveness of the approach. In 2017, 15.4 percent of economic participation, are equally important here. This board members of Vietnamese listed firms were women, includes regulations ensuring women’s equal access to increasing to 17 percent by 2021. Within Vietnam’s 50 largest employment, including in recruitment, retention, and companies, women’s representation on boards increased promotion. It also includes eliminating legal restrictions from 18 percent in 2018 to 20 percent in 2021.38 to women’s employment, mandating gender pay equity (and reporting on gender pay gaps), providing support for Other countries have taken similar approaches. In 2016, childcare and care work, ensuring flexible working options, the Capital Markets Authority of Kenya published a and providing protections from gender-based harassment comply-or-explain code of corporate governance for listed and discrimination, among others. companies, which calls for Kenyan companies to adopt a board diversity policy that includes gender. Companies must comply or explain the reasons they did not.39 9 The World Bank Group has supported these efforts advancement in the private sector, including by helping to leverage regulatory influence in advancing gender- improve policy design, and efforts to publicize and reward diversity-in-leadership goals. IFC has helped develop gender equality practices and results in the private sector. or update both corporate governance and ESG codes to include language on board diversity and senior Several international investors have indicated that they management in countries such as Kazakhstan, and expect companies to show progress on gender and other Papua New Guinea. Several of the updated codes require diversity components. BlackRock, among the world’s companies to set gender-in-leadership targets or explain largest asset managers, has stated their continued push for why they have not. Early reports of positive impact seem more diversity on boards, along with a call for companies promising, but it remains too early to assess outcomes. to demonstrate their resilience to climate risks. They are pushing for 30 percent diversity, with at least two female In addition to and in alignment with regulatory changes, directors and at least one from an underrepresented government-led support and incentive mechanisms have group on the boards of U.S.-based companies.40 Similarly, a role to play in ensuring that rule changes are having Goldman Sachs, a prominent global investment banking, the desired effect. Among such mechanisms: creation securities, and investment management firm will require of oversight and advisory bodies to support women’s all their investee companies to have at least two diverse board members, one of whom must be a woman.41 BOX 1. KAZAKHSTAN’S HOLISTIC AND CONSISTENT APPROACH TO REGULATION ON WOMEN IN BUSINESS LEADERSHIP In 2018, IFC helped the Kazakhstan Stock Exchange develop and introduce the Methodology for Preparing ESG Reporting to improve information disclosure practices of listed companies. The methodology included required reporting on sex-disaggregated indicators such as information about diversity and equal opportunities, employee training and performance evaluation, and base pay rates for equal work, as well as the percentage of women on boards of directors. Listed companies must report this data on a regular basis. Kazakhstan’s National Chamber of Entrepreneurs recently adopted a new corporate governance code, which includes important gender provisions, enforced by the comply or explain principle. Other efforts in Kazakhstan aimed at improved gender disclosure include the financial regulator’s ESG Disclosure Guidance for Banks and Other Financial Organizations, also developed with IFC’s assistance. The guide, which calls for several gender diversity reporting indicators among others, is expected to be adopted in 2023 on a voluntary basis. It will become mandatory beginning in 2024. The country has made notable progress in promoting gender equality and protecting the rights of women over the last decade. In 2019, around 50 percent of local joint-stock companies had at least one woman on their boards, targeting 25 percent women’s representation at the decision-making level by 2023. 10 PROMISING INTERVENTIONS TO CLOSE THE GENDER GAPS IN BUSINESS LEADERSHIP This section includes examples of interventions to boost To amplify its reach and scale up activities, WBBL has a gender diversity in business leadership based on IFC and strategic partnership with the United Nations Sustainable World Bank experience. While it is not a comprehensive Stock Exchanges Initiative (UN SSE), in collaboration summary of all efforts currently underway across the World with UN Women, to leverage capital markets to advance Bank Group, it offers insight into the wide range of initiatives women leaders. The partnership provides market and activities. It highlights the impacts of IFC’s Women on education, produces tools such as a guidance note on how Boards and in Business Leadership global program. It looks exchanges can advance gender equality, and generates at efforts to close leadership gender gaps in the energy market analyses. and water utilities sector—selected given that they are traditionally male-dominated sectors, and that they are Plans going forward include expanding on current work both public and private players active in the sector, so it is with the rollout of global training for stock exchanges and possible to understand more comprehensively the barriers their listed companies, which integrates input from the to progress on women’s leadership and explore various exchanges themselves to ensure relevance and utility for interventions that yield effective results. The section also markets worldwide. (For more on future work under this features promising interventions from other industry partnership see Section 4.3) sectors where formal impact evaluations may not yet have occurred, but where results are positive. 4.1 Women on Boards and in Business Leadership program As the only IFC initiative solely focused on women in business leadership, the Women on Boards and in Business Leadership (WBBL) global program is designed to work regionally and across industries and sectors to break down women’s barriers to boardroom entry and accelerate the pace at which women are joining boards and ascending to C-suite positions (see Figure 7). The program is part of IFC’s comprehensive approach to advancing gender diversity, equity, and inclusion, tied to achieving the SDGs and enhancing company sustainability and growth. It is also aligned with IFC’s mission to create markets and opportunities, emphasizing best ESG practices and expanding the private sector in emerging markets. WBBL activities fall under four pillars: 1. Leveraging capital markets to advance women leaders 2. Building capacity, institutions, and networks 3. Increasing thought leadership and knowledge 4. Addressing crisis management, resilience, and sustainability 11 FIGURE 7. IFC WOMEN ON BOARDS AND IN BUSINESS LEADERSHIP PROGRAM Research finds that having more women in business leadership is positively correlated with better ESG standards and performance indicators. We promote women in business leadership through: The WBBL program also coordinates IFC’s participation in Since WBBL ‘s formation in 2018, the WBBL faculty has Ring the Bell for Gender Equality, the annual International trained more than 700 women and men executives in Women’s Day initiative involving more than 120 stock over 20 countries, contributing to a vast and growing exchanges (up from seven in 2015) and global partners network of board and senior-leadership-qualified to highlight the key role the private sector can play in women, and potential male allies. WBBL’s workshops boosting the economic participation of women. Partners help organizations build their female talent pipeline, include the UN Global Compact, UN SSE, UN Women, and accelerate competitive advantages, strengthen community the World Federation of Exchanges. Exchanges that have relationships, and enhance their reputation through participated in these events for the past eight years have improved ESG performance. The overarching mission is to made progress by: help companies maximize the benefits of gender diversity, equity, and inclusion on boards and business leadership • Promoting women’s access to finance and encouraging teams and foster inclusive growth. women to invest in public markets. • Developing new products, such as sustainability-linked bonds with gender criteria and gender bonds. • Signing and adopting the Women’s Empowerment Principles, which offer guidance to businesses on how to promote gender equality and women’s empowerment in the workplace, marketplace, and community. To date, 30 exchanges have signed on to the WEPs. • Promoting gender equality listing criteria and gender data disclosure.42 12 WBBL also partners with other institutions such as institutes of directors, academia, training centers, business networks, and internal and external programs to advance progress by building institutions and local capacity. Through its training-of-trainers workshops, the program transfers knowledge to the regions. This approach strengthens WBBL’s network of local partners and builds a pool of talented trainers who can work in their regions or provide support in others as demand for the training continues to grow. It also expands the program’s reach, increasing the number of women and men executives better prepared for board and leadership positions, in addition to those directly trained by WBBL faculty. markets, highlighting role models and advancing the case for better gender balance in leadership and enhanced Also of note: Some corporate director certification diversity, equity, and inclusion practices. The Being Bold: programs have integrated WBBL modules into their Case Studies on Women’s Business Leadership in Sierra curricula, including in Egypt, Jordan, Lebanon, and Yemen. Leone and Liberia publication showcases women’s leadership role models in those two countries. It also The WBBL program commissions and supports original underscores the impact of WBBL workshops in these two research to highlight ways in which women business leaders challenging markets, where efforts have driven the creation can enhance ESG practices for sustainability and company of two women’s leadership networks and led to board growth. It produces knowledge content, such as the IFC appointments for 15 women.43 We Rise: Insights from Women Leaders on Managing Through Crisis, Resilience, and Recovery video series and Through bonds forged by participation in WBBL activities, accompanying lessons learned, which showcase women’s successful women business leaders are paying it forward. leadership strengths in managing crisis, including guiding They are coming together to co-create innovative business their institutions through the challenge of the COVID-19 models and coinvest in groundbreaking, values-based pandemic, and recovering stronger. This content has been startups. For instance, two angel investors who met through integrated into several advanced women’s leadership WBBL—a CEO of an Argentine agribusiness conglomerate training programs. and a founder of a Brazilian artificial intelligence firm— are funding a Latin American health tech company that Other publications, such as Trailblazers: Portraits of Female will help women living in remote areas access the care Business Leadership in Emerging and Frontier Markets, they need. draw attention to women’s leadership successes in those BOX 2. WBBL FACULTY JOURNEY TO KATHMANDU TO TRAIN HYDRO SECTOR EXECUTIVES In late 2022, WBBL faculty traveled to Kathmandu to train 30 women and men hydropower executives, most of them affiliated with IFC’s Powered by Women network (see Section 4.2). The goal was to build women’s leadership skills and promote men’s allyship in this critical and growing industry, where women are poorly represented, especially in leadership. Sessions covered diversity, equity, and inclusion in company leadership, with a focus on strategies to ignite change and hire, retain, and promote more women to decision-making positions. Faculty also highlighted the business case for more women in leadership and emphasized the importance ESG practices for company sustainability. According to those involved, the training has helped the companies that signed on to the Powered by Women initiative meet their commitments to tangible action on gender equality and diversity. 13 4.1.1 WBBL and country-specific programs • 63 percent of participants from cohorts 1 – 5 obtained board or committee seats. WBBL supports IFC and World Bank Group efforts to accelerate progress for women leaders around the world. • 146 volunteer senior executives (men and women) Its influence is evident across an array of country- and participating as mentors. industry/sector-specific programs focused on women in • In a strong sign of the positive impact of capacity-building leadership. These programs are tied to the unique needs efforts, IBGC is poised to take over program sponsorship. and business environment faced by women in different Although it will continue to receive support and guidance markets, ranging from initiatives that enhance women’s from the other partner institutions and from WBBL, the self-confidence and provide leadership mentoring and local institution will now take the lead. coaching to work at the market level to demonstrate how diverse and inclusive gender-balanced business leadership To build the pipeline of qualified board directors, contributes to inclusive growth. Examples of this work, Colombia’s Women on Boards of Directors Leadership including WBBL’s role and program impacts, follow. Initiative developed a leadership training program specifically for women executives. Building on an initial Through a board diversity program, the World Bank WBBL workshop and WBBL materials, the program Group is increasing women’s professional development was customized and expanded for the Colombian opportunities in Brazil. A coalition of partners, including business context by the Colegio de Estudios Superiores IFC, the Brazil B3 stock exchange, Brazil’s corporate Administrativos (CESA), a local partner and leading governance institute (IBGC), and Women Corporate Colombian business school. CESA also realized that the Directors, created Programa Diversidade em Conselho. training was not enough to ensure more women would The program places promising women in positions with receive board appointments. To raise the visibility of front-line responsibilities and high-profile developmental program alumnae for board nominating committees, they assignments to build technical skills, increase operational built a database that now includes over 250 women who expertise, and heighten their visibility throughout the are qualified board candidates. organization. Since the program’s inception WBBL has provided advice and support as needed, working with Selected results: the various participant cohorts. It is an important effort in • Since the creation of the database, more than 20 a country where only 10.4 percent of board seats and 4.4 women program alumnae have been appointed to percent of board chairmanships are held by women, and boards of directors. 1.2 percent of CEOs and 7.3 percent of CFOs are women.44 • These appointments have likely contributed to the increase Selected results: in the percentage of women on boards in Colombia, from 16 percent in 2019 to 18.5 percent in 2021. • Six cohorts completed the mentoring program. The seventh is ongoing. • 206 participants including those in the seventh cohort. 14 An IFC awareness-raising and training program has 4.2 Spotlight on utilities increased the gender diversity of Sri Lankan boards. In What follows are examples culled from both IFC and World addition to its efforts aimed at improving the regulatory Bank experience working with public utilities and private environment on corporate governance and building companies engaged in water and energy services. This is a partner capacity to deliver board training, IFC’s corporate critical sector because it is heavily male dominated, thus in governance project in Sri Lanka is creating market awareness need of a more holistic and consistent approach to increase on the business case for gender equality. The team has women’s representation throughout the entire ecosystem, worked through two important market-level partners—Sri including workforce, supply chain, and leadership. It is Lanka Institute of Directors and Women in Management— also a sector in which regulatory reforms are needed to building their capacity to support professional women’s increase women’s access to jobs that would prepare them career development. With the support and guidance of for leadership. In the water sector alone, women represent WBBL, the team integrated women’s leadership training less than one fifth of the work force, and women’s access into their board training curriculum, to prepare more to water-related jobs remains restricted in 20 economies women for senior management and boards positions. around the world according to the World Bank’s Women, In tandem, IFC facilitated the launch of Sri Lanka’s Business, and the Law 2023.45 This means that women first chapter of the global group, Women Corporate represent a significantly under-utilized pool of talent for Directors, a community, and network of powerful and the water sector. However, there are solutions that can influential women, and supported 10 of the 16 founding Sri help water institutions improve female representation and Lankan women. make the workplace more inclusive. Selected results: In addition, given the evidence that women in leadership • Combined, the two partners have trained more than contribute to better sustainability/ESG outcomes—and that 1,300 women. these industries are heavily focused on natural resources— • More than 120 women have earned board director increasing women’s representation in company leadership certifications through the Sri Lanka Institute of Directors. can help ensure a strong emphasis from the board and senior management on addressing environmental and • The share of women on boards of listed companies has social risks. increased from 8.2 percent in 2018 to 10.1 percent in 2022, representing an addition of 96 women board directors. The project examples highlighted here do not represent • At the March 2023 Ring the Bell for Gender Equality the full universe of World Bank Group efforts. They were event, 13 companies listed on the Colombo Stock selected because they have a track record of results to Exchange signed onto a commitment to increase female show for the work and for their applicability in other sectors. representation on boards and in senior management to a minimum of 20 percent by 2025. In parallel, IFC worked with almost 40 companies through Growing evidence shows that “ the SheWorks and Together We Can partnership to equal participation of women in advance women’s employment, with a focus on increasing the pipeline for women in leadership roles. This led to [water-related] decision-making 23 more women being appointed to board positions at institutions is positively associated those companies. with better water management, In Kenya and Mexico, plans are underway to establish better-functioning water systems, similar programs, based on the experience with Brazil, expanded access, and economic and Colombia, and Sri Lanka models. And in June, 2023, IFC environmental benefits.” launched Anaweza: She Can, a wide-ranging program to empower more women across Tanzania’s economy Women, Business, and the Law 2023 to access financing, attain leadership positions in the private sector, and launch or grow businesses, including in agriculture. This is an indication of increased awareness and the positive amplified impact of efforts currently underway. WBBL is providing guidance to develop and establish these programs. 15 IFC’s dedicated gender-in-infrastructure team supports client companies in integrating a gender lens into their operations and boosts their capacity to meet their gender commitments. The team has put together a suite of tools and resources to help IFC clients integrate gender perspectives into their strategy and operations. These include toolkits to identify entry points for gender inclusion at all levels of company operations, from workforce and leadership to supply chain, and consumers (see Box 3). The team provides guidance on codifying gender policies and procedures and offers comprehensive advisory support throughout the implementation of gender initiatives, such as leadership development and measures to address harassment, discrimination, and gender-based violence, and ensure women’s safety and security. BOX 3. GENDER INDICATORS FOR INFRASTRUCTURE PROJECTS IFC’s gender-in-infrastructure team developed gender indicators for infrastructure projects, with the goal of inte- grating a systematic approach that addresses all aspects of company operations, including workforce, leadership, supply chain, and community. INDICATORS: SAMPLE INDICATORS FOR MONITORING GENDER IN NATURAL RESOURCE PROJECTS The sample indicators below include and expand on indicators currently included in DOTS: WOMEN AS BOARD MEMBERS AND WOMEN AS BENEFICIARIES/AND WOMEN AS SUPPLIERS IN THE WORKFORCE STAKEHOLDERS • Number of women on • Number of women-headed • Percentage of participants the executive board/total suppliers and community consultations, board members negotiations who are women • Number of female indirect • Number of female direct employees/total indirect • Percentage of participants who employees/number of total direct employees (local versus total) speak in community consultations, employees (local versus total) negotiations who are women • Number of women trained • Number of female contractors/ • Percentage of consultations, local contractors (local versus total) negotiations where women’s only events were held • Number of female managers/ number of managers • Number of community engagement programs • Ratio of average male vs. targeting women (scholarships, female salary entrepreneurship training, etc.) • Number of women promoted/ • Number of women-led programs number of promotions 16 The World Bank’s Equal Aqua is a collaborative platform for water institutions. It elevates the importance of gender BOX 4. EQUAL AQUA SURVEYS diversity and inclusion in the water sector by connecting REVEAL PROGRESS ON WOMEN utilities, industry associations, representatives from the IN WATER LEADERSHIP IN ETHIOPIA private sector, academia, and local and international organizations. It also benchmarks gender inclusion in water As part of its World Bank-supported efforts to organizations. The platform hosts the most extensive improve access to water and sanitation in gender- global database on gender in water jobs, with data from inclusive ways, Ethiopia’s Ministry of Water and more than 160 water institutions. Participating utilities Energy and the Addis Ababa Water and Sanitation receive scorecards that can become the basis for outcome- Utility sought to diagnose gender disparities and oriented gender action plans, utility business plans, and narrow the gender gap in women’s representation strategies. Equal Aqua partners set targets for how they in the country’s water utilities. Using Equal Aqua’s will advance gender diversity in their operations and report diagnostic tools, the government entities surveyed annually on their progress. Results are promising. 22 utilities to obtain a baseline. Subsequently, these utilities used the data to design action plans. They Client institutions working with Equal Aqua have committed received invitations to participate in Equal Aqua to a wide range of interventions to advance gender activities and training. The data collection process diversity, including providing leadership training to women showed that sustained dialogue on gender, planning, employees, establishing gender-balanced succession capacity building, as well as repeated benchmarking, plans, hiring more women engineers, attracting women leads to significant progress and culture shift, through internships and scholarships, and establishing including these selected results: on-site childcare facilities and lactation rooms (Box 4). In addition, more than 40 of the World Bank’s Water Global • The percent of women directors on utility boards Practice lending operations have used Equal Aqua tools jumped from 16 percent to 24 percent over a and approaches to inform project design, including setting two-year period, a considerable increase in targets for women’s representation in leadership roles. women’s representation in an essential decision-making body. Selected results: • The share of women managers increased by • The median share of women managers in utilities increased 5 percent and the share of women engineers from 16.7 percent in 2020 to 20 percent in 2022, despite increased by more than 50 percent—from unfavorable factors such as the COVID-19 pandemic , based 8 percent to 12 percent—in two years. on data from 37 utilities that completed the Equal Aqua survey in 2019 and again in 2022. FIGURE 8. WOMEN’S SHARE OF THE WATER WORKFORCE AND LEADERSHIP LAGS OTHER INDUSTRIES Source: Equal Aqua 17 Powered by Women, led by IFC’s Environment, Social • Nine companies are setting up new committees chaired by and Governance team, works with renewable energy women board directors or senior executives to amplify the companies in Nepal and elsewhere in Asia to build the voices of women in their companies and externally, and to case for gender equality and diversity and enhance upskill women in their workforces. business efficiency and sustainability. The initiative • Women’s representation in the senior leadership of encourages peer-to-peer learning and supports companies participating companies increased from 19 percent to in developing and implementing time-bound actions in at 24 percent from December 2020 to March 2022. least one of four commitment areas: women in leadership, respectful workplaces, women as community stakeholders, Through Energy2Equal, IFC collaborates with firms in Sub- and women in non-traditional roles. Nineteen companies Saharan Africa to close gender gaps and increase women’s have pledged action on these commitments. The initiative participation in the renewable energy sector, including in also requires participating companies to nominate a focal leadership positions. The knowledge sharing, research, and point who will lead and coordinate their companies’ gender peer learning platform also includes advisory services and diversity commitments. networking opportunities for senior women in the sector. Focus is on equipping companies with the knowledge and Selected results: tools to integrate and retain women in their workforce • 13 companies have invested in women’s and men’s and leadership and on ensuring that more women will leadership training, including sessions conducted by IFC’s have professional opportunities in the renewable energy WBBL faculty. Of these, five are introducing new trainings sector (Box 5). to further enhance women’s leadership skills and prepare Selected results: them for higher positions. • One company increased the number of women in • 16 percent of participating companies’ gender focal points company leadership from 29 percent to 37 percent. are men, demonstrating the important role men can play as allies and champions in actively advocating for more • One company appointed four women to country gender balance. management roles. • Women represent 13 percent of directors on the boards • One company hit the target of 40 percent women trained of participating companies, up from 10 percent, over a through its Leadership Training Academy. 25-month period (December 2020–January 2023). • The first cohort of 25 mid-senior level women graduated from the Women in Renewable Energy Network in Africa mentorship program, implemented in partnership with the Global Women for Energy Transition Network (GWNET). 18 WePOWER is a coalition of more than 32 South Asian electricity utilities and energy sector stakeholders working toward increasing women’s participation in the energy sector workforce and leadership. The World Bank South Asia Gender and Energy (SAGE) facility serves as the interim secretariat for WePOWER, which is supported by the South Asia Regional Trade Facilitation Program (SARTFP) and the Energy Sector Management Assistance Program (ESMAP). BOX 5. LEKELA WIND BOOSTS LEADERSHIP DIVERSITY VIA ENERGY2 EQUAL Lekela Wind, a renewable energy company that generates more than 1,000 megawatts of wind power across Africa, publicly committed to help close gender gaps and increase women’s participation in the renewable energy sector following its participation in the Energy2Equal peer-learning platform. Lekela brought in IFC’s gender- in-infrastructure team to conduct a comprehensive gender assessment, including diversity in its leadership. Based on the assessment’s recommendations, the company put in place programs to increase the number of women in leadership positions, among other gender inclusion metrics. One year after the assessment, women’s representation on Lekela’s board more than doubled, from 11 percent to 29 percent, and women’s representation in Lekela’s senior management increased from 29 percent to 37 percent. WePOWER encourages girls to pursue careers in science, 4.3 Other sectors and industries technology, engineering, and math (STEM) and facilitates The examples that follow are culled from World Bank Group internships that provide hands-on energy sector experience with a variety of interventions and approaches experience. Training programs lead to hiring competent in other sectors and industries that are critical for inclusive women workers and mentorships propel women economic growth, job creation, and market expansion in employees into leadership roles. developing countries. Note that some of the highlighted WePOWER also advocates for policy changes to make examples are in their early stage of implementation, so workplaces friendlier for women. Similar initiatives are results are not yet available. now underway in other regions, including Europe, Central 4.3.1 Capital markets, private equity, and venture capital Asia, and the Middle East and North Africa, which recently launched RENEW-MENA. As the bridge between issuers and investors, stock exchanges play a critical role in driving change. For Selected results: instance, some exchanges promote increased diversity in • 328 women were hired by utility companies: For example, leadership by adding gender metrics on board composition in 2022, Pakistan’s WAPDA hired 10 women civil engineers and C-suites to disclosure requirements.46 Given this critical and seven electrical, electronics, and mechanical engineers, role, capital markets work represents a fundamental pillar among others. of IFC’s WBBL work (see Section 4.1). A partnership between IFC—through WBBL—and the UN SSE led to the 2022 • 11,000 women professionals, including engineers, received publication of a joint guidance note, How Exchanges Can advanced training: The type of training varied by company; Advance Gender Equality: Updated Guidance and Best many programs focused on honing technical skills, while Practice. It includes market and exchange-focused actions, others focused on leadership development. along with several examples of what exchanges and issuers • 165 women-friendly facilities were built across seven are doing to advance gender equality in their markets and utilities, including separate toilets, mosques, lactation within their operations. rooms, and childcare facilities for their employees. 19 The strategic IFC/UN SSE partnership has also produced In a follow-on to this work, upcoming, WBBL-facilitated three market monitors on gender equality in corporate global training in partnership with the UN SSE and UN leadership (Figure 9). These analyses, all hosted on a Women will feature modules designed to help capital searchable database, involve ranking stock exchanges market stakeholders: by the gender balance of their issuers’ boards and senior management. This first-of-a-kind research, conducted • Understand gender-lens investment strategies, in collaboration with UN Women, covers nine markets in including climate and gender, listing on equality Latin America, G20 markets, and a regional analysis of 35 indices, and targeted financial products. other markets. Among the findings: • Deepen the knowledge base on how gender considerations, such as addressing gender pay gaps • Awareness is growing among exchanges about their role and increasing disclosure on gender metrics. in advancing gender equality. • Improvement is needed in increasing the number of Plans for future collaboration include the update of the women in leadership. regional monitor on a yearly basis, as well as production of market monitors for the remaining regions that will • There is a significant lack of publicly available data on the be updated on a bi-yearly basis to look at progress over leadership of listed companies, particularly in emerging time. The production of a gender disclosure note, and a markets. This speaks to the fundamental role that stock report on taxonomy and metrics to encourage increased markets can play in increasing the transparency and reporting on sex-disaggregated data are also planned. The disclosure of sex-disaggregated data, in collaboration report will include policy recommendations to corporate with policy makers and other stakeholders. reporting standard setters and national and international bodies involved in securities market regulation. FIGURE 9. MARKET MONITORS REVEAL THE STATE OF GENDER EQUALITY IN CORPORATE LEADERSHIP This report analyzes gender This report is an update of This report analyzes gender equality on the boards and the 2021 report, providing an equality in leadership positions leadership positions at the top analysis of gender equality on among issuers of nine of the issuers by market capitalization the boards and in leadership largest stock exchanges in Latin on 35 stock exchanges across positions at the top 100 issuers America. It ranks the exchanges seven regions or country by market capitalization on 22 based on the gender diversity of groupings around the world. major G20 stock exchanges their issuers’ governing bodies. (Available in Spanish) Source: UN SSE/IFC 2022 20 The World Bank Group is also focused on gender-diverse leadership in private equity and venture capital. Recent IFC research shows that only 11 percent of senior investment positions are held by women in private equity and venture capital in emerging markets, and about 7 percent of women entrepreneurs in emerging markets receive equity investment capital. But studies also reveal that private equity and venture capital funds with gender-balanced senior investment teams generated 10 percent to 20 percent higher returns compared with funds with a majority of men or women leaders.47 Follow-up work is underway through Invest2Equal, a partnership between IFC and the Women Entrepreneurs Finance Initiative (We-Fi). Under the program, IFC portfolio fund managers in emerging markets make specific, measurable, and time-bound commitments to increase gender diversity within their firm’s investment teams or investment processes. They can direct capital toward solutions that drive gender equality by investing in companies along five gender-smart investment strategies, including women’s representation in leadership. The program includes mentoring, peer-to-peer support, and knowledge sharing. Participating funds are required to report on their progress. BOX 6. MALENA: IFC’S AI TOOL TO BOOST CAPITAL MARKETS DATA AND GENDER DATA ANALYTICS CAPACITY IFC’s Machine Learning ESG Analyst—also known as MALENA—is a natural language processing artificial intelligence tool that can read and structure text documents. Created to address constraints to ESG data and analytical capacity and strengthen the quality of emerging market ESG reporting and disclosures, MALENA can be used by exchanges, capital markets authorities, asset owners, asset managers, development banks, commercial banks, export credit agencies, and private equity funds alike. It also can provide input for initiatives to address gender gaps and increase women’s participation in leadership positions. At a rate of 19,000 sentences read per minute, MALENA allows rapid review of lengthy text. It can swiftly identify over 600 gender topics such as women on boards, diversity in the workplace, gender-based violence and harassment, and gender-related discrimination. By extracting and organizing the relevant information, MALENA allows users to better understand a company’s performance on gender diversity. While still in the early testing stages, results are promising. A recent MALENA analysis of 200 corporate annual and sustainability reports identified over 1,600 references to women in corporate business leadership and allowed for tailored insights on the state of gender disclosures by company. Such insights can help attract the attention of issuers—for example, by highlighting women’s under-representation in company management. Access to such information also gives policymakers data-based evidence to inform strategies aimed at igniting change. 4.3.2 Company investment and support The World Bank Group’s efforts to improve the gender balance in enterprise leadership involves working at all levels, including at the company level, to drive changes where they matter most. Sustainable finance encourages companies to embrace ambitious climate and social targets, including gender. Financial institutions and impact investors, including IFC, are promoting sustainable finance instruments such as sustainability- linked loans. They can incentivize tangible climate and social commitments through loan price reductions and can include gender-in-leadership targets.48 For example, AGUNSA, a Chilean transport firm, committed to reaching 27 percent of women in executive leadership as one of the social targets associated with its $70 million sustainability-linked loan from IFC and SDG-focused investor ILX Fund. 21 IFC’s Economic Dividends for Gender Equality (EDGE) IFC’s influence on investment and advisory clients like assessment and certification process helps companies Interloop, a family business and one of Pakistan’s largest create gender-equitable workplaces. It provides a apparel manufacturers, encourages the pursuit of competitive advantage for growth, as experienced by additional diversity goals. The company’s vice president Pandurata Alimentos Ltda. (Bauducco), Brazil’s largest of marketing has participated in WBBL training and was manufacturer of baked goods and the world’s largest highlighted in WBBL’s We Rise in Crisis video series and producer of panettone. In 2018, women represented accompanying guidance note on company resilience. 25 percent of the company’s 4,900 workers and were Interloop is a global sustainability leader, a member of the underrepresented in senior leadership. Bauducco was UN Global Compact, and a signatory to the UN Women’s seeking to enter new markets and respond to the needs of Empowerment Principles, with a strategic commitment new consumers—largely women. The company recognized to ethical business practices and alignment with the the need to increase gender equity in their ranks and SDGs. With a strong tone at the top set, the company has ensure greater diversity in decision- making. IFC conducted prioritized gender equality throughout the organization and an EDGE Gender assessment, making Bauducco the first its supply chain. For example, Interloop’s partnership with local company to receive the EDGE Gender Certification the Champions of Change Coalition involves encouraging and one of seven certified companies in Brazil in 2019. The male leaders to step up as gender equity allies. company implemented a gender action plan to integrate more women into the workforce and management, Selected results: strengthen its corporate image, and potentially boost its • Interloop’s board is now 15 percent women, and the financial performance. company has a target of doubling that percentage in the next two years. Selected results: • Interloop’s management committee is 25 percent women. • The share of women in the C-suite increased from 12 percent in 2018 to 21 percent in 2021. • The company’s sales and marketing leadership is a 50–50 balance of men and women. • The share of Bauducco’s women board members increased from 11 percent in 2018 to 25 percent in 2021. • The percentage of promotions awarded to women staff members rose from 41 percent in 2018 to 44 percent in 2020 and 58 percent in 2021. • The retention rate for women returning from maternity leave increased from 57 percent in 2018 to 100 percent in 2021.49 22 4.3.3 Networks and platforms Networks and platforms enable broader reach for World Bank Group efforts. They also help to incubate and cultivate relationships that can lead to future IFC investments. Through IFC, the World Bank Group is helping to advance women’s leadership in private healthcare. Seventy percent of the 43 million workers in the global healthcare industry are women, but women hold less than 30 percent of leadership roles. IFC’s Women’s Leadership in Private Healthcare Global Working Group brought together CEOs and human resources managers from 17 leading healthcare organizations in Africa, the Middle East, and South Asia to identify the barriers and challenges to women’s leadership in the industry and find ways to address the challenges. In a series of webinars, the group engaged more than 400 participants, with all working group members committed to implementing at least two strategies for advancing gender equality within their companies. Selected results: • Two healthcare working group members partnered with IFC on gender workforce assessments, including in Ethiopia and Egypt. • In Ethiopia, a leading healthcare company introduced a new gender policy, established a gender diversity policy committee, and reviewed their employee promotion tool to ensure equal representation in leadership positions. • In Mexico, IFC investment client Grupo Neolpharma partnered with IFC to conduct a corporate gender and inclusion assessment. The company is implementing an action plan to increase women’s representation in leadership positions and create a policy and practices framework for promoting an inclusive and respectful workplace. • In Colombia, IFC client Laboratorios Siegfried earned its first EDGE Gender Certification and is working on implementing a women-in-leadership action plan. In Mexico, the Mexico2Equal peer-learning platform is Selected results: influencing positive change in companies’ leadership • Five companies committed to boosting women’s diversity. In 2022, the platform brought together 17 participation in leadership. Mexican companies in different sectors to learn about gender best practices. Programs included a learning • A leading manufacturing corporation increased the number session on inclusive leadership and a targeted workshop of women in their textile operations leadership from zero on mentorship and sponsorship programs for women. As to six. part of their participation, companies agreed to tangible, • A large retailer launched its first-of-a-kind internal time-bound commitments to promote gender equality mentorship program to develop women’s leadership and inclusion in their operations. skills, reaching 160 women employees. 23 Through IFC’s Finance2Equal, Tanzanian banks committed Selected results: to closing gender gaps in leadership. As part of their Since the 2020-21 training voluntary participation in IFC’s Finance2Equal initiative, • More applications and promotions for women: 35 percent five leading Tanzanian financial services companies are applied for more senior positions and 10 percent accepted improving the gender balance in their leadership and a more senior role. workforces and increasing women entrepreneurs’ access to finance. During the engagement, bank representatives • Of the promotions and competitive positions available identified challenges in closing these gaps. internally, 45 percent were awarded to women candidates. • One woman was appointed managing director of one of CRDB Bank, for example, expressed concern about the bank’s subsidiaries. women’s lack of confidence because they were not applying for senior positions. In addition, women in their • 90 percent of leadership training participants reported workforce did not have the necessary leadership skills to feeling more confident, 88 percent said they had taken a assume executive roles. To address the challenges, the IFC seat at the table in meetings instead of sitting at the back team partnered with CRDB to roll out the “IFC 100 Women of the room, and 93 percent reported speaking up more Leadership Training Program,” designed to build the often and feeling more willing to share their ideas. confidence and bolster the leadership skills of the top 100 • Participants reported that the training added value to their women in the bank. This intervention inspired emerging role and positioned them to improve their performance. women leaders to take more risk, be more visible, and Half of the women said they were innovating. Most women voice their ideas and opinions. It has unleashed their (76 percent) reported being better equipped to do their inner confidence and created a cadre of highly motivated jobs and give presentations. Another 76 percent were women eager to assume more leadership roles at CRDB. managing their team more effectively. A large share (71 percent) said their productivity increased. 24 BEST PRACTICE STRATEGIES AND RECOMMENDATIONS TO ADVANCE WOMEN BUSINESS LEADERS The unfortunate truth is that progress on gender equality in • Promote gender-focused products and services. As general, and advancing women in leadership, in particular, venues for capital raising and investment, exchanges can is slow, except possibly in countries where quotas require play an important role in helping to mobilize finance for better gender balance on boards. And, while board-level gender equality. Exchanges can also help raise awareness mandates may influence change by boosting actual of gender issues through the provision of gender-focused numbers of women directors, as noted earlier, they do not investment products, such as exchange-traded funds and necessarily translate into executive leadership gains.50 issuance and listing of gender-focused bonds. They can encourage increased use of capital markets instruments Thus, even seemingly modest results achieved organically— by women to enhance their long-term financial well-being. the addition of one, two, or three women leaders— And they can adapt their SME offerings to improve gender- represents a victory. Entrenched mindsets, cultural norms, inclusiveness.51 unconscious bias, and stereotyping, along with a lack of services, such as childcare, parental leave, access to • Issue gender-inclusive climate governance guidance professional networks, and mentoring and skill-building to regulated companies. As awareness is raised on the opportunities, are among the many barriers that slow the importance of climate risk governance, exchanges have pace of change. an important role to play to ensure that a gender lens is embedded into climate guidance. Based on IFC and World Bank experience, interventions that address the root causes of gender gaps in enterprise • Promote systematic use and disclosure of sex- leadership demonstrate promise. This requires work at disaggregated data, including benchmarked data all levels of market ecosystems. Programs that aim to on gender diversity in leadership and senior roles. accelerate the pace at which women are ascending to • Develop or enhance policies against workplace senior leadership positions should consider incorporating harassment, discrimination, and gender-based violence. the following selected strategies meant to promote ESG Such policy prescriptions strengthen and reinforce practices for company growth and sustainability, many company-level practices, contributing to corporate applicable to both, public and private sectors. culture change. For regulators, in addition to policy prescriptions, it is important to focus on oversight, and 5.1 For World Bank Group work with whether regulated institutions have actually implemented regulators and exchanges programs, such as sensitization training for staff and • Establish targets to increase female representation on capacity building. listed company boards and management. This might include board diversity mandates in corporate governance • Encourage collaboration with other regulatory and codes and increased reporting on sex-disaggregated legislative bodies to support reforms that reduce leadership data, through regulatory guidance such as barriers to women’s job access. While market regulators “comply or explain” rules. may not have direct control over national laws governing the broader socioeconomic environment, they do have • Build internal capacity to drive gender diversity goals. influence. Using such influence, for example, to endorse Work here encompasses the interventions suggested legal changes that give women unfettered access to utilities below for boards and companies. jobs, will help increase the number of women in roles that can help prepare them for leadership. 25 5.2 For World Bank Group work with boards • Demonstrate a commitment to GBVH risk governance. This includes establishing an adequate risk culture that • Institute board evaluations for directors and time limits incorporates addressing GBVH and its root causes and on board directorships. This ensures optimal performance periodically adding discussion of GBVH prevention to from all directors and offers a way to bring in new board meeting agendas. This commitment also involves directors who bring new competencies, perspectives, and providing training, raising awareness, and establishing capabilities, and diversity across all dimensions, not controls and transparency.53 just gender. • Provide oversight and messaging on the importance of • Raise awareness on the business case for better gender gender diversity and inclusive leadership. This includes balance in leadership. With a growing body of evidence supervision and involvement on all company strategies linking diverse leadership, better ESG performance, and that follow, many of which apply to boards themselves. achievement of business goals, highlighting the value of increased women’s representation and influence at the top 5.3 For World Bank Group work with can resonate with those in positions to bring about change. As impact investors push for more ESG transparency and companies (in addition to board strategies) disclosure, addressing gender imbalances in leadership as • Use Sustainability-Linked Finance with gender KPIs part of broader ESG commitments can increase access to and targets, concessional or blended finance, and such capital.52 advisory support to drive meaningful progress. Financial instruments help connect companies’ access to capital • Prioritize work with company boards in male-dominated with gender equality goals. Financial support can enable industries, such as energy and hydropower. These more resources focused on efforts to mainstream gender industries have larger gender gaps, particularly in emerging equality throughout the company. markets and fragile economies where they offer significant job creation potential. Balancing the gender scales in • Collect sex-disaggregated data, establish clear diversity the supply chain, workforce, and leadership of these targets, measure, and disclose progress. This approach companies offers significant potential to yield important allows firms to focus on concrete performance results, development impact. while also creating a framework of accountability54 in the company’s gender diversity and inclusion program. • Integrate climate and gender considerations into business Investment research firms such as Morgan Stanley Capital strategies and the business case for doing so, such as Investment (MSCI) encourage more company disclosure as leveraging improved gender balance in the leadership a starting point for greater board and workforce diversity, ranks to prioritize climate. 26 equity, and inclusion as well as long-term value creation. • Promote partnership and allyship with men. Many male Creating gender scorecards to measure progress, as decision makers are actively working to accelerate progress. Pakistan has done, can help establish a baseline, track These efforts should be encouraged, including by giving performance, and ensure corporate accountability. men roles to play in gender-parity efforts, as in Nepal, However, a singular focus on metrics for women on and through programs such as the Champions of Change boards and in leadership might not be sufficient to Coalition. The idea is to create a “we’re-in-this-together” understand the true pace of progress. Other important mindset rather than an “us-against-them” mentality. indicators include gender pay gaps; women’s recruitment, training, and retention; career advancement and women’s • Establish a culture of conscious inclusion. This means share of promotions; women’s involvement in decision integrating a diversity and inclusion ethos throughout making; anti-discrimination and harassment policies; and the organization, which leads to learning, innovation, and women’s participation in supply chain and community growth, as IFC’s EDGE certification is designed to do.56 engagement.55 • Expand the search for executive and board talent. To find • Build the pipeline of women talent through leadership a more diverse candidate pool, hiring committees should training. Specialized training such as that offered by IFC’s recruit widely and look outside the traditional networks. WBBL program enhances women’s professional skills and This effort has been made easier in recent years with the qualifications to assume senior management positions and increased availability of directories and databases featuring board directorships. Specific attention should be focused qualified, diverse candidates. on women leaders in fragile economies—a particularly • Implement inclusive hiring, retention, and promotion vulnerable group. processes. This includes embedding inclusive language • Establish, formalize, and mainstream family-friendly into job announcements, using gender-blind applications, and gender-equitable policies, including flexible and diversifying nominations and interview committees. scheduling, employer-sponsored childcare, equal pay Such committees, if composed of a homogenous group for equal work, family leave to encourage the sharing of of members, might subconsciously favor candidates who family responsibilities between men and women, anti- look, and sound like them. Including women and other discrimination and harassment policies, and underrepresented groups—such as people of color and whistleblower protections. members of the lesbian, gay, bisexual, transgender, and intersex (LGBTI) community—on these committees creates • Provide mentoring, sponsoring, and coaching. Such a better balance and reduces the risk that biases dominate programs give women access to more opportunities and hiring decisions. a broader range of experience, removing a critical barrier to advancement. • Hold senior leaders accountable. Build gender equality into senior executives’ key performance indicators by • Develop professional-level re-entry programs. These setting targets, including for numbers of women in senior programs assist women in resuming their career trajectory executive and board roles. With investors increasingly upon returning to the workforce after an extended absence focused on ESG and sustainability as key investment due to family responsibilities or studies. Examples include criteria, such accountability measures are gaining traction executive- and vice-president-level internships to enable with large companies.57 training and mentorship. • Include awareness-raising on harassment, discrimination, gender-based violence, and women’s workplace safety and security in all board and leadership training. Raising senior leadership’s awareness through training would foster their understanding on why the private sector response to GBVH is critical and help enhance leaders’ respectful behaviors to create safe workplaces. 27 5.4 For World Bank Group work with global partners and local stakeholders • Leverage collective power. This involves collaborating to raise awareness, amplify influence, and expand reach, as with initiatives such as Ring the Bell for Gender Equality, IFC/UN SSE, Powered by Women, and Equal Aqua. • Make qualified women visible. These efforts can include creating databases or directories of qualified senior executives and board-ready women, as in Colombia and Sri Lanka.58 • Showcase success stories of women leaders. Anecdotally, women who have reached the highest levels of leadership have said that seeing others who look like them make it to the top inspired them to dream big and imagine more for themselves. Research backs up this anecdotal evidence, highlighting the critical motivational aspects, especially for younger women.59 • Build platforms or networks for peer-to-peer knowledge sharing, awareness raising, and commitment setting. Platforms such as Equal Aqua and WePOWER have demonstrated effectiveness in engaging market stakeholders such as industry associations and market- leading companies, while elevating the profile of qualified women and giving them access to important skill-building opportunities. Peer-learning platforms such as those led by IFC’s Gender and Economic Inclusion Group and Powered by Women, led by an ESG team, bring together private sector companies and allow for knowledge sharing and learning, while calling on participants to make measurable commitments to close gender or other economic inclusion gaps in their operations. Networks such as IFC Trailblazers, led by the WBBL program, draw attention to women’s leadership successes in those markets, highlighting role models and advancing the case for better gender balance in leadership and enhanced diversity, equity, and inclusion practices. As more interventions roll out, it will be important to or a centralized coordinating committee composed of establish more rigorous measurement frameworks, impact representatives of the various departments and units evaluations, and consistent reporting to understand how undertaking women-in-leadership work across the World and whether actions lead to change. There are challenges Bank, IFC, and MIGA. This note alone does not capture the associated with this, such as understanding correlation and full breadth and scope of the initiatives underway. With so causation, identifying the level of influence women have much activity, creating a centralized group of practitioners once they ascend to leadership positions, and assessing will enable cross-promotion of projects, support partnering the impact of ESG improvements over time. on similar work, inspire creativity and innovation on new and impactful initiatives, encourage knowledge sharing, A final recommendation is to make internal, World and reduce the risk of duplicate efforts. Bank Group-wide collaboration and communication a priority. This requires establishing a community of practice 28 FOR MORE INFORMATION Energy2Equal Africa: https://www.ifc.org/wps/wcm/connect/news_ext_content/ifc_external_corporate_site/ news+and+events/news/energy2equal-africa Equal Aqua: https://www.worldbank.org/en/topic/water/brief/inclusive-water-institutions-platform IFC Gender and Economic Inclusion: ifc.org/gender Invest2Equal: https://www.ifc.org/wps/wcm/connect/topics_ext_content/ifc_external_corporate_site/gender+at+ifc/ private_equity_and_venture_capital_as_a_catalyst_for_advancing_gender_equality Manufacturing, Agriculture, and Services (MAS) Gender Solutions: https://www.ifc.org/wps/wcm/connect/topics_ext_ content/ifc_external_corporate_site/gender+at+ifc/gender-smart+business+solutions Mexico2Equal: https://www.ifc.org/wps/wcm/connect/region__ext_content/ifc_external_corporate_site/ latin+america+and+the+caribbean/priorities/mexico2equal_en Powered by Women (PbW): https://www.ifc.org/wps/wcm/connect/industry_ext_content/ifc_external_corporate_site/ hydro+advisory/resources/powered+by+women Sustainable Infrastructure Advisory Gender-in-Infrastructure Team: https://commdev.org/work/gender- empowerment/ (keyword: genderIFC) WePOWER – The South Asia Women in Power (WePOWER) Network: https:/ /collaboration.worldbank.org/content/ sites/collaboration-for-development/en/groups/the-wepowernetwork.html Women on Boards and in Business Leadership (WBBL): https://www.ifc.org/wps/wcm/connect/topics_ext_content/ ifc_external_corporate_site/ifc+cg/topics/women+on+boards+and+in+business+leadership Women’s Leadership in Private Healthcare Global Working Group: https://www.ifc.org/wps/wcm/connect/industry_ext_content/ifc_external_corporate_site/health/womeninhealth For additional reading Bohnet, Iris. 2016. What Works: Gender Equality by Design. Harvard University Press. Cox, Josie. “The trust crisis facing women leaders.” BBC. November 30, 2022. EgonZender. 2023. “Who’s Really on Board.” Global Diversity Tracker 2022/23. Gonalons-Pons, Pilar. “Childcare and the 99%.” University of Minnesota Gender Policy Report. May 9, 2019. IFC. 2022. “Women’s participation in the renewable energy workforce in Sub-Saharan Africa.” IFC. 2023. “Social KPIs Matter: Setting Meaningful Indicators for Sustainability-Linked Finance.” Kang, Wei; John K. Ashton; Ayan Orujov; and Yang Wang. 2022. “Realizing Gender Diversity on Corporate Boards.” International Journal of the Economics of Business. World Economic Forum. “More than DEI: Why it pays to get women in the boardroom.” May, 2023. 29 ENDNOTES 1  equelo, Jennifer; Jaidep Malhotra; Vineeta Gupta and Lucy R  etler, Daniel; Min Low, and Emily Matthews. 2021. “More than  G 15 Fagan. “Why Women’s Leadership is Necessary to Deliver the a buzzword: Assessing the financial and transparency effects of SDGs.” PMNCH /World Health Organization. July 7, 2022. corporate gender diversity.” Arabesque. 2 D  i Miceli, Alexandre and Angela Donaggio.2019. “Women in 16 FP Analytics. “Women as Levers of Change.” Business Leadership Boost ESG Performance.” Public Sector Opinion 42. IFC. 17  omen’s Forum for the Economy and Society. “Barometer on W Gender Equity.” October 2021. 3 Deloitte. 2022. “Women in the Boardroom: A Global Perspective.” Seventh edition. 18 BloombergNEF. “More Gender Diversity on Corporate Boards Makes for Better Climate Governance and Innovation.” 4  antar Public. 2022. “The Reykjavik Index for Leadership: K December 1, 2020. Measuring perceptions of equality for men and women in leadership 2021-2022.” 19  ltunbas, Yener; Leonardo Gambacorta; Alessio Reghezza; and A Giulio Velliscig. “Does gender diversity in the workplace mitigate 5  ee: Hougaard, Rasmus; Jacqueline Carter; and Marissa Afton. S climate change?” BIS Working Paper No. 977. November, 2021. “When Women Leaders Leave, the Losses Multiply.” March 8, 2022; Interview with H.E. Lolwah R M Al Khater, Assistant 20 F  or more on the intersection between gender and climate, Foreign Minister and Spokesperson, Ministry of Foreign Affairs please see the World Bank Group gender thematic note, of the State of Qatar. FP Virtual Dialogue: The Role of Female Placing Gender Equality at the Center of Climate Action, Leadership in Driving Global Recovery and Resilience. January 2023. 6 Z  enger, Jack and Joseph Folkman. 2020. Research: Women 21  ee examples of gender indicators across the SDGs, How S Scores Higher Than Men in Most Leadership Skills. exchanges can advance gender equality, pp. 37-39, 2022. Zenger/Folkman. 22 BoardEx.2021. Global Gender Balance Report 2021; Mishra, 7 W  omen Rising 2030. Better Leadership, Better World: Subhodh. “Women in the C-Suite: the Next Frontier in Women leading for a better world. Business and Sustainable Gender Diversity.” Harvard Law School Forum on Corporate Development Commission. March 2018. Governance. August 2018. 8  ote that the evidence provided in this section shows links N 23  ee: International Labour Organization. “Beyond.” InfoStories. S between more women in leadership and the positive outcomes September 2019; Stevenson, Jane, Peggy Hazard, and Evelyn detailed in the studies, rather than causality. Orr. “This Outgoing CEO’s Mission is Worthy and Necessary.” Korn Ferry Insights. August, 2018. 9 Donaggio and Di Micelli. 24 E  dwards, Rayna; Rick Guzzo; Carole Jackson; Alex 10  hen, Jie; Woon Sau Leung and Kevin P. Evans. “Female board C Knoepflmacher; and Haig Nalbantian. 2020. “Let’s get real about representation, corporate innovation and firm performance.” equality: When women thrive.” Mercer. Journal of Empirical Finance. September 2018. Vol. 48, pp 236-254. 25 Mishra. 11 N  oland, Marcus, Tyler Moran, and Barbara Kotchwar. “Is 26  or more on the broader barriers to women’s participation in F Gender Diversity Profitable? Evidence from a Global Survey.” the workforce, see the World Bank Group gender thematic Peterson Institute for International Economics. February note, Increasing Female Labor Force Participation, January 2023. 2016. Also see selected IFC research showing correlation between more women leaders in a company and increased 27 L  inkedIn Talent Solutions. 2019. “Gender Insights Report: How financial performance in terms of ROI, ROA, and ROE: ASEAN, women find jobs differently.” Kazakhstan, Egypt, Lebanon. 28 barra, Hermina; Robin Ely; and Deborah Kolb. “Women Rising: I 12  t larger utilities (over 250 employees), higher shares of female A The Unseen Barriers.” Harvard Business Review. September employees are positively correlated with a smaller share of 2013. customers with interruptions in water supply, longer hours of water supply, and higher passage rates for chlorine tests. World 29  onzales, Matt. “The Glass Ceiling: Women and Barriers to G Bank calculations based on IBNET data (www.ib-net.org/). Leadership.” SHRM. March 1, 2022. 13  he CS Gender 3000 in 2021: Broadening the T 30 I FC. 2020. “Addressing Gender and Gender-Based Violence in diversity discussion IFC Projects.” 14 FC. 2019. “Moving Toward Gender Balance in Private I 31  ieberman, Gabrielle. “Gender Diversity in the C-suite.” Harvard L Equity Markets.” Law School Forum on Corporate Governance. February 2023. 30 32 Altrata, Global Gender Diversity 2022. 47 FC. 2019. “Moving toward gender balance in private equity and I venture capital;” IFC. 2020. “Private Equity and Value Creation: A 33  ertrand, Marianne, Sissel Jensen et al. 2017 (rev.). “Breaking the B Fund Manager’s Guide to Gender-Smart Investing.” Glass Ceiling? The Effect of Board Quotas on Labor Outcomes in Norway.” NBER Working Paper No. 20256. 48 I nternational Capital Market Association (ICMA), IFC, and UN Women.2022. “Bonds to Bridge the Gender Gap: A Practitioner’s 34  ishra, Subhodh. “Women in the C-Suite: the Next Frontier M Guide to Using Sustainable Debt for Gender Equality.” in Gender Diversity.” Harvard Law School Forum on Analytics. Corporate Governance. August 2018. 49 FC. 2021. “Bauducco’s Commitment to Gender Equality: A I Strategic Approach to Increase their Customer Value.” 35 D  eloitte. 2022; Bertrand, Marianne et al. “Breaking the Glass Ceiling? The Effect of Board Quotas on Female Labour Market 50 D  eloitte. 2022. Also see Section 2: Barriers to women’s Outcomes in Norway.” The Review of Economic Studies. Vol. 86: participation in leadership. Issue 1. January 2019. 51 IFC/UN SSE, 2022. 36  uch disclosure can take the form of “comply or explain” or S “comply and explain.” In the former, companies simply explain 52 E  nergyNow Media. “Environmental, Social, Governance (ESG): when they do not follow a recommended practice in the How a commitment to ESG can help you gain access to capital.” code. In the latter, companies explain how they implement January 27, 2021. all the provisions, even those for which the company believes compliance has been met. 53 I FC, 2023. Tip Sheet: Guidance for Boards of Directors on Overseeing Gender-Based Violence and Harassment Risk. 37  uomo, Francesca, Christine Mallin, and Alessandra Zattoni. C “Corporate governance codes: A review and research agenda.” 54 I FC and Pakistan Business Council. 2022. “Gender Diversity & Special issue: Review of Corporate Governance.Vol.24, Issue 3. Disclosure in Pakistan: Private Sector Landscape Analysis.” May 2016. 55  ECD. 2022, “Supporting women’s empowerment through O 38 Deloitte. 2022. green policies and finance,” OECD Environment Policy Papers, No. 33, OECD Publishing, Paris. 39 FC/UNSSE. 2022. “How exchanges can advance I gender equality.” 56 E  dmondson, Amy. 2018. The Fearless Organization: Creating Psychological Safety in the Workplace for Learning, Innovation 40  lackrock, 2022. Investment Stewardship – 2022 policies B and Growth. update summary. 57  ’Connor, Philipp; Lawrence Harris; and Tom Gosling. “Linking O 41 Goldman Sachs, 2022. Corporate Board Engagement. executive pay to ESG goals.” PWC study. June 29, 2021; Lellis, Christine. “17 Major Companies Linking Executive Pay to ESG 42 U  N SSE. March 2023. Over 100 Exchanges “Ring the Bell for Performance.” EHS Management Blog. April 6, 2021. Gender Equality 2023.” 58 C  olombo Stock Exchange, The Sri Lanka Institute of Directors, 43  or more publications related to women in leadership at IFC, F Australian Aid, and IFC. 2019. “Women on Boards of Companies visit the WBBL website or its dedicated publications page. Listed on the Colombo Stock Exchange.” Second Edition. 44 Deloitte. 2022. 59 Warrell, Margie. “Seeing is Believing: Female Role Models Inspire Girls to Think Bigger.” Forbes. October 9, 2020. Also see selected 45  he World Bank Group. 2023. “Women, Business and the T IFC publications on highlighting women business leaders: Law 2023.” Trailblazers; Being Bold; IFC We Rise video series. 46  osenman, Katten Muchin; Vlad Bulkin; and Jennifer R Howard. “SEC Approves NASDAQ’s Board Diversity Disclosure Requirements.” JDSUPRA Capital Markets Compass Issue 1. October 19, 2021. 31