Good governance lies at the heart of a sustainable business that delivers returns for all stakeholders, including shareholders, lenders, employees, suppliers and the communities in which we invest. OMAI seeks to apply good governance practices in all portfolio companies, across various African jurisdictions, with adherence to local governance-related laws and a reference to the King IV Report on good corporate governance. In our goal of driving governance performance, our investment professionals are active at the Boards and Subcommittees of portfolio companies. In 2021 we increased our Board representation from 38% to 40%, exercising our board seat rights and further aiding active engagement. In our continued effort to achieve gender equality, female Board representation increased slightly to 26%, indicating there is still a way to go on this critical matter. For South African portfolio companies, in our actions to reduce inequalities, we now track historically disadvantaged South African (HDSA) Board representation and HDSA Board representation in 2021 was 20%.
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In 2021 our Board representation decreased slightly from 31% to 30%, maintaining active engagement. Our female Board representation also decreased by 1% compared to 2020, indicating there is still a way to go on gender equality at the Board level. AIIM continues to work with Boardroom Africa and to develop internal talent by appointing females to alternate director seats in order to mentor them to take up Board seats in future. For South African portfolio companies, in our actions to reduce inequalities, we continue to track historically disadvantaged South African (HDSA) Board representation and this decreased slightly from 33% to 30%.
In 2021 we increased our Board representation to 59%, exercising our Board seat rights and further aiding active engagement. In our continued effort to achieve gender equality female Board representation increased by 7% to 36%, indicating good progress on gender equality at the Board level. For South African portfolio companies, in our actions to reduce inequalities, we have started to track historically disadvantaged South African (HDSA) Board representation. HDSA Board representation in 2021 was 51%.
The overall Board members across the Fund IV has dropped since 2019, resulting in an initial, relative increase in OMPE representation and female representation at the Boards of Fund IV. The addition of Fund V has created an additional increase in OMPE representation, female representation and HDSA representation on the Boards. Encouragingly, we note there has been an actual increase in the number of female Board Directors.
Governance metrics for AIIF2 have remained fairly constant with a slight increase in board seats as vacant seats were filled to ensure the full complement at Board level.
In 2021, the AIIF3 fund increased the number of portfolio companies under management and increased OMAI Board representation slightly with 33% active management representation. Overall female representation at Board level increased slightly from 13% to 14%, showing some improvement on this front.
The IDEAS fund governance metrics have changed with an increase in the number of portfolio companies under management. Active Board engagement is at 32% OMAI representation with 24% female representation and 36% historically disadvantaged South African (HDSA) representation at Board level in 2021.
OMAI board representation in the fund remained stable with 46% at the end of 2021. The fund ended 2021 holding a positive outcome of female Board representation at 52%. In 2020 the historically disadvantaged South African (HDSA) representation was 52%.
Through 2021 the HIFSA fund increased its relative Board representation to 72%. There was also an increase in female Board representation to 30%, indicating good progress in gender equality at board level. In 2021 the historically disadvantaged South African (HDSA) representation at Board level was 45%.
There have been no changes in the OMRAF fund from a governance perspective between 2019 and 2021. OMAI continues to have a relatively high Board representation at 67%. An area for future focus is the absence of female Board representation. The historically disadvantaged South African (HDSA) Board representation was 44% in 2021.
OMRENT increased OMAI board representation to 75% in 2021. Good progress was made to promote gender equality at board level, increasing female board representation from 0% to 25% from 0% in 2020. Historically disadvantaged South African (HDSA) representation increased by 17% to 50%.
EduFund acquired three new investments in 2021 and increased OMAI board representation to 33%. Female board representation was 44% and historically disadvantaged South African (HDSA) representation 78%.
The overall Board members across the fund dropped between 2019 to 2020, resulting in a relative increase in OMPE representation and female representation at the Board. A further decrease in the number of Board members in 2021, while OMPE Directors increased has increased overall OMPE Director representation to just over 42%. There has been an actual and relative increase in the female Board Director representation and a relative HDSA representation. OMPE continues to focus on improving female and historically disadvantaged South African (HDSA) representation at Board level.
As Fund V is a relatively new fund, representation is likely to change in the future. As of December 2021, OMPE Directors constituted 29%, female director representation was 43% and historically disadvantaged South Africans representation was also 43%.