60% of companies globally now have women representation on their Boards of Directors

Badr Jafar is also founder of the Pearl Initiative, a private sector-led, not-for-profit initiative established in cooperation with the United Nations Office for Partnerships and set up to improve corporate transparency, accountability and business practices in the region. During the conference, Jafar highlighted to key decision-makers and influencers in attendance at AIWAF that companies must realise the long-term benefits of supporting the role of women, while focusing on the wider economic, social and environmental impact of their operations.

"Around the word today, the level of women's participation in key decision-making processes is increasingly seen as a measure of economic viability," said Jafar, in a joint discussion during a conference session titled Social Responsibility: More Women Leaders, Better Corporate Social Responsibility.

"There are greater market opportunities for companies that not only include women, but actively seek to optimise their unique talents. Companies that understand what motivates their employees are better able to respond to market demands and challenges."

The 2012 GMI Ratings' Global Survey of women on boards includes data on over 4,300 companies in 45 countries around the globe. The results show clear incremental improvement in most measures of female board representation year-on-year. For the first time ever, women hold more than one in ten board seats globally. At the same time, the percentage of global companies with no female directors at all has fallen below 40% for the first time.

But there is wide variation between regions. Norway's board members are 36% female, Sweden and Finland 26%; France 17%; Australia 15%. By contrast, Egypt is 7% and Morocco 0%, among the sampled companies. Some of these changes are mandated. The European Commission has recently defended proposals for there to be at least 40% women non-executive directors on the boards of big listed companies by 2020.

"We must redefine what business success means in today's world," Jafar continued.

"The private sector must engage with public-sector stakeholders and civil society groups to develop sustainable business models that not only serve our own financial goals, but that also truly elevate our society. Empowering women in the marketplace, while actively promoting their involvement at the senior-management level, is key to truly achieving all round success in today's world."

AIWF established in 2001 as an independent not-for-profit organisation to link women across the Arab world with their international peers, while serving as a voice the region's women in the global marketplace. AIWF's mission is to promote the role of women both in professional and public life, while increasing global awareness of Arab women's success around the world.