Progress Towards Gender Equality: A Long Road Ahead
Today, numerous actions, initiatives, and mechanisms aim to advance towards gender equality. However, the numbers show that the road remains long, and in Tunisia, it's a real process. This morning, the Tunisian edition of the global initiative "Ring the Bell for Gender Equality" took place, organized as part of International Women's Day. This event offered a space for exchange between financial market actors, listed companies, and international partners to strengthen collective mobilization for inclusive and sustainable growth. Notably, there was a strong female presence among the participants, which testifies to the real commitment of Tunisian financial institutions and all involved actors.
The Initiative
The initiative, led by the Tunis Stock Exchange in partnership with UN Women Tunisia and other international organizations, aims to raise awareness about the key role of the financial sector in promoting gender equality, while encouraging concrete commitments for the economic empowerment of women. The opportunity was also given to take stock of the presence of women in the financial sector, both globally and in Tunisia, before presenting the precise figures. Between 2024 and 2025, the presence of women on the boards of directors of listed companies strengthened by 13%. It increased from 17.7% in 2024 to 19.5% in 2025.
Key Statistics
In 2024, out of a total of 695 directors distributed across 74 listed companies, 123 were women. Among these 74 companies, 18 had no women on their board of directors, revealing that despite progress, parity remains a challenge for many companies. The following year, the total number of directors also progressed, as did the presence of women. In 2025, 139 women sat on the boards of directors of 75 listed companies, and 63 companies now had at least one woman on their board, compared to only 12 companies without female representation. The number of companies without women on their board thus significantly decreased.
Sectoral Variation
This evolution of female representation varies by sector, ranging from 16% to 28%. The health sector has the highest rate, with 28%, followed by financial companies, according to BVMT data. In 2024, the variation in female presence on boards of directors remained relatively limited, between 13% and 20%, which explains the overall improvement observed in 2025.
Global Trends
The figures presented during today's workshop confirm this trend, showing a progression of female representation on boards of directors globally. For example, according to the 50/50 Women on Boards report, conducted in partnership with Equilar on large American companies, the proportion of women on boards of directors increased from 22.6% in 2020 to 25.6% in 2021, reaching 30.1% in 2025. In Europe, the percentage of women on the boards of large listed companies in the EU in 2025 varies significantly by country, with a particular focus on France, where they represent 46.9% of directors, followed by Italy, Denmark, the Netherlands, Ireland, Spain, and then Germany. The rates range from 11.3% to 46.9%, a difference largely explained by regulatory initiatives imposing a minimum female representation on boards.
African and Tunisian Context
In Africa, financial institutions are also experiencing improvement. According to the 2025 African Financial Industry Barometer, the proportion of women on boards of directors increased compared to 2024, reflecting a positive trend on the continent. In Tunisia, a strong example illustrates this progress: the board of directors of the Tunis Stock Exchange is chaired by Sonia Ben Fraj, the first woman to hold this position since the creation of the Stock Exchange. The board has 11 members, including 3 women, and a call is planned to recruit two additional independent directors, thus strengthening diversity and female representation.
