THE proportion of women appointed to board leadership roles across Singapore Exchange (SGX) -listed companies, statutory boards and institutions of public character (IPCs) in 2023 is the highest it has ever been, the Council for Board Diversity announced in an annual study published on Monday (Jun 3).
Women directors took up 17 per cent of all board chair and audit, nominating and remuneration committee chair positions in the top 100 SGX-listed companies by market capitalisation, up from 9 per cent in 2018.
The number of women directors who are board chairs in the top 100 IPCs and statutory boards has also increased, to 20 per cent and 15 per cent, respectively.
Last year, women’s participation on boards also increased. Among the top 100 SGX-listed companies, their presence trebled to 23.7 per cent in 2023 from 7.5 per cent in 2013, slightly above the global average of 23.3 per cent.
This takes the top 100 issuers closer to the voluntary target of 25 per cent of women on boards by end-2025, with half the group having already exceeded voluntary board diversity targets by the end of 2023, the Council for Board Diversity noted.
Statutory boards continued to see rapid progress in women’s participation on boards, reaching 32.7 per cent, while the top 100 IPCs recorded the highest annual growth in 2023 to reach 31 per cent.
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“Maintaining progress in board diversity, let alone advancing progress, requires consistent and significant effort,” noted Loh Boon Chye, co-chair of the council and chief executive of SGX.
More diverse boards come amid recent improvements to regulatory frameworks for SGX-listed companies, as well as growing global recognition of the value of board diversity.
Since January 2022, SGX Regulation required issuers to set a board diversity policy that addresses gender, skill and experience, and other relevant aspects of diversity.
The council announced that 12 out of the top 100 companies have reached a gender balance of 40 to 60 per cent women on their boards.
All-male boards in SGX-listed companies have also declined by 80 per cent to 11 by end-2023, from 51 in 2013. The council explained that surviving all-male boards could be due to “some inertia and resistance to inclusive change”.
Established by the Ministry of Social and Family Development in 2019, the Council for Board Diversity introduced targets for boards to take advantage of diversity for business value.
“The synergy of women and men working together, bringing diverse perspectives and approaches to problem-solving, enhances organisational performance, whether in the profit or non-profit sectors,” said Mildred Tan, co-chair of the council, and chair of Singapore Totalisator Board.
