BSE, HBLF, IoD Spearheading Drive to Promote Diversity Among Business Leaders
The Budapest Stock Exchange (BSE), the Hungarian Business Leaders Forum (HBLF), and the Institute of Directors (IoD) have signed a Memorandum of Understanding (MoU) to promote diversity in the decision-making bodies of Hungarian companies.
The initiative has been endorsed and signed by several organizations: the Dutch-Hungarian Chamber of Commerce, the Joint Venture Association, the Hungarian-French Chamber of Commerce and Industry, the British Chamber of Commerce in Hungary, the German-Hungarian Chamber of Industry and Commerce, the Hungarian Association of Executives and the Women in Energy Association.
The Declaration of Consensus is intended to promote the European Parliament's 2022 directive in Hungary that by July 2026, more than 40% of the decision-making bodies of large listed EU companies (in terms of total directorships) should be occupied by the under-represented sex.
The MoU's main objective is to build a broad coalition of organizations supporting the domestic business sector. The initiators will support the accession of further organizations, which will ultimately raise the effectiveness of decision-making bodies in domestic companies to an even higher level, and will commit to equal opportunities and diversity and launch programs to achieve these goals, according to a press release sent to the Budapest Business Journal
HBLF's X Mentor Executive program prepares people for the role of CEO, providing mentoring and professional workshops for participants. BSE will contribute to the program from 2024 onwards on the topic of stock market presence.
The organizations that are part of the initiative also support a number of programs that promote equality in corporate operations, including the Dutch-Hungarian Chamber of Commerce's Diversity and Equal Opportunities event series, and the Hungarian-French Chamber of Commerce and Industry's Leaders in Stilettos events, as well as the Women@DUIHK women's network of the German-Hungarian Chamber of Industry and Commerce, the Women in Leadership event of the Hungarian-British Chamber of Commerce, the Women Leaders for Society! program of the Hungarian Association of Executives, the mentorship program and regional gender diversity reports of Women in Energy, and the JVSZ's efforts to achieve a 50-50% female/male ratio in the board and management
"Promoting diversity in decision-making bodies contributes to better business performance and growth. Our employees, customers, partners, and markets are diverse, so we will be more successful if we take into account multiple perspectives in our business decisions. The Memorandum of Understanding signed today underlines the commitment of Hungarian business. The organizations represented by the signatories play a key role in the Hungarian economy, both as employers and as contributors to domestic GDP," said HBLF President Andrea Istenesné Solti.
"Concrete action is essential to drive change, which is why HBLF, as the representative of the European Diversity Charter, has proactively initiated several programs. These include the HBLF Women's Forum, which has been running for almost 20 years, the launch of HBLF's award-winning, international X Mentor in 2017, which we expanded last year with the Executive version," she added.
"We attach great importance to diversity and equal opportunities, which is why the Budapest Stock Exchange is delighted to join the cooperation. Through our various programs, we contribute to ensuring that diversity is highlighted and given special attention among issuers, investors, and Hungarian companies. We help companies to have relevant and up-to-date information on the subject," added Richárd Végh, CEO of the Budapest Stock Exchange.
"The Institute of Directors Hungary provides a platform for experts committed to corporate governance, regardless of gender. IOD Hungary also places a strong emphasis on the development of women directors to deepen the knowledge of 'Women on Boards'. Its objectives include promoting higher female participation in board positions and providing opportunities for future leaders. We believe that at the board level, too, the right knowledge and diversity creates significant economic and social value," noted Kinga Daradics, president of IOD.
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