One of the most amazing observations in this year’s election was the presence of more women actively participating in the process.

First, it is remarkable that three of the four presidential running-mates were female, something never witnessed in our country before.

Secondly, the number of female governors elected more than doubled from three to seven, while more women clinched the Senate, Member of National Assembly and Member of County Assembly positions. 

Corporate boards, diversity and balance – specifically on the gender question, is a trend that is shaping corporate governance effectiveness.

Although the number of women in governance is still low, the country is fighting towards closing the gender gap. According to the Board Diversity and Inclusion 2021 report by the Kenya Institute of Management in partnership with Nairobi Securities Exchange, New Faces New Voices and Kenya Private Sector Alliance, the percentage of women in corporate boards in Kenya stands at 36 per cent up from 21 per cent in 2017.

This is way beyond the 23 per cent global average. In Kenya, women make up 21 per cent of appointed board chairpersons. Compared to the three per cent global average, we have made significant strides.

With its assets at Sh1.54 trillion, the pensions industry is important to our economy and thus, good governance is a priority. Having a larger number of women representation in boards of trustees is an indisputable performance optimisation tactic and the right mix allows pension scheme boards to incorporate new perspectives in their operations.

The report established that gender balance significantly affects organisational performance, decision-making and productivity. This is because members of a successful corporate team must, collectively have a high level of emotional intelligence, an area that women have an edge over men.  Research has shown than women’s higher emotional quotient (EQ) supports their ability to coach and mentor, work as a team, manage conflict and become inspirational leaders.

Generally, they have better interpersonal skills to relate well with stakeholders. Their involvement in board leadership spells better decision making, collaborations and effectiveness. 

Unfortunately, since women constantly undervalue EQ as a competence and their skills overall, they preemptively take themselves out of the game. They hardly vouch for themselves and seldom attempt to take up these top roles.

Women’s confidence increases with age peaking in their mid-40s to meet men. Hence, the leaps that they may have forgone in their 20s and 30s are lost opportunities.

Although we have a long way to go, organisations are identifying women who score highly on various competencies and empowering them. Social media is also playing a role as young women find influential women to mentor them early so that they can aim for boardroom positions.

Nevertheless, organisational culture ought to align with this agenda. Prioritising gender balance and setting the right tone from the top makes it easier for more women to compete for board positions without worry of gender discrimination.

If the positions need recommendation and voting, then board members voting for qualified women to fill these positions is a good place to start. Top management must be intentional and actively involved in the fight to bring more women to the table. Pension schemes can start by declaring their current state in gender parity issues and set milestones of how, when and what they want to achieve in terms of gender balance if they want to reap its benefits.

Good governance is the backbone of an effectively run pension scheme. Organisations should make deliberate moves to accommodate gender balance in top leadership such as joining the 30 per cent club, a global campaign that advocates for gender balance at all levels of organisations. Pension schemes can also cultivate a gender balanced culture by picking up best practices from organisations that have successfully achieved it. Additionally, while gender balance is important, it should not stop the member’s responsibility to ensure that board members have the leadership skills and knowledge needed to run a pension scheme.

—Josphat Muriuki is the CEO and Trust Secretary of KenGen Staff Retirement Benefit Schemes