By Sodeinde Temidayo David
The Nigerian Exchange (NGX) Limited in partnership with the International Finance Corporation (IFC) held a webinar on August 6 to discuss the promotion of gender equality among publicly quoted companies.
The session was used to unveil the Nigeria2Equal initiative, which was announced last year at the 2020 International Women’s Day symposium hosted by the exchange and the IFC.
The moderator, Ms Anne Njambi Kabugi, who is the Regional Gender Lead – Africa of IFC, disclosed that the scheme comes in four categories.
According to her, the first category is on gender balance in leadership and workforce, noting that the current average percentage of women in the workforce was 33 per cent, lower than the global average of 37 per cent.
Ms Kabugi further explained in detail the average percentage of women at four workforce levels of companies, including the senior management level, revealing that no company has achieved a gender balance at all four workforce levels.
The second category, she said is on the progress of equal compensation and work-life balance scheduled in the Nigeria2Equal initiative.
In her presentation, she noted that no company publishes gender-segregated pay information or a strategy to close the gender pay gap.
Giving explanations on the leaves and work-life balance, she disclosed that only three companies have met Equileap’s standard for career leave.
On parental leave, she noted that five companies offer 14 weeks or more of 2/3 to fully paid primary caregivers, two companies offer 2 weeks of parental leave to the secondary caregiver at 2/3 to fully paid.
She further noted that three companies offer both flexible hours and locations, six companies offer flexible hours, five companies offer flexible locations.
The third category reviewed the report of companies following the new policies made in promoting gender equality. It was stated that no company publishes all of eight policies and that only 12 companies had seven out of the eight policies given.
The follow-up data showed that 73 per cent adhered to the ‘social supply chain policy’, 53 per cent of companies published the ’Anti-sexual harassment policy’, 77 per cent engaged in the ‘Training and carer development policy’, 80 per cent obeyed the ‘Human right policy’, 100 per cent applied the ‘Health and safety policy, 97 per cent issued the’ Gender nondiscrimination in recruitment’ and 97 per cent aided to the ‘Employee support policy’.
The fourth category disclosed the commitment, transparency and accountability of Equileap’s companies.
It was stated that only one company is a current United Nations (UN) Women’s Empowerment Principles (WEPs) signatory and that in 2020, 6 per cent of companies in Equileap’s global database were signatories of UN WEPs
The webinar continued with the Chief Executive Officers (CEOs) and representatives giving their remarks and comment as they gave more information on their companies development for gender equality and enactment of the Nigeria2Equal initiative.
The companies in partnership of the Nigeria2Equal are Sterling Bank Plc, Lafarge Africa Plc, Cadbury Nigeria Plc, MTN Group Limited, The United Africa Company of Nigeria (UAC), Moove Africa, Ecobank Transnational Inc., Union Bank of Nigeria Plc, Stanbic IBTC Holdings, Access Bank plc, Airtel Africa plc, Ardova Plc (AP), AIICO Insurance Plc, Red Star Express Plc, and Flour Mills of Nigeria (FMN).
