Promoting women on African boards: An examination of board diversity provisions in corporate governance codes

This chapter examines how sustainability commitments to gender equality and women’s empowerment are reflected in national/sectoral corporate governance codes and their reporting corporate governance reports of African listed companies. We reviewed data from 32 African codes and selected company annual reports. Our findings reveal that notions of board diversity and board gender diversity, as set out in the codes, are conceptualised, acknowledged (or sometimes made implicit), and expressed in different ways. Only 14 African codes (about 44 percent) refer to gender diversity, with few specifying the appropriate balance and mechanisms for achieving it. In addition, few companies disclose board gender ratios or board gender targets in their annual reports. We discuss the implications of these results and recommendations for policymakers and enabling institutions (e.g., institute of directors, code-issuing authorities, African Union agencies).