Statistics as at
June 2025
Progress of Women on Boards
Top 100 Primary-listed Companies
As at 30 June 2025
As at 30 June 2025
1
%
Statutory Boards
As at 30 June 2025
As at 30 June 2025
1
%
Top 100 Institutions of a Public Character
As at 30 June 2025
As at 30 June 2025
1
%
Deepened women’s participation in boardrooms across SGX-listed companies, Statutory Boards and IPCs with more advancing into board leadership roles
- Diversity of Top 100 Companies primary-listed on the Singapore Exchange (SGX) has climbed to 25.3% women on boards from 23.7% in end-2023 – a notable achievement. But with board appointments and cessations at an interim stage, we should wait for the final tally at the end of the year to say definitively whether gender diversity has achieved its ‘25% by 2025’ target ahead of time. (The target was introduced by the Council in 2019 to encourage board gender diversity. The next stage is 30% women on boards by 2030).
- Across all SGX-listed companies, the proportion of women directors has also increased to 17.6% from 16.1% in end-2023 – the highest 6-month change since 2015, when the Council began studying data twice yearly.
- Statutory boards continue to set pace with 34.2% of their board directorships held by women, up from 32.7% in end-2023.
- Post-revision of the Charity Code of Governance, Top 100 Institutions of a Public Character continue to make diversity in-roads, with the number of women directors growing to 31.5%, up from 31% as at end-2023. In aggregate, all IPCs have reached 34.1%.
Singapore, 30 May 2025 – The Council for Board Diversity (CBD) today released the Singapore Board Diversity Review, its study on gender diversity in the boardroom of companies listed on the Singapore Exchange (SGX), at Statutory Boards and at Institutions of a Public Character (IPCs), covering more than 1,360 organisations.
The study confirms the continued rise in women-held directorships across the private, public and people sectors, as well as offers new insights into board composition and director appointments.
Key highlights:
- Top 100 SGX-listed companies reached 25.1% women’s board participation in 2024, a three-fold increase from a decade ago, and above the 23.3% global average.
- Statutory boards and Top 100 IPCs, with higher starting points, raised women directorships by 11 percentage points and 4.2 percentage points to 34.3% and 31.8% respectively, since end-2018.
- More women are taking on board leadership roles, an indication of their active board contribution and effective leadership. Women held 17% of all board leadership roles (Board chair or Audit, Nominating or Remuneration committee chair) at Top 100 companies, up from 9% in 2018.
- A five-year analysis of directorship data observed that a board’s gender mix significantly improves when women serve as a Nominating committee (NC) chair or member. This was especially evident among smaller listed companies.
- SGX-listed companies appointed its largest pool of first-time directors (FTDs) in 2024. The 310 men and women bring broader diversity to the expanded board talent pool.
- Balance of experienced directors and infusion of new directors at listed companies and statutory boards are a good sign of more regular board rejuvenation.
