Marking a Decade of Progress: IFC and CSE Champion Women's Economic Leadership in Sri Lanka

The past year saw a remarkable increase in the number of women serving on boards of CSE-listed companies, rising from 8.7 percent in 2024 to 13.4 percent in 2025.

Celebrating a decade of collaboration, the International Finance Corporation (IFC) – a member of the World Bank Group – joined forces with the Colombo Stock Exchange (CSE) and global partners to ring the opening bell, reaffirming their dedication to advancing women's economic empowerment and leadership in Sri Lanka. This annual initiative, aligned with International Women's Day, underscores the importance of women's participation in driving sustainable economic development.

Significant Strides in Board Representation

The past year saw a remarkable increase in the number of women serving on boards of CSE-listed companies, rising from 8.7 percent in 2024 to 13.4 percent in 2025. This 54 percent surge highlights a growing commitment to enhancing female representation in management and leadership roles. A key driver of this progress has been CSE’s mandate requiring boards to have at least five members, prompting the appointment of more Independent Directors. Many of these appointees come from the Chartered Accountants sector, where women have strong representation.

Commitment to Gender-Balanced Leadership

Delivering the opening remarks, Vindhya Jayasekera, CEO Designate of CSE, expressed her enthusiasm for the positive trend: “We are pleased to witness a substantial increase in women’s board representation, rising to 13.4 percent from last year’s 8.7 percent. At CSE, we are proud that women make up 46.7 percent of our staff and 47 percent of our management team, reinforcing our unwavering commitment to gender-balanced leadership. We continue to advocate for greater female representation in leadership roles, driving sustainable economic growth and fostering a more equitable future.”

Overcoming Barriers to Women’s Employment

Despite these gains, businesses must collaborate and take decisive actions to remove systemic barriers that hinder women’s full participation in the workforce. This includes ensuring equal pay, expanding access to childcare, and fostering safe and inclusive workplaces.

Gevorg Sargsyan, Country Manager for the World Bank and IFC, emphasized the broader impact of empowering women: “Sri Lanka has made commendable progress in women’s board leadership. However, true empowerment requires promoting women to leadership roles across all business sectors. When businesses fully respect and advance women’s economic rights, they create a ripple effect, strengthening operations, fostering social progress, and building more resilient communities. Ensuring that women and girls have access to decision-making spaces is critical to the stability and growth of Sri Lanka’s economy.”

Setting Bold Targets for the Future

Chathuri Munaweera, Director and CEO of AIA Sri Lanka, delivered a keynote speech highlighting the importance of setting ambitious targets: “Now is the time to recognize progress, celebrate the steps we have taken, and focus on the impact we continue to create. We must set clear targets for increasing women’s workforce participation to drive economic growth, rather than dwelling on the fact that only 32% of the workforce comprises women. Over the past year, we have increased female representation in our workforce to 46%, and women now make up 51% of our sales force. Notably, 43% of our Top 100 High Performing Wealth Planners are women. With conscious efforts and strategic initiatives, barriers can be addressed and overcome. Equal opportunities empower women to unlock their full potential.”

A Global Initiative for Equality

The theme for this year’s International Women's Day, "For ALL Women and Girls: Rights. Equality. Empowerment," calls for collective action to unlock opportunities for women and girls to lead and innovate. Stock exchanges, as key influencers, play a vital role in mobilizing the private sector to increase women’s participation in business and economic development.

The Ring the Bell for Gender Equality Initiative – a global partnership that includes IFC, United Nations Global Compact, UN SSE, UN Women, and The World Federation of Exchanges – advocates for the full and equal participation of all individuals in achieving the Sustainable Development Goals. By promoting gender equality, businesses contribute to a more sustainable, inclusive, and prosperous world.

As Sri Lanka progresses on its journey toward gender-balanced leadership, continued collaboration among stakeholders will be key in ensuring lasting and meaningful change. The momentum gained must be sustained to build a more equitable future for all.