Women hold just 8.65% of bonyad board seats in Iran, with interlocking roles limiting accountability
Women occupy a mere 8.65% of executive board positions across companies controlled by Iran’s powerful bonyads—Sepah Cooperative Foundation (BTS), EIKO, and Mostazafan Foundation (BM)—according to data collected by Tehran Bureau in 2020. This figure falls significantly short of the 2021 global average of 19.7%, highlighting persistent gender disparities in executive leadership. Among the Mostazafan Foundation (BM), only 3.49% of board seats are held by women, compared to 8.8% for EIKO and 5.07% for BTS. The issue extends to the top ranks, with women making up just 2.11% of CEOs across the bonyads, less than half the global average of 5%.
Iran’s powerful bonyads—shadowy, semi-official organizations often controlled by government insiders and clerics—operate with little transparency and no public budget oversight, reporting directly to the Supreme Leader, Tehran Bureau’s research has shown. These groups enjoy extensive government benefits, including tax exemptions, yet aren’t held accountable for how they spend public funds. This system has allowed bonyads to expand into major economic players, amassing massive wealth while reportedly failing to provide promised public benefits. The lack of oversight has also fueled widespread corruption and mismanagement, with only minor figures facing consequences.
Additionally, a substantial number of women occupy multiple board positions, a practice known as “interlocking directorates” that has raised alarms among governance watchdogs like Transparency International. Critics warn that this can lead to concentrated power, reduced accountability, and weakened market competition. In this dataset, 240 women hold 352 positions, with 40 holding multiple board roles and 14 women serving on more than three boards, underscoring a trend that could stifle transparency and fair competition.
About this dataset
The findings presented here are based on an analysis of business registry documents conducted in 2020, in which we identified companies with ownership links to Iran’s major bonyads and the names of the board members associated with these companies. The entire dataset contains 8,731 entries and 78,579 data points.
The information presented here is based on our data for BM, BTS and EIKO, approximately half of the entire dataset. For the purpose of this article, we identified the female board members in that dataset. Each entry is based on data from the original source document on Rooznameh Rasmi (rrk.ir).
Results
Based on our data set on board membership in bonyad-linked companies in 2020, women held 352 of the 5722 executive board positions of companies controlled by the bonyads BTS, EIKO and BM.
That’s 8.65%, or less than half the 2021 global average of 19.7%.
- 5 women board members out of 143 holdings for Mostazafan Foundation (BM): 3.49%
- 149 female board members in EIKO out of 1676: 8.8%
- 198 female board members in BTS out of 3903: 5.07%
Executive positions
A total of 29 women, or 2.11 %, are CEOs (out of 1369: 34 for BM, 410 for EIKO, and 925 for BTS). That’s less than half the 2021 global average of 5%, but higher than the regional average of 1.8%, according to the global accountancy firm Deloitte.
Interlocking boards: Are women being instrumentalized in corruption?
Women’s restricted representation in bonyads is part of a larger socio-political pattern in Iran, where laws rooted in conservative interpretations of Islamic principles have historically limited women’s rights. Even those women who reach leadership roles often do so through familial connections rather than merit-based selection, a women’s rights activist told Tehran Bureau in a recent interview. Laws governing inheritance, property rights, and entrepreneurship often require male intermediaries for women, perpetuating economic dependency.
A significant proportion of the women hold board positions in more than one company, a common practice among Iranian businesses. Corruption watchdogs and governance experts have frequently raised concerns about the practice, often referred to as “interlocking directorates.” Organizations like Transparency International have highlighted how interlocking directorates can lead to a concentration of power in the hands of a few individuals, undermining accountability and diminishing market competition.
In this dataset:
- 240 women hold 352 positions
- 40 women hold more than one position
- 14 women hold more than 3 positions
Pawns and power brokers
Amid Iran’s patriarchal power structure, many of these women hold these positions simply because they are related to powerful males. However, there are some notable exceptions. Here is what we know about the 14 women who hold the most positions:
❑ Nahaleh Naraqi is the CEO and Vice Chairwoman of Actover, a company linked to the bonyad EIKO. Naraqi has held key executive positions with several other EIKO-owned pharmaceutical companies like Atipharmed. She was also the Vice Chairwoman of a company called Tropical Drug Industry of Kish, which was founded by former health minister Saeed Namaki. Naraqi, who has extensive ties to Spain, Switzerland, and India, has been named as one of the alleged key figures in the Iranian pharmaceutical mafia.
Naraqi’s children Shehrezade Gonzalez and Xerexes Gonzalez own companies in Switzerland, including Arasa Pharmaceuticals AG, Consorient AG (in liquidation), and Novaxa Pharmaceuticals AG. They are also connected to the family charity as well as EIKO-owned companies like Amadeh Laziz.
❑ Fatemeh Abdollahi and Niloufar Esmaili are connected to Bijan Esmaili, a serial corporate executive who is probably their husband and father, patterns suggest. Bijan has taken over various industrial complexes and ran them aground. Opposition websites claim Bijan Esmaili has an IRGC record and ties to Bonyad Shahid. He took over companies like Jahan Oil, Darugar, Tolypers and Keyvan, all of which went bankrupt under his stewardship, according to Radio Zamaneh and Iran-based news outlet Akharin Akhbar. At this time, Niloufar and Fatemeh started appearing on the boards of these companies alongside Bijan. Despite being board members of several prominent companies, Niloufar and Fatemeh have no online footprint.
❑ Mahnaz Oghbaei has no other available records, but her name always appears on boards alongside Fatemeh Abdollahi and Niloufar Esmaili.
❑ Narges Norouzi is the VP of Riseco Holding. There is a single photo of her available on the holdings website. Riseco Holding’s owners have ties to the UK and IRGC, according to their social media profiles.
❑ Bahareh Ameri, Monireh Nikbakht and Nafiseh Douraki have no online footprint except on Rooznameh Rasmi. However, they are board members of BTS-owned shell companies that are always registered at the same address. These companies appear to have no actual activities other than participating in the takeovers of various companies and purchasing their shares during privatization.
❑ Hoda Sodagari, Neda Sodagari and Roqiyeh Rezaei Kouhdel appear together on four different EIKO company boards. The three women have no other online footprint.
❑ Fatemeh Ehyaoldin Saharkhiz and Fatemeh Hoveishi have no online footprints. Significantly, Hoveishi has held positions on the boards of seven BTS companies, while Saharkhiz holds five positions.
Fighting tokenism
Globally, organizations like TI propose a multi-pronged approach to combat the issues of interlocking boards and tokenism in board appointments. TI advocates for enhanced disclosure requirements, pushing companies to publicly reveal the roles and relationships of their board members across multiple organizations. This would help prevent conflicts of interest that arise from directors holding multiple seats in different companies. Additionally, TI recommends enforcing strict independence criteria for board members, reducing the likelihood that individuals serving on several boards may compromise their impartiality and integrity.
To address tokenism and ensure genuine gender diversity, TI suggests companies move beyond mere quotas, supporting policies that promote meaningful engagement and influence for women on corporate boards. This involves creating pathways that enable female board members to participate fully in decision-making and contribute strategically. TI also encourages regular external audits of board practices to reveal any patterns of interlocking directorships or misuse of diversity policies, ensuring that gender diversity initiatives are implemented authentically and that accountability is prioritized.