TITLE:
Strategic Leadership on Corporate Boards: Examining the Effectiveness of Gender Quota System in Advancing Women Leadership in Zimbabwe
AUTHORS:
Ishmael Chidembo, Abubaker Qutieshat
KEYWORDS:
Corporate Boards, Gender Quota, Zimbabwe Stock Exchange, Women Leadership
JOURNAL NAME:
Open Journal of Business and Management,
Vol.13 No.5,
September
10,
2025
ABSTRACT: Gender board diversity has emerged as a key ingredient to the economic and governance performance of companies. Progress in achieving gender diverse boards in Zimbabwe Stock Exchange (ZSE) listed companies has been painfully slow. The slow pace has deprived companies of the benefits of gender diversified corporate boards. Drawing from the Agency Theory and the Institutional Theory, the study examines the effectiveness of voluntary gender quotas in increasing the number of women on corporate boards. A total of 51 companies were studied from a total of 67 companies, representing a sample of 76%. A mixed method approach was used combining descriptive statistics and interviews. Through a comprehensive documentary review of financial statements, company profiles and websites during the period 2019 to 2024, the study made a comparative analysis of ZSE listed companies board composition before and after the voluntary 30% gender quota recommendations. The educational and professional attributes of female board members were analyzed both to delineate a prescriptive template for aspiring women directors and to uncover existing selection biases that may narrow the board level talent pool. The research findings indicate that voluntary gender quotas resulted in a 11% increase in the number of female board members. Structural and cultural barriers continue to impede the career progression of women. The majority of female board members are lawyers and chartered accountants, professions which require compliance, governance and risk management while those in the pipeline for female board membership are few. To mitigate against the low numbers of female board members, the enactment of legislation for a mandatory gender quota for listed companies is long overdue, this should be complimented by robust educational, mentorship and leadership training for women.