Shagufta Hassan is the Vice President, Finance and Chief Financial Officer for the Aga Khan University (AKU) where she oversees all financial affairs of the University and its healthcare system across six countries. Following are the edited excerpts of the recent conversation BR Research had with her:

BR Research: Tell us about yourself and your professional journey.

Shagufta Hassan: I have over 35 years of experience in leadership and senior management positions in both the public and private sectors. I am a fellow member of the Institute of Chartered Accountants of Pakistan and have completed the Advanced Management Program at the University of Navarra in Spain.

I am currently serving as the Vice President of Finance and Chief Financial Officer of Aga Khan University (AKU), which is a not-for-profit, first private University in Pakistan. In my current role, I am responsible for the University’s operational and financial strategy, planning and budgeting, and finance and corporate governance functions. I joined AKU in 2003 and have since held numerous positions including Chief Executive Officer of the Aga Khan University Outreach Health Network and the Interim Chief Executive Officer of the Aga Khan University Hospitals and Health System in Pakistan.

BRR: In context to women’s day, how has AKU helped you and other women in their careers and professional lives?

SH: AKU has played a pivotal role in my career and professional development. I have worked my way up the ranks in the institution from being a manager of Grants and Contracts to being the Vice President of Finance and CFO. I have had many firsts at AKU: the first female Director of Finance, the first female CEO of AKUH Outreach, and the first female Vice President of Finance and CFO. The institution provided me several opportunities and I lived up to the challenges.

The Chancellor of AKU, His Highness the Aga Khan has been a strong force behind women’s empowerment. AKU is committed to developing, implementing, and maintaining best practices and strategies to enhance equality, diversity, and inclusion at Aga Khan University.

In 2020, five AKU faculty members (all of whom are AKU alumni) were named to the global 2020 List of 100 Outstanding Women Nurses and Midwives by the World Health Organization and its partners. In addition, three AKU alumni working at other organizations were named to the list as well.

AKU is an equal-opportunity employer. AKU has 38 percent women representation on its Board and women comprise 32 percent of AKU’s top management and 42 percent in middle management.

BRR: Women participation is very low in the country. What is your view of the evolution of women employment? What challenges do they face in climbing the career ladder? Please shed light on the reality of issues like glass ceiling, workplace harassment, inequality in salary, etc. that you believe you also faced, and women continue to face?

SH: Not just in Pakistan but, in developing countries all over the world, in particular, the entrenched bias starts even before birth. Girls are routinely encouraged to perform household chores and remain inside their four walls and the boys are encouraged to play outdoor sports and depend on those women to serve them. For those homes where the decision is between whether to send a female child or a male child to school, the decision is often made on the basis that the girl will be a homemaker and therefore does not require formal education. Additionally, although the global prevalence of child marriage has declined by 10 percent, up to 10 million more girls are likely to become child brides by 2030.

In actuality, the glass ceiling is not the final barrier. Many women continue to face real and entrenched barriers to advancement and success even at the pinnacle of their careers - a phenomenon known as “glass walls”. Glass walls are often overlooked barriers that can prevent women from performing effectively in their roles or reaching the next level in their careers. These barriers may be subtle, but they are no less real.

BRR: What can be done at the earliest to address these challenges? What did you do?

SH: To address these challenges, it is important that we first understand the unconscious bias that prevails in our society. There are too few women to be promoted to senior leadership positions. Female leaders are overworked and under-recognized as compared to men at their level. We must invest in education and training programs to equip women with the skills and qualifications needed to compete in male-dominated fields and advance in their careers.

Alongside my professional career, I have tried to continue to give back to the community and continue to work voluntarily. I have provided over 1000 women with gender-based and job-specific skills training.

BRR: How is women’s empowerment and financial inclusion connected to gender equality?

SH: According to the World Bank there are 104 economies with labour laws that restrict the types of jobs women can undertake, and when and where they are permitted to work, it estimates that this affects the employment choices of 2.7 billion women. Therefore, women’s empowerment through financial inclusion is pivotal for gender equality. Access to financial services enables women to gain economic independence, make autonomous decisions, and participate actively in social and economic spheres. This fosters a more equitable distribution of resources, challenges traditional gender norms, and promotes women’s social and economic advancement.

BRR: How do you view the recent changes and efforts for women economic empowerment and financial inclusion in Pakistan especially from the regulatory perspective?

SH: In recent times, things have become better. Companies all over the world have begun to introduce diversity and inclusion policies, which are targeted towards, among other things, inviting more women into the workplace, to prioritize gender equality.

The State Bank of Pakistan for example has introduced regulations to facilitate women’s participation in the formal financial sector, such as simplifying account opening procedures, promoting digital financial services, and encouraging banks to develop products tailored to women’s needs. In a breakthrough for gender diversity in corporate boards in Pakistan, the Securities and Exchange Commission of Pakistan has required to have at least one-woman director.

BRR: Do we have enough role models for aspiring women leaders to emulate?

SH: It is crucial to recognize that role models don’t necessarily have to be high-profile figures; they can also be mentors, colleagues, or individuals within one’s community who demonstrate leadership qualities and values worth emulating. Pakistan has many astonishing women who have made their mark in their fields. We have examples of Malala Yousafzai (youngest Nobel Prize laureate), Arfa Karim (youngest Microsoft Certified Professional (MCP) at the age of nine), Samina Baig (first Pakistani woman to climb Mount Everest in 2013) and the list goes on.