Top listed firms pledge to increase women representation in corporate leadership

From left: CSE CRO Renuka Wijayawardhane, CEO Rajeeva Bandaranaike, MAS Holdings/Board Member UNGC SL Dinali Peiris, IFC Women in Work SL Programme Manager Sarah Twigg, Australian Deputy High Commissioner Lalitha Kapur, NSB Chairperson Audit Committee Manohari Abeysekera, JKH President Legal, Secretarial and CSR and SLID Council Member Nadija Tambiah, CSE Chairman Dilshan Wirasekara, SEC DG Chinthaka Mendis and CSE CIO Chandrakanth Jayasinghe

Thirteen of the leading companies listed on the Colombo Stock Exchange (CSE) have pledged their support to increase women’s representation at both their management and board levels. 

The move comes as the International Finance Corporation (IFC) partnered with the CSE for the eighth consecutive year for the ‘Ring the Bell for Gender Equality’, celebrated in line with the International Women’s Day. 

As part of the IFC’s moves to promote gender equality, the 13 companies have signed onto a commitment to boost female representation at board level and in management to a minimum of 20 percent by 2025. 

The Global Gender Gap Report of 2022 indicates the share of women hired into leadership roles has seen a steady increase, from over 33 percent in 2016 to nearly 37 percent in 2022.

 However, amid multiple global crises, sparked initially by the COVID-19 pandemic, there are concerns that women’s workforce participation has dropped, risking further backsliding on gender parity. 

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

“Better gender balance in business leadership is inextricably linked with achieving sustainable, inclusive growth. We know that making even small inroads in closing the gender gap can yield clear and positive results for businesses, especially in financial performance and better decision-making processes,” said IFC Women in Work Programme Manager Sarah Twigg.

“The commitment of the top 13 Sri Lankan companies is a significant step towards accelerating the progress we have made so far. This is also the time that Sri Lanka needs more women corporate and business leaders to help ensure an inclusive and resilient recovery in the country.”

The companies that signed up for the pledge are CIC Holdings PLC, Commercial Bank of Ceylon PLC, Expolanka Holdings PLC, Hayleys PLC, John Keells Holdings PLC, Lanka IOC PLC, LOLC Holdings PLC, Royal Ceramics Lanka PLC, Sampath Bank PLC, Softlogic Life, Teejay Lanka PLC, Valibel Finance PLC and Watawala Plantations PLC.