Breaking through the boardroom barrier: Focusing on competence instead of conformity for female directors
In an effort to improve corporate governance and foster diversity, a multi-faceted approach is being proposed to develop a robust talent pipeline for board-ready female professionals in Bangladesh. This approach aims to address both supply-side capacity building and systemic governance improvements.
- Education and Skill Development
Dedicated leadership training programs will be established to equip women with the specific skills required for independent directorships. These programs, in collaboration with universities, business schools, and professional bodies, will create accredited programs to build core competencies such as corporate governance, financial literacy, risk management, and strategic decision-making. Certification pathways aligned with regulatory requirements will enhance credibility and readiness.
- Mentorship and Networking Platforms
Access to mentorship by experienced board members and women-focused networking platforms will be facilitated. Limited mentorship and networking opportunities are identified as significant barriers to women’s leadership progression. Structured peer groups and sponsorship programs can foster relationship building and visibility, accelerating career growth towards board readiness.
- Address Systemic Gender Bias and Transparency
Gender bias will be addressed, and transparent promotion and selection processes will be promoted in corporate environments. Surveys indicate that 72% of women face gender bias affecting promotion. Creating inclusive corporate cultures, gender sensitization training for boards and nominating committees, and transparent criteria for independent director selection will ensure competence-focused appointments rather than compliance-driven quotas alone.
- Regulatory and Policy Support
The Bangladesh Securities and Exchange Commission’s (BSEC) recent rules mandating female independent directors highlight the urgency of addressing a governance crisis due to the shortage of competent independent candidates. Policy incentives can encourage companies to invest in leadership development programs for women and recognize board readiness as a pipeline responsibility.
- Work-Life Balance & Flexible Policies
Policies that support work-life integration for high-potential women candidates will be facilitated. Organizations must innovate flexible work arrangements and support systems to retain and advance female talent.
- Cultural Change and Boardroom Dynamics
Board cultures that support active participation by women directors will be promoted. This includes tactics emphasizing both warmth and competence, enhancing women’s influence and decision-making roles, which is crucial for meaningful inclusion beyond mere representation.
By simultaneously developing competence-focused leadership programs, improving access to mentorship, reforming selection processes for transparency and fairness, and fostering inclusive corporate cultures, Bangladesh can build a strong pipeline of female professionals ready to serve as effective independent directors on listed company boards.
The Bangladesh Securities and Exchange Commission (BSEC) has extended the deadline for listed companies to appoint at least one female independent director due to many companies' inability to find qualified and competent female candidates for these roles. The proposed training program will cover corporate governance codes, legal and regulatory responsibilities, financial literacy and reporting, risk management, and boardroom dynamics.
If we want to see more capable women in boardrooms, we must invest in a structured approach to develop, support, and retain female leadership for the long term. The proposed strategies aim to do just that, ensuring a robust talent pipeline for board-ready female professionals in Bangladesh.
- Personal Growth and Goal-setting
A series of workshops on personal development, focusing on goal-setting and leadership qualities, will be provided to women interested in health-and-wellness and therapies-and-treatments businesses, as well as for those pursuing careers in women's health, particularly menopause management.
- Business Growth and Financing
Access to financial resources and management education will be crucial to expand women-led businesses in the health-and-wellness sector. Various funding opportunities, such as loans, grants, and investment programs, will be explored, allowing these companies to grow and develop alongside the burgeoning demand for their services.
- Medicare and Diversity-and-Inclusion
Ensuring equitable access to quality healthcare services is essential for advancing diversity and inclusion initiatives. By employing talented female professionals in leadership positions within the healthcare sector, particularly in Medicare programs, women can be empowered to advocate for their own health and wellbeing, as well as those of other women in Bangladesh.
- Personal Finance, Budgeting and Careers
Dedicated financial education and career guidance programs will be developed to help women achieve their personal and professional goals. These resources will focus on budgeting, financial literacy, career advancement opportunities, and addressing the distinct challenges faced by female professionals in searching for and excelling in careers within the sectors of science, leadership, business, and education-and-self-development.
- The proposed approach for women's leadership growth and development reflects a comprehensive strategy aimed at building a diverse pipeline of talent, fostering an environment of inclusivity and collaboration, cultivating personal and professional growth, and ensuring a strong foundation for the health, wellbeing, and financial security of women in Bangladesh.
- As the investment in developing qualified female leaders continues to grow, it is essential to maintain an ongoing dialogue to assess progress and identify areas for further improvement. Encouraging open communication can promote accountability, ensuring the success of this extensive initiative to promote women's empowerment across various sectors.
- Additionally, regular monitoring and evaluation of the progress and outcomes of the proposed strategies will be implemented, with key performance indicators (KPIs) defined to track improvements in board representation, women's advancement in leadership roles, and positive changes in workplace culture and practices. Successful implementation and ongoing growth of this program can inspire and empower other countries facing similar challenges related to women's under-representation in leadership positions.
