Bloomberg and the Egyptian Exchange (EGX) invite listed companies

Bloomberg, the Egyptian Exchange (EGX), the 30% Club MENA and the Women on Boards Observatory at The American University in Cairo (AUC) School of Business, have invited listed companies in Egypt to submit their gender-related data via the Gender-Equality Index (GEI) Reporting Framework, to be considered for inclusion in the 2022 Bloomberg GEI.

More than 100 listed companies from across the Middle East and North Africa (MENA) region are eligible to participate in the 2022 Bloomberg GEI, which tracks the performance of public companies globally to support gender equality.

The 30% Club MENA and The American University in Cairo Women on Boards Observatory join in call to action

The GEI was a key topic during the “Building the business case for gender equality”, held virtually, at which senior leaders in finance and business convened to discuss the importance of transparent disclosures about gender equality in the workplace and building an inclusive corporate environment. Speakers included: Farah Foustok, CEO, Middle East, Lazard Asset Management and Founder of the 30% Club MENA; Mona Hosny, Sustainability Strategy Manager, Commercial International Bank of Egypt (CIB); Sherif Kamel, Dean of the School of Business at The American University in Cairo (AUC); Mohamed Farid Saleh, Executive Chairman of the Egyptian Exchange (EGX); and Patricia Torres, Global Head of Sustainable Finance Solutions at Bloomberg LP. This event is the first of many Bloomberg and the 30% Club MENA aim to host in the region. Egypt Women on Boards Observatory at the AUC School of Business, partner of 30% Club MENA in Egypt, works closely with the EGX to promote gender equality.

More than 100 listed companies across MENA eligible to participate; data submission period for 2022 index now open

Dr. Mohamed Farid Saleh, Executive Chairman of the Egyptian Exchange (EGX) and Chairman of the Federation of Euro Asian Stock Exchanges, encouraged Egyptian listed companies to publicly disclose their targets for female representation and routinely report on progress: "We are pleased to cooperate with Bloomberg to drive diverse talent and business initiatives like the Bloomberg Gender-Equality Index here in Egypt.

Egypt has made significant progress towards increasing gender equality but there is still more work to be done. We will be supporting Egyptian companies to disclose gender-related data and practices. EGX will train listed companies with the best practices adopted in this field to improve gender equality across listed securities."

Speaking about the importance of the Gender-Equality Index, Patricia Torres, Global Head of Sustainable Finance Solutions at Bloomberg, said: “The GEI is fast-becoming a valuable reference for investors who are fulfilling Diversity & Equality-related portfolio mandates. We hope to see a number of Egyptian companies take part in next year’s GEI, and to set a positive example for companies across the Middle East.”

The Bloomberg GEI is an important tool for companies to evaluate internal practices, providing a benchmark of gender equality performance against peers. Companies complete a comprehensive survey that measures improvements in gender equality across five dimensions: female leadership and talent pipeline; equal pay and gender pay parity; inclusive culture; anti-sexual harassment policies; and pro-women brand. By providing a standard for these disclosures, the GEI helps bring transparency to gender-related practices and policies at publicly-listed companies, and increases the breadth of social and governance data available to investors. The 2021 edition included data from 380 member companies across 44 countries, indicating an increasing global commitment towards inclusive workplaces.

Companies included in the 2022 Bloomberg GEI will have scored above a global threshold established by Bloomberg based on disclosure and data excellence points. Companies have until September 30, 2021, to submit their data for comprehensive scoring and to be considered for the 2022 Bloomberg GEI.