19 APRIL2024W MAN LEADERGLOBAL W MAN LEADERGLOBAL abroad, they should likewise prioritize expanding the proportion of directors with foreign experience. This not only helps development plans, but also strengthens boards' general resilience and flexibility in the face of a quickly changing business world.The Board Monitor Report: Key Findings and ImplicationsAccording to the Board Monitor report 2023, UAE boards made 31 appointments in 2022, a significant decrease from 54 in 2021 and 52 in 2020. Despite this drop, the research emphasizes the ongoing importance of directors with financial services experience, with 45 percent of 2022 appointments having a history in this area.Surprisingly, there is a market-wide tendency preferring same-sector knowledge, especially in the industrial sector, where all directors were selected from inside the industry. The consumer sector, on the other hand, appears to be more open to cross-industry knowledge, with 33% of directors bringing outside skills to the post.Richard Guest, Partner in Charge of Heidrick & Struggles in the Middle East and North Africa, emphasizes the significance of strong and unambiguous leadership for UAE boards in order to continue their ambitious development objectives. He underlines the need of boards continuously evaluating performance, identifying skill set shortages, and tailoring director searches accordingly.Conclusion: Embracing Diversity for Sustainable GrowthThe shift in the makeup of UAE corporate boards mirrors a wider worldwide trend toward embracing diversity and adjusting to technology challenges. The increased presence of women, the lower average age of directors, and the emphasis on foreign expertise are all encouraging signals for the UAE's commercial future.To handle the difficulties and possibilities of an ever-changing corporate landscape, boards must continue to promote diversity and review their leadership as the country innovates and expands on a global scale. The UAE's dedication to inclusion will not only help individual enterprises succeed, but will also strengthen the UAE's status as a vibrant and forward-thinking hub for business and innovation.
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