PSX’s commitment to gender equality

The following is the full text of speech of Dr Shamshad Akhtar, Chairperson of the Pakistan Stock Exchange (PSX), that she delivered at the Gong Ceremony held at PSX to celebrate International Women’s Day:

I welcome all women from PSX’s prestigious platform to celebrate this Women’s Day. Let me begin by presenting the background of early reforms we introduced at the capital market, which includes:

• unification of regional exchanges to ensure better and transparent price discovery,

• demutualisation and corporatisation of the exchange,

• operationalisation of high-powered automated systems and trading and surveillance frameworks along with strengthening of exchanges custodial, governance, and investor confidence systems.

Female workforce statistics speak for the challenge we are faced with. Our current female labour force participation level is 22.5 percent relative to the aspiration of 45% projected by Pakistan’s development “Vision 2025.” This vision has embedded five components into its objectives: need to promote women’s self-worth, allow them the right to determine their choices, improve access to opportunities and resources, and facilitate the right and power to control their lives and ability to influence social change. Lately, National Assembly and Senate accountability is calling for the Government to report on progress and actions to be taken to achieve this agenda.

First, it has to be recognised that overall public participation in the stock exchange has remained low. Lower investor participation is because of low level of literacy, complexity and, lack of depth and breadth in investor outreach, and the public’s lack of understanding and misgivings against PSX. The scenario for women remains a serious concern as their share in UIN is barely 10%.

Second, the gravity of these dismal figures is illustrated by Pakistan Statistics, which captures a wide gender disparity. Even though women account for almost half of the population, Pakistan’s men constitute 78% of the workforce and women 22.74% - well below the world average of 52.6%. Pakistan faces economic, human capital, political, legal, and climate challenges, with 55 million unbanked accounts.

Third, reversing these trends and injustice is a tall order but an imperative. Evidence of women’s tremendous contribution reveals the high opportunity cost of their exclusion from the workforce and finance. As silent workers, women are unaccounted for in statistics. Policymakers and corporate players have a responsibility and should accelerate integration and action. To quote UN SG,

“let us be guided by the voices of women and girls worldwide: when women and girls rise everyone thrives.”

Fourth, PSX needs to draw lessons for progressive exchanges that have worked on Democratizing Access to Capital Markets to engage retail investors. Notable most successful regional exchanges focus on

• attracting retail investors through IPOs,

• introduction to new products and services,

• easing access through technology and simplified processes,

• These measures need to be accompanied by clarity on process and procedure to investors while offering robust investor protection. Incorporating these insights,

PSX plans to build its brand image, promote trust, access and education across universities, corporate sectors and malls for its investors. Notably, Fintech and the online presence of exchanges and brokers and banker-to-broker programs would help remove barriers and promote investments in trade equities, ETFs, derivatives, currency, and direct mutual funds distribution, which helped tap markets.

Fifth, there is a huge learning opportunity for Pakistan to exchange from the UN’s multilateral framework that introduced sustainable development goals. As one of the architects and promoters of SDGs and sustainable finance, back in early 2000 at the UN, we advocated adopting human rights to underpin the sustainable development agenda. Being a watchdog of human rights, the UN adopted the architecture of SDGs based on a strong analysis of cases and causes of women’s strife globally and regionally, as well as the World Bank and the ADB. UN General Assembly adopted this architecture, and it is now well recognised that women’s neglect is a violation of human rights. The changing destiny of women can only come if women’s rights are integrated into the political, legal and development agenda of the nation-states.

Sixth, there is a need to recognise the virtues of the PSX platform. Our exchange will soon embark on a drive to harness the women’s hidden potential creatively. Foremost on our agenda is to

• raise gender-awareness through innovative modalities,

• offer provision of incentives for women including through funding and gender products and services with adequate safeguards to allow women to participate.

• leverage efforts to galvanise sustainability and ESG action.

Progressive nations have dismantled barriers, defied stereotypes, and demanded concrete action to place women at the forefront. UN Pact for Future and the Global Digital Pact with the private sector offer blueprint to guide investment and action to:

1. unlock finance so countries can invest in equality – and to prioritise those investments.

2. open-up equal opportunities for decent work, close the gender pay gap, and tackle challenges around care work.

3. strengthen and implement laws to end all forms of violence against women and girls.

4. secure women’s full participation in decision-making, including in peace building.

5. remove the obstacles for women and girls in the fields of science, technology, engineering and mathematics.

At the Pakistan Stock Exchange, we are committed to leading by example. We are dedicated to fostering an environment where diversity thrives and where everyone’s voice is not only heard but amplified and valued. Our mission is to prepare the way for more women to step into leadership roles and drive the economic growth and innovation crucial to our nation’s future.

Historically and globally, women have played pivotal roles in shaping societies. The list of accomplished women who have exemplified grit and perseverance for generations to follow is endless.

Gender diversity and inclusion are not only moral imperatives but cornerstones of sustainable development. They are essential drivers of innovation, growth, and sustainability. The financial sector, traditionally male-dominated, is now experiencing a transformative shift, with women increasingly participating as investors, entrepreneurs, and leaders. Their inclusion is not just a necessity; it is crucial to our nation’s economic well-being.

As a signatory to the UN Women’s Empowerment Principles, PSX is committed to advancing gender equality. We are dedicated to creating a platform where women investors, entrepreneurs, and professionals can thrive. Through strategic partnerships, capacity-building initiatives, and policy advocacy, we aim to bridge the gender gap in finance and investment.

While significant progress has been made on a global scale, challenges in gender equality persist. Women continue to face substantial barriers, including difficulties in career advancement, unequal pay, and restricted access to vital capital resources. These obstacles can be effectively addressed by advocating for inclusive and sustainable economic opportunities for everyone. Companies that adopt inclusive policies and champion equal opportunities are more likely to thrive in today’s interconnected global economy. By working to dismantle these barriers, we can ensure that no woman is left behind and that everyone is equipped with the tools necessary to achieve their full potential.

In conclusion, together, let us continue to encourage, support, and celebrate the women who inspire us daily. Let us strive for a future where gender equality is not just an aspiration but a reality—a future where businesses flourish not in spite of their diversity but because of it. Gender equality transcends being solely a women’s issue; it is a societal imperative. Men who hold positions of influence must champion causes such as equal pay, flexible work environments, and strong anti-discrimination measures. True inclusion must become an integral part of corporate culture in order to leverage the benefits of diverse perspectives and talents.

The sound of the gong today is more than a ritual—it is a symbol of progress, inclusion, and empowerment that will pave the way for future generations. This moment also honours the trailblazers who have left a lasting mark on history.

My deepest appreciation and gratitude to all fellow women. As evident from the facts presented here, we are lagging behind targets and creative and coordinated actions and solutions are warranted for a qualitative change.

As we ring this gong today, let it serve as a clarion call for coordinated action across sectors at the industry and local level.

Let me end with quotes of UN SG:

“……… when the doors of equal opportunity are open for women and girls, everyone wins. Equal societies are more prosperous and peaceful – and the foundation of sustainable development.”

UN SG, in his 2025 message, further underscored that:

“When women and girls rise, we all thrive. Together, let’s stand firm in making rights, equality and empowerment a reality for all women and girls, for everyone, everywhere.”

Recognition by all of the significance of gender diversity in fostering sustainable finance and businesses is vital. My salute to women’s invaluable contributions to the world of business and finance.

Copyright Business Recorder, 2025