The 6th International Corporate Governance Forum organised by Corporate Governance Association unfolded on Dec 6th in Kyiv, uniting corporate directors, state representatives, and support institutions.

Representing Women on Boards Ukraine, Olena Voloshina and Nadia Vasylieva spoke from the stage to advocate for our mission of achieving greater gender diversity on boards in Ukraine.

Olena Voloshina underscored the relevance of the topic, citing data from IFC - International Finance Corporation research that validates the enhanced effectiveness of gender-diverse boards. Beyond diversity, our focus is on unlocking heightened performance and innovation. Nadiia Vasylieva provided valuable insights in response to comments from fellow panelists and later in her posts in social media challenging the narrative that boards should prioritise professionalism over diversity. Nadia emphatically stated, “There can be no discussion about professionalism and inclusivity. Professionalism is an unconditional requirement for any position. However, when it comes to inclusivity, there is almost always a debate about professionalism. Why does this happen?

In our society, the gender distribution is equal, yet there's a notable underrepresentation of women in top management roles and on supervisory boards. This prompts a critical reflection on the question of enhancing the effectiveness of supervisory boards by increasing the number of women. It becomes inappropriate when no one questions the effectiveness of a supervisory board consisting solely of men.

Supervisory boards serve as representatives for both owners and clients, a crucial point often overlooked. If 50% of clients are women, and their representation is absent on the supervisory board, it implies that the interests of these client groups are not adequately represented among independent directors.

In response, Nadia Also offered a distinct perspective, citing a compelling Japanese study. The study conclusively demonstrated that achieving up to 40% representation of women on supervisory boards leads to a remarkable 30% increase in board effectiveness. This underscores the tangible benefits of embracing diversity in corporate governance.”

Let's continue fostering meaningful discussions on professionalism, inclusivity, and the transformative impact of diversity in shaping effective corporate boards.