Developing a framework for promoting board gender diversity: a case Zimbabwe’s 10 state-owned enterprises.

Abstract

The UN emphasises the significance of ensuring that women have equal access to and engage fully and effectively in leadership roles at all levels of decision-making, whether in political, economic, or public life (SDG 5), among other things. Few researchers have attempted to establish the significance of Board Gender Diversity (BGD) in State-Owned Enterprises. This study focused on developing a framework for promoting BGD in SOEs in Zimbabwe using a survey of 10 SOEs. Fifty (50) participants were drawn from the 10 SOEs to partake in this study through questionnaires. Specific objectives focused on determining the current representation of women in SOE boards in Zimbabwe, examining the challenges that contribute to the lack of gender diversity on SEO boards, evaluating the effect of board gender diversity on firm performance in SOEs, and suggesting a framework for improving board gender diversity in Zimbabwe’s SOEs. Organisational challenges, biases, prejudices, and qualification requirements still affect the attainment of BGD in Zimbabwe’s SOE. There is no adequate representation of women in SOE boards of directors and this violates prevailing legislatures which advocate for a 50/50 representation. The study also concludes that there are prevailing organizational challenges, biases and prejudices as well as qualification requirements which should be eliminated to ensure that women are given equal opportunities to take board positions in SOEs. It is also concluded that there is a positive relationship between increasing BGD and firm performance. The study also noted a positive relationship between improving BGD and firm performance. Adopting a framework for improving BGD in SOEs is therefore critical towards enhancing BGD as well as firm performance in SOEs. A framework encompassing stakeholder engagement, compliance, and development of policy frameworks was developed. It was, therefore, recommended that legislation should be enacted to regulate board appointments in SOEs so that women are accommodated.