Modupe Gbadeyanka
By Modupe Gbadeyanka
The Nigerian Exchange (NGX) Limited has reassured that it will continue to create and maintain an environment that is free from all forms of discrimination as part of its efforts to promote and support gender equality.
The chief executive of the exchange, Mr Temi Popoola, stated that organisational culture remains of utmost importance in enhancing performance, adding that the NGX recognizes this.
Speaking on Tuesday at the launch of Hofstede Insight’s Nigeria Diversity, Equity and Inclusion report, Mr Popoola said a recent study conducted by Boston Consulting Group showed that companies with more diverse management teams have 19 per cent higher revenues due to innovation.
According to him, the exchange implements various initiatives that help shape the method that issuers adopt in their approach to corporate governance, and by extension, promote diversity, equity and inclusion.
“In Nigeria, gender forms arguably the most topical theme in the discourse on diversity, equity and inclusion. Promoting gender equality can be an economic game-changer and at NGX, our support for gender equality, and by extension, elimination of gender-based discrimination is a strategic element of our Corporate Sustainability Strategy (CSR).
“Within our operations, we are committed to creating and maintaining an environment that is free from all forms of discrimination. Across our ecosystem, we have partnered with International Finance Corporation (IFC) to implement the first multi-stakeholder country project focused on reducing gender gaps in Nigeria’s private sector companies,” Mr Popoola said.
He further revealed that the exchange pays close attention to gender balance by tracking the ratio of male to females across its operations and subsidiaries while adding that prior to demutualization, the Nigerian Stock Exchange (NSE) had a female representation of 27 per cent on the National Council, the highest level of leadership of the NSE.
“This has improved significantly since our demutualization with female participation standing at 27 per cent for NGX Group and 18 per cent, 57 per cent and 50 per cent for NGX Real Estate, NGX Regulation and Nigerian Exchange Limited (NGX) respectively.
“It is noteworthy to add that the Chairpersons of NGX Regulation and NGX Real Estate, as well as the Chief Executive Officer of NGX Regulation, are women.
“We remain committed to committed to championing efforts aimed at advancing gender equality across our ecosystem through the introduction of gender-responsive and inclusive financial instruments, advocacy for increased participation of women on boards and in senior management and support for capacity building initiatives to enable companies to achieve their gender-related aspirations,” he said.
