Realizing Sustainability Through Diversity : The Case for Gender Diversity Among Sri Lanka’s Business Leadership
This report makes the case for greater gender diversity on Sri Lanka’s corporate boards and in senior management by highlighting the value propositions of such diversity for companies, communities, and ultimately the country. Diversity is about mor...
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| Format: | Report |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2022
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| Online Access: | http://documents.worldbank.org/curated/en/795301594621035366/Realizing-Sustainability-Through-Diversity-The-Case-for-Gender-Diversity-Among-Sri-Lanka-s-BusinessLeadership http://hdl.handle.net/10986/37866 |
| Summary: | This report makes the case for
greater gender diversity on Sri Lanka’s corporate boards and
in senior management by highlighting the value propositions
of such diversity for companies, communities, and ultimately
the country. Diversity is about more than just gender,
ethnicity, or religion. However, this report focuses
primarily on promoting gender diversity in the workplace,
particularly in the corporate boardroom and among senior
management. Empirical evidence from around the world shows
the importance and value of gender diversity in improving
firms’ overall performance, including but not limited to
financial performance. Gender diversity among business
leaders typically leads to better decision-making processes
and better monitoring and strategy involvement. The business
case for gender balance at the top goes beyond financial
performance. Extensive research shows that having more women
in business leadership positions leads to higher
environmental, social, and governance standards, with a
particularly clear connection when women achieve a critical
mass of about 30 percent on company boards. Companies with
enhanced environmental, social, and governance standards
also perform better on critical metrics: stronger internal
controls and management oversight, reduced risk of fraud or
other ethical violations, positive workplace environment,
greater stakeholder engagement, and improved reputation and
brand. Therefore, having a more gender-balanced board and
leadership team contributes to stronger environmental,
social, and governance performance, which, in turn, leads to
better business performance. Ultimately, diversity is about
ensuring companies’ competitiveness, performance, and
long-term sustainability. |
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