News Desk
DUBAI: Heriot-Watt University and Grant Thornton today published a detailed report on the representation of women on audit committees in the UAE. Entitled ‘Grant Thornton Discovery Series – Women on Audit Committees in the UAE 2024’, the report recognises the importance of the critical role audit committees play in organisations and the significance of women on audit committees. This is the first time a detailed analysis has been published that includes information on women on audit committees in the listed companies across the UAE.
This report is the first in a planned series that will identify and celebrate the women who are contributing to UAE corporate governance. The comprehensive data provides a breakdown of the number of women on audit committees, those who chair those committees, and the companies that dominate the auditing landscape in the UAE. The report also provides profiles of the women who chair audit committees in the UAE. These findings will reinforce the advancements that the UAE is making in gender diversity on boards, which is set to develop further following the announcement in September 2024 by the UAE Ministry for the Economy that private companies should allocate at least one seat for women on their boards of directors after the completion of the current board’s term (Ministerial Resolution 137 of 2024).
The report, authored by the Provost and Vice Principal at Heriot-Watt University Dubai, Professor Dame Heather McGregor, and Heriot-Watt University Dubai Ph.D. students, Olabisi Ibilaiye and Claudine Salgado, looked at data from the financial year ended in 2023 for 148 of the 168 listed companies on the Abu Dhabi Securities Exchange (ADX) and Dubai Financial Market (DFM). The 20 companies excluded were either not yet listed in 2023 or did not have accessible corporate governance reports.
Key findings from this report are as follows:
In the financial year ending 2023, across 148 listed companies, there were 66 female positions held on audit committees. Because some women hold multiple roles, this represented a total of 60 individual women.
Out of the 148 companies reviewed, women chair 22 audit committees. Since some women hold multiple chair positions, these 22 roles are occupied by 19 individual women. This showcases that 13.3% of all listed companies in the UAE have women chairing their audit committees.
Five accounting companies dominate the auditing landscape for listed companies in the UAE; those are Ernst & Young (auditing 36 companies), Deloitte & Touche (auditing 34 companies), Grant Thornton (auditing 33 companies), Pricewaterhouse Cooper (auditing 21 companies), and KPMG (auditing 20 companies).
Commenting on the launch of the Grant Thornton Discovery Series – Women on Audit Committees in the UAE 2024, Hisham Farouk, CEO of Grant Thornton said, “We are thrilled to have partnered with Heriot-Watt University to produce our report into the participation of women on audit committees in listed companies in the UAE. Grant Thornton UAE is not only committed to gender diversity at our organisation but also within the country and for the clients that we are proud to serve.”
“The results of this report provide great baseline data for the presence of women on audit committees, and with 13.3% of the listed companies in the UAE having a female chair, we are certainly on the right path.”
“It is imperative that we keep gender diversity at leadership levels on the national business agenda through the production of data like ours. This is how we will know if we are really committed to, and creating, the types of gender diverse and inclusive corporate governance fora that are essential for not only good business but for growth and innovation in the UAE.”
“This report is the first in our new annual “Grant Thornton Discovers” series whereby we plan to continue partnering with Heriot-Watt University to track progress in audit committee membership and benchmark with other regions and markets, as well as produce other insights of national and international interest in areas related to people and organisation sustainability.”
The Chair of Audit Committee at United Arab Bank, Najla Al Midfa, added, “Having 13.3% representation of women as audit committee chairs in the UAE is a significant milestone, underscoring our nation’s commitment to advancing gender diversity and inclusivity in corporate governance.
“The presence of women in these critical leadership roles is more than symbolic—it delivers measurable impact. Women chairing audit committees are not only strengthening oversight by enhancing controls and transparency, but they are also championing rigorous risk management and ESG priorities, driving investor trust and confidence.
“Diverse leadership prepares organisations for long-term resilience and sustainable growth, ensuring that governance adapts to the complexities of a rapidly evolving global landscape. Research consistently shows that having more women on boards fosters better decision-making and innovation, ultimately contributing to stronger corporate performance.”
Provost and Vice Principal of Heriot-Watt University Dubai, Professor Dame Heather McGregor, said, “The audit committee is considered by many to be the senior committee of the board. By publishing this report, we seek to advance the argument beyond simply the proportion of women on boards and look at their presence (or absence) on key committees of the board.”
“By providing insights into gender representation in these vital governance roles, we aim to shed light on the progress made thus far and the work that remains. Accurate and comprehensive data is essential for driving policies and initiatives that promote greater gender balance, and this report is an essential step toward fostering a more equitable corporate landscape.”
“I am confident that this report will support many insights into increasing diverse gender representation on audit committees in the UAE. I am pleased to have, with the support of Grant Thornton, developed a comprehensive baseline from which we can measure, work towards, and celebrate –future progress.”
The Grant Thornton Discovery Series – Women on Audit Committees in the UAE 2024, can be accessed here. Future papers in the Discovery Series, generated from research at Heriot-Watt University Dubai, will track progress in audit committee membership and offer benchmarking with other regions and markets. Through this series, Grant Thornton and Heriot-Watt University hope to keep the spotlight on the progress made and accelerate gender diversity across audit committees in the UAE.
