Demographic Diversity on the Boards of Listed Companies in Saudi Arabia: Gender, Age, and Disability – Assessment, Lessons from the UK, and Reform Proposals

Abstract

This dissertation examines demographic diversity on the boards of listed companies, focusing on gender, age, and disability. It asks whether the Saudi corporate governance regime requires reform to promote such diversity and argues that reform is needed. The analysis centres on the regulatory framework applying to companies listed on the Saudi Main Market (Tadawul) and examines the framework governing companies in the Equity Shares (Commercial Companies) category on the London Stock Exchange (LSE) Main Market, observing the United Kingdom’s experience for lessons. The study finds that Saudi regulations emphasise qualifications and cognitive diversity while remaining silent on demographic composition, leaving women, younger directors, and people with disabilities under-represented, with limited influence. Voluntary initiatives have produced no measurable progress. In the UK, principles, disclosure rules, comply-or-explain mechanisms, and reporting targets, supported by voluntary reviews, have boosted women’s representation but not age or disability, and key roles remain concentrated. The dissertation argues that reform should rest on the social case of fairness and equal opportunity, with the business case supportive. It proposes amendments to the Saudi Corporate Governance Regulation: a guiding principle, mandatory disclosure of diversity policies with self-set targets for the selected types, and changes to nomination committee procedures. These reforms balance flexibility with enforceable obligations, aiming to foster genuine cultural change and steady progress.