IFC, CSE ring bell to accelerate women’s business leadership

World Bank and IFC Country Manager Gevorg Sargsyan

AIA Sri Lanka CEO and Director Chathuri Munaweera

CSE CEO Designate Vindhya Jayasekera

• Laud increase in women representation on boards

Marking a decade of collaboration, the International Finance Corporation (IFC) – a member of the World Bank Group – partnered with the Colombo Stock Exchange (CSE) and global partners to ring the opening bell, reaffirming their commitment to advancing women’s economic empowerment and leadership in Sri Lanka. This annual initiative, aligned with International Women’s Day, champions women’s economic participation to drive sustainable development.

Notably, the number of women board directors in CSE-listed boards increased significantly from 8.7% in 2024 to 13.4% in 2025 reflecting the commitment to increase women’s representation in management and board positions across Sri Lanka. This milestone was largely driven by CSE’s mandate for boards to have at least five members, which led to the appointment of Independent Directors – many drawn from the Chartered Accountants sector, where women are well represented.

Delivering the opening remarks, CSE CEP Designate Vindhya Jayasekera said: “We are very happy to witness a remarkable increase of over 54% in the representation of women on the boards of CSE-listed companies, raising overall representation to 13.4% compared to last year. This underscores a clear and encouraging trend, signalling that progress is gaining momentum and we are moving in the right direction. At the CSE, we are proud to have women represent 46.7% of our staff and 47% of our management team, reflecting our ongoing commitment to gender-balanced leadership. We remain dedicated to advocating for greater female representation in leadership roles, fostering sustainable economic growth and advancing a more equitable future.”

While there have been positive strides in women’s board leadership in Sri Lanka, progress requires business to collaborate and commit to eliminate key barriers that prevent women from employment. This includes ensuring equal pay, expanding childcare access, and fostering respectful workplaces.

World Bank and IFC Country Manager Gevorg Sargsyan said: “Sri Lanka has made commendable progress in women’s board leadership. But to truly empower women, we must prioritise their advancement to leadership roles across all business areas. When businesses empower women economically and fully respect their rights, they create a ripple effect: fostering social progress, strengthening operations, and building more resilient communities. This critical step ensures women and girls have access to spaces where they can make a significant impact, which is essential for the stability and growth of Sri Lanka’s economy.”

In her keynote speech, AIA Sri Lanka Director and CEO Chathuri Munaweera said: “It is a time to recognise progress, rejoice the steps we have taken and look forward to the impact we continue to create. It is time to set decisive targets and actions around the percentage increase we want in women’s workforce participation to unlock and drive economic growth, rather than focusing on the fact that we only have around 32% of women in the workforce. Over the past year, we have increased female representation in our workforce to 46% and within our sales force, our Wealth Planner community, women now make 51% of the team. Notably 43% of our Top 100 High Performing Wealth Planners are women. We believe barriers can be addressed and overcome by conscious efforts and strategic initiatives. Equal opportunities enable women to be bold, tenacious and persevering in unlocking their full potential.”

This year’s International Women’s Day theme of “For ALL Women and Girls: Rights. Equality. Empowerment” calls for action to unlock opportunities for women and girls to lead and innovate. Stock exchanges are uniquely positioned to influence this by helping connect companies, investors, and policymakers to play a crucial role in rallying 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 people to achieve the Sustainable Development Goals and create a world free of poverty on a liveable planet.