Women chair 13.3% of audit committees in UAE listed firms: report

A new report launched by Grant Thornton and Heriot-Watt University has revealed that women now chair 13.3 per cent of audit committees at listed companies in the UAE, marking a significant milestone for gender diversity in corporate governance.

The findings, which are part of the first annual Grant Thornton Discovery Series – Women on Audit Committees in the UAE 2024, underscore the growing representation of women in critical leadership roles within the UAE’s corporate sector.

The detailed study, which looked at data from 148 of the 168 listed companies on the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) for the financial year ending 2023, highlights the increasing participation of women on audit committees and in key governance roles.

Twenty-two of these companies have women chairing their audit committees, representing a total of 19 individual women who hold these influential positions.

Key findings from the report

– Women in audit committees: Of the 148 companies reviewed, 66 female positions were held on audit committees, corresponding to 60 unique women.
– Leadership roles: 13.3 per cent of the companies have women chairing their audit committees, a notable achievement that reflects the UAE’s commitment to increasing gender diversity at senior levels of governance.

– Audit firms: The report also highlights the dominance of five key audit firms in the UAE’s corporate landscape: Ernst & Young (36 companies), Deloitte & Touche (34 companies), Grant Thornton (33 companies), Pricewaterhouse Cooper (21 companies), and KPMG (20 companies).

The report marks the first comprehensive analysis of women on audit committees in the UAE, and is a part of a planned series to track progress in gender representation and celebrate the women contributing to the country’s corporate governance landscape.

The findings will support the ongoing efforts to enhance gender diversity and inclusivity in boardrooms and leadership roles across the UAE.

Support for gender diversity in corporate governance

Hisham Farouk, CEO of Grant Thornton UAE, emphasised the importance of continuing to track and promote gender diversity in leadership roles. “We are thrilled to partner with Heriot-Watt University to produce this important report on the participation of women on audit committees in listed companies in the UAE,” said Farouk.

He added: “With 13.3 per cent of listed companies having a female chair on their audit committees, we are certainly moving in the right direction. However, more work remains to ensure that gender diversity stays on the national business agenda.”

The UAE has made significant strides in gender inclusion, with recent policy changes further supporting this momentum.

In September 2024, the UAE Ministry for the Economy announced Ministerial Resolution 137, requiring private companies to allocate at least one seat for a woman on their boards of directors upon the completion of the current board term. These developments align with the broader regional and global push for greater gender equity in leadership roles.

Celebrating the impact of women in audit leadership

Najla Al Midfa, chair of the Audit Committee at United Arab Bank, also commented on the report’s findings, calling it a critical step toward a more inclusive corporate governance framework. “Having women chairing audit committees is not just symbolic; it has a real impact,” Al Midfa noted.

“Women in these roles enhance oversight, improve transparency, and champion key areas such as risk management and ESG (Environmental, Social, and Governance) priorities. This helps build investor confidence and supports long-term business resilience and growth,” she said.

She continued, “Diverse leadership is key to ensuring organisations remain adaptable to global changes. Research consistently shows that gender diversity on boards leads to better decision-making and drives innovation, both of which are critical for strong corporate performance.”

 Baseline for future progress

The report’s authors, including Professor Dame Heather McGregor, provost and vice principal at Heriot-Watt University Dubai, and PhD. students Olabisi Ibilaiye and Claudine Salgado, highlighted the importance of accurate data in driving future gender diversity policies. “The audit committee is often considered the senior committee of the board, so having women in these positions is crucial,” said Professor McGregor. “This report provides valuable insights into the current state of gender representation and will serve as a baseline from which we can track progress over time.”

Professor McGregor added, “The UAE has made impressive strides toward gender equality in governance, but the journey is ongoing. The data presented in this report will help guide policies and initiatives aimed at increasing the presence of women in leadership positions across the country.”

Looking ahead: Annual tracking of gender representation

The  Grant Thornton Discovery Series aims to keep the focus on gender diversity within UAE corporate governance, with plans for future reports tracking progress in audit committee membership and benchmarking against other regions and markets.

The next report will continue to celebrate the achievements of women in the UAE’s corporate landscape and highlight areas where further advancements are needed.

“By tracking and measuring the progress in gender representation on audit committees, we hope to accelerate change and ensure that the UAE remains at the forefront of global efforts to create more inclusive and diverse corporate leadership,” concluded Farouk.

Read: Women now hold 10.8% of board seats in listed UAE firms, reveals report