The share of women on company boards rose to 24.3% in 2024, up from 23.3% the previous year, according to the American University in Cairo’s Women on Boards (WoB) Observatory’s latest annual report (pdf). This marks a more than twofold increase compared to 2019, when the rate stood at just 10%. However, the 2024 gain was only one percentage point, down from the three-point annual increases seen in previous years, showing that momentum may be slowing down.

We’re still short of our 2030 target: To meet the national goal of 30% women on boards by 2030, Egypt must place an additional 402 women on boards in the next six years. This translates to an average of 67 new female board members annually across companies and banks — a number that stakeholders may struggle to meet unless progress accelerates.

By the numbers: A total of 1.64k women serve on boards of EGX-listed companies, banks, non-banking financial institutions (NBFIs), and public enterprise firms as of 2024, up from 1.56k in 2023 — a growth rate of 5%. While this reflects continued upward movement, it is still slower than the 15% annual growth rate seen in past years.

The non-banking financial sector is leading the way: Women hold 26.4% of board seats in the non-banking financial sector, up from 25.2% last year. The sector accounts for roughly 70% of all women board members in Egypt — or 1.14k out of the 1.64k total — and is home to the highest number of companies (260) that have already achieved 30% or more female representation.

EGX-listed companies are in second place: Women held 22% of board seats in companies listed on the EGX in 2024, up slightly from 21.7% in 2023. However, 5.5% of listed firms still have zero women on their boards, up from 4.2% a year earlier — a reversal of recent progress. Just 48 listed companies, or 20.3% of the total, have reached the 30% threshold — the same number as in 2023.

The banking sector shows modest progress: Women occupy 18.8% of bank board seats, a marginal increase of 0.1 percentage points y-o-y. Some 97% of banks have at least one woman on their boards, but only two banks reached the 30% threshold in 2024 — down from five in 2023. To meet the national target, banks will need to add six new women annually over the next six years.

Public enterprise companies are still behind: The public enterprise segment had the lowest female representation in 2024, with women holding only 12.2% of board seats — though that is up from 12% the previous year. Just five companies in the public enterprise sector have 30% or more women on their boards. More than half — 50.7% — of these firms still have no women board members, although that’s down from 54.8% in 2023.

Most companies now have two women on their boards — but not more: Among banks, EGX-listed firms, and NBFIs, the majority of companies have exactly two women board members. However, the share of firms with three or more women remains relatively low, especially in the public enterprise sector, where no companies had more than two.

Mandates and decrees have helped drive progress: Key decrees from the Financial Regulatory Authority (FRA) and the Central Bank of Egypt (CBE) have mandated at least two women on the boards of regulated companies and banks. These policies have helped reduce the number of all-male boards in regulated sectors — although enforcement remains uneven.

Is the slowdown a wake-up call? The report calls for renewed urgency, including the use of quotas, stronger monitoring, and new programs to train and place qualified women on boards. The observatory also operates a Board Ready Women Database and offers matchmaking services to help companies identify qualified female candidates.

The report highlights quota-based systems in France, Belgium, and India, and voluntary target systems in the UK and Australia that have proven effective in boosting board diversity. In some jurisdictions, non-compliance results in fines or exclusion from public funding — tools which could be useful to Egypt.

Pipeline development is key: The report calls for more public-private initiatives to build a pipeline of board-ready women, such as leadership training, mentorship, and formal diversity policies. It also recommends government incentives, such as awards or certifications, to recognize companies that lead on gender equality.

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