Bangladesh is still at the top of the list in South Asia when it comes to women's leadership roles in listed companies, according to a new study of the International Finance Corporation (IFC) and Dhaka Stock Exchange (DSE).

The new numbers showed there was an increase in the percentage of women who are independent directors on listed companies from five percent in 2020 to six percent, despite the impact of Covid, which disproportionately affected women, IFC said Monday.

"A 2020 IFC-DSE study showed at the time around 18 percent of listed company board directors were women, which remained the same. In terms of women on boards of listed companies, Bangladesh still tops South Asia," it added.

READ: USAID launches $5 mn project to empower women in RMG factories

The findings were unveiled at an event, "Ring the Bell for Gender Equality," Monday where IFC partnered with DSE, UN Women, and United Nations Global Compact for the seventh consecutive year.

Ring the Bell for Gender Equality – a collaboration of stock exchanges around the world ringing opening or closing bells – celebrates International Women's Day and promotes women's empowerment principles.

The annual event highlighted how greater participation of women in the economy can spur sustainable and inclusive growth.

Speaking at the event, Nathalie Chuard, the ambassador of Switzerland to Bangladesh, said: "As Bangladesh embarks upon its graduation from the LDC category, ensuring gender equality is all the more critical for a sustainable transition that leaves no one behind."

Tarique Amin Bhuiyan, managing director of DSE, said: "We remained fully committed to closing the gender gap and promoting women's role in leadership, particularly in listed companies."

"Advancing women's roles in companies will not only create a more diverse leadership team but will also serve to help private sector companies create value, bring new ideas, boost transparency and promote inclusive growth," he said. 

Meanwhile in a new joint report on, "How Exchanges Can Advance Gender Equality: Updated Guidance and Best Practice," the UN Sustainable Stock Exchanges initiative and IFC identify three broad areas where exchanges can play a role in advancing gender equality.

These include the promotion of gender-focused and/or gender-aware products and services, strengthening of market performance on gender equality and leading by example.

"Investing in women's economic empowerment is both the right thing to do and the smart thing to do as it sets a direct path towards gender equality, poverty eradication and inclusive economic growth," said Gitanjali Singh, head of the office at the UN Women Bangladesh.

READ: Speakers want more financial access to women for their empowerment

IFC's commitment to the Ring the Bell initiative is part of its strong focus on gender equality, which includes leveraging relationships with financial institutions to expand access to finance for female entrepreneurs and increase the number of women in leadership roles.

"We are well aware that having more women in leadership positions makes economic sense for companies and is also linked to better environmental, social and corporate governance standards and practices. It's why IFC has been working with multiple stakeholders in Bangladesh including the stock exchange, regulators, and companies," Martin Holtmann, IFC country manager for Bangladesh, Bhutan and Nepal, said.

The Women's Day event included a panel discussion on the business case for gender diversity on boards.

Participants included Zareen Mahmud Hosein, partner Snehasish Mahmud & Co, Melita Mehjabeen, associate professor at the Institute of Business Administration, Dhaka University, and Shamarukh Fakhruddin, director of Urmi Group.

The discussion was moderated by Shahamin Zaman, executive director of Global Compact Network Bangladesh, and Md Eunusur Rahman, chairman of DSE, provided closing remarks.