Board Composition Trends in GCC
The Middle East Institute of Directors (MEIoD) has revealed several noteworthy trends that are shaping the boards of directors in the GCC region. Understanding these trends can significantly impact an organization's overall performance and decision-making process.
Key findings include:
- Average Board Size: The average number of directors for GCC companies is 8, influencing the dynamics and collaboration within the boardroom.
- Remuneration: The average remuneration for board members is USD 113K, reflecting the region's competitive compensation packages.
- Independent Directors: On average, there are 3.8 independent directors per board, highlighting the importance of objective oversight in corporate governance.
- Gender Diversity: Unfortunately, the average number of female directors per board is only 0.25, indicating that gender diversity is still a pressing issue in the GCC's boardrooms.
These trends underline the need for organizations in the GCC to continually assess and adapt their board compositions and practices to remain competitive and responsive to today's dynamic corporate landscape.