2023 Global Summit of Women

Women: Creating a New Climate of Change

The 2023 Global Summit of Women brought together women leaders, entrepreneurs, policymakers, and advocates in the event entitled Women: Creating a New Climate of Change intending to expand leadership diversity, women empowerment, innovation, sustainable development, and develop gender equality held in Dubai, UAE on May 4 to May 6, 2023.

Women have played a variety of important roles in societies all across the world

throughout history. However, because of established gender biases and structural

disadvantages, their efforts and accomplishments have frequently been ignored or

neglected. Despite these difficulties, women have put down these barriers and made tremendous advancements across a wide variety of sectors, making a lasting influence on politics, business, science, the arts, and more.

Historically, women's representation has been lacking on corporate boards. Boards have been predominantly composed of men because of deep-seated gender biases and stereotypes, which hindered women's access to board positions and were significantly underrepresented. Additionally, women faced barriers and challenges in accessing board positions, and a lack of legal and regulatory measures promoting diversity on corporate boards. Over the last few years, there was an increase in attention and efforts to improve women's representation on corporate boards. Despite some advances, diversity on boards is still far from being attained.

Here are some key themes and discussion introduced in the event:

1. Economic Empowerment: Women's economic empowerment was one of the summit's main themes. Participants emphasized the need for chances for entrepreneurship, financial inclusion, and equal access to resources. They talked on how to reduce the gender pay gap, support women in corporate boardrooms, and build environments that are hospitable to female-run enterprises.

2. Technology, Innovation, & Digital Transformation: The event examined how digitalization, artificial intelligence, and other emerging technologies may advance women's empowerment in light of the potential of technology. The topics of discussion include bridging the digital gap via digital platforms, encouraging the development of digital skills, and utilizing technology for entrepreneurship and creativity.

3. Leadership and Mentorship: Another important topic covered at the summit was the empowerment of female leaders. The value of mentoring programs, leadership development initiatives, and inclusive decision-making procedures emphasized by the participants. Successful female leaders shared their knowledge and wisdom, encouraging others to take the lead in a variety of industries.

4. Sustainability and Social Impact: The event underlined the critical part played by women in accelerating environmental and social transformation, in keeping with the current emphasis on sustainable development around the world. Promoting gender-responsive legislation, encouraging sustainable corporate practices, and amplifying women's voices in climate action and social impact programs were the main topics of discussion.

The composition of the boards has a crucial role in fostering innovation, facilitating inclusive decision-making, and ensuring the success of organizations in the long term. In recent years, board diversity has gained a lot of significant attention in the business world as it recognizes the value of inclusive decision-making and diverse perspectives in corporate governance. There is undoubtedly potential for improvement as 62% of the boards, according to a survey by OnBoard, felt that diversity on the board is effective. Moreover, board diversity has become increasingly important, leading to the inclusion of more women on corporate boards.

The presence of women in corporate boards brings a variety of positive impacts such as grasping the collective wisdom, expertise, and varied perspectives of a diverse group of individuals to assess board effectiveness, better decision-making and innovation, and overall organizational performances. A couple of which are Ma. Aurora “Boots” D. Geotina-Garcia, the Vice-Chair and President of the Institute of Corporate Directors (ICD) Philippines, the Chairperson of the NextGen Organization of Women Corporate Directors (NOWCD), and representative of Philippine Women’s Economic Network (Philwen) during the panel discussion. Irene Natividad, the President of the Global Summit of Women, Chairwoman of Corporate Women Directors International (CWDI), and Chairwoman of the GlobeWomen Research and Education Institute is another iconic and significant panel.

Achieving better diversity is easier said than done. Organizations can set clear strategies and goals to advocate transparency and accountability to achieve diversity objectives. The struggle for greater representation of women in boardrooms aims to leverage the transformative potential of different viewpoints, experiences, and leadership philosophies, not just to reach numerical parity.

In conclusion, the Global Summit of Women 2023 event marked a significant milestone in the global movement for women’s empowerment. Women on corporate boards offer a variety of advantages, such as diversified viewpoints, improved decision-making, increased innovation, better governance, and profitable results. Not just only a matter of fairness and equality, it is also important for organizations seeking long-term success in today's dynamic business landscape.

Having been a constant inspiration and continually crafts initiatives for diversifying boards, Ms. Irene Natividad, President of the Summit of Women, left the following message:

“Dear All –

It is I, who should thank you for sharing your expertise and vast knowledge of corporate governance in this session. I have heard from numerous attendees who told me that this was one of the best sessions of the summit, which did not surprise me given the depth of experience that all of you represent. Of course, I selfishly feel that ALL summit sessions were great.

Disclaimer: For the list of references, you may view it through this link - Global Summit of Women 2023 References