August 2, 2026 · Education · 7 min read
Gender equity in African boardrooms should be approached as a corporate-governance issue, not as a collection of headline percentages or a promise that adding one woman to a board will automatically improve profitability.
Africa contains many different corporate-governance systems, listing rules, ownership structures and labour markets. Representation can vary substantially by country, sector and company. The practical question for boards is therefore: are nomination, succession and leadership-development systems giving the organisation access to the full pool of qualified talent?
One reason weak claims persist is that historical figures are often repeated as if they describe today’s market.
The African Development Bank’s landmark Where Are the Women? study examined 307 listed companies in 12 African countries using 2013 data. It was important because it created an early cross-country baseline, but those figures should not be presented as a current continent-wide measure.
Source: African Development Bank, Where Are the Women?, 2015, based on 2013 data
More recent evidence is often country-specific. For example, a 2025 UN Women survey of 387 companies across five provinces in Zimbabwe reported women holding 25% of board directorships in that survey population. That is useful evidence about the participating Zimbabwean companies, not an Africa-wide estimate.
Source: UN Women, Zimbabwe private-sector baseline survey, 2025
Women’s representation in parliament and women’s representation on company boards are different outcomes shaped by different rules and institutions.
Political quotas, electoral systems and reserved seats can affect legislatures. Corporate boards are shaped by company law, listing requirements, ownership, nomination committees, shareholder voting, succession systems and executive pipelines.
Both topics matter, but a parliamentary statistic should not be used as evidence of what is happening inside corporate boardrooms.
Board diversity should not be framed as choosing between representation and competence. Good nomination starts by defining the capabilities the board actually needs.
A board skills matrix can cover areas such as:
Once gaps are visible, the search process can look broadly for candidates who add the required capability while also improving diversity.
The G20/OECD Principles of Corporate Governance 2023 emphasise transparent board nomination processes, disclosure of candidate backgrounds, and the role of nomination committees in searching for balanced, diverse and qualified boards.
Source: G20/OECD Principles of Corporate Governance 2023
Practical improvements include:
A common barrier is not an absence of qualified women, but a search process that repeatedly looks in the same places.
Boards can widen the pool by considering:
A requirement for previous listed-company board experience can become circular if it is applied rigidly to every seat. Boards should distinguish between experience that is genuinely necessary and criteria that simply reproduce the current network.
Board representation cannot be separated from who reaches senior operating roles.
IFC’s Women on Boards and in Business Leadership initiative focuses on both board and executive leadership, reflecting the importance of the wider leadership pipeline. Globally, IFC reports that women remain underrepresented in board, chair and chief-executive positions.
Source: IFC, Women on Boards and in Business Leadership
Companies should examine:
If women are concentrated in functions that rarely feed into executive leadership, board diversity may remain difficult even when recruitment intentions are positive.
Boards often struggle with diversity when recruitment begins only after a vacancy occurs.
A stronger process looks several years ahead:
Some jurisdictions use mandatory quotas, while others use disclosure requirements, voluntary targets or governance-code expectations. Companies should understand the requirements that apply in their jurisdiction and listing venue.
Where voluntary targets are used, they are more credible when the organisation defines:
A target without a change to recruitment and succession systems can become a reporting exercise rather than a governance improvement.
Mentoring can help people understand board expectations, governance responsibilities and career choices. Sponsorship is different: a sponsor actively advocates for someone and connects them to consequential opportunities.
Useful development can include:
Training should prepare candidates for real governance responsibilities, not simply provide a certificate labelled “board ready”.
Representation is not enough if a new director lacks access to the information, relationships and context needed to contribute.
Board onboarding should cover:
The OECD Principles also emphasise timely access to relevant information for board members.
A numerically diverse board can still operate as a closed group.
The chair has an important role in:
New directors should not be expected to represent an entire gender or demographic group. Their primary responsibility remains to contribute to the board’s governance duties.
Research often finds associations between leadership diversity and business outcomes. Those relationships can be useful context, but they do not prove that a particular percentage of women on a board will cause a fixed increase in profit.
Company performance is influenced by strategy, market conditions, industry, management quality, capital structure and many other factors. A stronger case for gender-equitable board processes is grounded in access to talent, better governance, fair opportunity, stakeholder expectations and the quality of nomination and succession systems.
A useful board-diversity dashboard can include:
Track trends over time and explain the scope of every number.
MATSH provides leadership, governance, management and professional-development training. Development programmes can support board and executive pipelines when they are linked to real governance responsibilities, career opportunities and transparent succession systems.
There is no single current figure that should be treated as representative of every African market. The AfDB’s widely cited cross-country study used 2013 data, while newer evidence is often country or company specific. Always check the geography, sample and year behind a statistic.
No fixed financial outcome can be guaranteed. Studies may find correlations between diversity and business outcomes, but company performance has many causes. The governance case should not rely on a universal profitability multiplier.
No. Jurisdictions use different combinations of quotas, disclosure rules, targets and governance-code expectations. Transparent nomination, broader search, succession planning and leadership-pipeline development are also important.
Track executive pipelines, candidate pools, committee roles, promotions, retention, succession slates and access to high-value operating experience.
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