Progress of Women on BoardS
As at 31 Dec 2022
As at 31 Dec 2022
As at 31 Dec 2022
As at 30 Jun 2022
As at 30 Jun 2022
As at 30 Jun 2022
News Release
Diversity is gathering momentum among listed companies and statutory boards
- Women’s participation on boards (“WOB”) of the 100 largest companies listed on the Singapore Exchange (“SGX”) increased to 19.7 per cent as at 1 Jan 2022, from 17.6 per cent in Dec 2020.
- WOB of the 100 largest companies listed on SGX first increased to 18.9 per cent as at 31 Dec 2021, before rising further to 19.7 per cent on 1 Jan 2022.
- Women’s share of directorships at statutory boards rose to 29.7 per cent as at end-2021 following a net increase of 25 women directors.
- At the 100 largest Institutions of a Public Character (“Top 100 IPCs”), women’s share of directorships stayed broadly the same. It slipped 0.4 percentage points to 28.4 per cent due to changes in the constituents of the Top 100.
- The number of long-serving independent directors on the Top 100 companies decreased to 50, or 10 per cent of independent directors, at end-2021 from 87, or 17 per cent of independent directors, in 2020, reflecting improvements in board renewal in 22 companies.
- A key driver for board refreshment was the nine-year rule for independent directors, which took effect on 1 Jan 2022.
Highlights
Listed Companies A record 36 per cent of director appointments to the largest 100 companies’ boards in 2022 were women. Among first time directors, women accounted for even more, 45 per cent of the total, another record number.
The appointments raised women’s participation in directorships of the 100 largest companies to 21.5 per cent at end-2022. This was up by a strong 2.6 percentage points from 18.9 per cent at end-2021.
Statutory boards The proportion of women members on statutory boards reached a new high of 31.4 per cent at end-2022, continuing their rapid progress from 29.7 per cent at end-2021 and 23.3 per cent at end-2018.
Women made up 38 per cent of appointments to statutory boards in 2022, the highest yet.
Institutions of a Public Character (IPCs) At the 100 largest IPCs , women directors made up 29.3 per cent of the board at end-2022, up from 28.4 per cent at end-2021.
Singapore, 2 March 2023 – The Council for Board Diversity (“CBD”) today released its annual study of gender diversity in the boardroom of companies listed on Singapore Exchange, Institutions of a Public Character (“IPCs”) and statutory boards in Singapore, covering more than 1,300 organisations.
The study by CBD revealed that board diversity is gathering momentum in all sectors. New appointments to the largest 100 listed companies1 and to statutory boards2 reached almost 40 per cent of total appointments in 2022, a record high (36 per cent for companies, 38 per cent for statutory boards). Among first-time company directors, women’s appointments also reached a record high of 45 per cent.
Statutory boards achieved 31.4 per cent women’s participation on boards (“WOB”) as at end-2022, up 1.7 percentage points from 29.7 per cent a year earlier. Progress is rapid and determined, coming from only 23.3 per cent at the establishment of the CBD in 2019. For the 100 largest listed companies, women held 21.5 per cent of board seats at end-2022, an increase of 2.6 percentage points from 18.9 per cent the year before. The 100 largest Institutions of a Public Character3 (“Top 100 IPCs”) had 29.3 per cent of board seats held by women, an increase of 0.9 percentage points from 2021’s 28.4 per cent.
WOB on the Top 100 companies have progressed beyond the first leg of their target4, to the next stage of 25% by end 2025. Statutory boards have exceeded the 30% level and are looking at improving other aspects of diversity.
%WOB
As at 31 Dec 2022
As at 31 Dec 2021
First-time Director
As at 31 Dec 2018,
before CBD was established
Top 100 companies
21.5%
(181 / 842 seats)
18.9%
(157 / 831 seats)
First-time Director
15.2%
(130 / 854 seats)
Statutory boards
31.4%
(293 / 934 seats)
29.7%
(275 / 925 seats)
First-time Director
23.3%
(206 / 885 seats)
Top 100 IPCs
29.3%
(403 / 1376 seats)
28.4%
(400 / 1408 seats)
First-time Director
27.4%
(383 / 1400 seats)
%WOB
Top 100 companies
As at 31 Dec 2022
21.5%
(181 / 842 seats)
As at 31 Dec 2021
18.9%
(157 / 831 seats)
As at 31 Dec 2018
before CBD was established
15.2%
(130 / 854 seats)
Statutory boards
As at 31 Dec 2022
31.4%
(293 / 934 seats)
As at 31 Dec 2021
29.7%
(275 / 925 seats)
As at 31 Dec 2018
before CBD was established
23.3%
(206 / 885 seats)
Top 100 IPCs
As at 31 Dec 2022
29.3%
(403 / 1376 seats)
As at 31 Dec 2021
28.4%
(400 / 1408 seats)
As at 31 Dec 2018
before CBD was established
27.4%
(383 / 1400 seats)
None of the statutory boards are single gender, whereas there are still four all-male boards among the Top 100 IPCs, and 13 among the Top 100 companies. (See Annex A, Figure 2.)
Additionally, the study also shows that women chair 22 per cent of statutory boards, which is the highest among the three sectors. At the Top 100 company boards, nine per cent of boards are chaired by women, and 16 per cent of the Top 100 IPCs are chaired by women. (See Annex A, Figure 3.)
Our Statutory Boards have made good progress in improving the gender diversity of their Boards. With greater diversity in demographics, experience, and skillsets, there will be more robust discussions and decisions, taking into account a wider range of perspectives, to benefit Singapore and Singaporeans.
Mr Chan Chun Sing, Minister-in-charge of the Public Service.
Mrs Mildred Tan, Co-Chair of the CBD and Chair of Tote Board Singapore and Singapore University of Social Sciences Board of Trustees, said: “The Government’s commitment to lead by diversifying their statutory boards in various aspects, including skills, gender, and race has gained significant traction. This demonstrates that diversity on boards is a growing necessity for organizations to thrive in today’s environment and is achievable when there is a concerted effort to make it a priority.”
Mr Loh Boon Chye, Co-Chair, CBD and CEO, SGX Group, said: “With the business environment changing at a much faster pace than before, diversity of thought on a board has come to the fore as organisations seek to capitalise on new opportunities and navigate challenges. Many large companies and statutory boards are showing commitment to diversifying their boards to strengthen their capability. The Council for Board Diversity will closely engage key stakeholders on getting the benefits of board diversity to reinvigorate growth and advancement.”
Dr Gerard Ee, Chair of the Charity Council, said: “While it is difficult to look ahead and predict what lies ahead in the future, it is important that charities are able to remain relevant and adaptable to the changing needs of society. Charity boards should embrace the culture of continuously evaluating and revitalizing their boards, and ensure that they adequately represent the community it serves.”
More gender-balanced boards across people, public and private sectors
The number of gender-balanced boards, defined
as having 40 to 60 per cent of men or women, reached 20 per cent for statutory
boards and 22 per cent for Top 100 IPCs. The companies lag behind at 7 per
cent, but the number is still better than the previous high of 5 per cent.
Corporate review of board composition drives record percentage appointment of women to boards
The record appointment of women directors, at 36 per cent, may have been influenced by companies’ responding to the new Singapore Exchange Regulation (SGX RegCo) Rule requiring them to disclose the substance of their board diversity policy, with targets, plans and timelines, their progress and how board composition suits the business strategy of the company. These disclosures are in keeping with the spirit of sustainability and meets the best standards in governance globally. Having a better understanding of board leadership puts investors in a better position to assess the company’s prospects.
Companies also appointed more first-time women directors in 2022
47 per cent of board appointments in 2022 went to directors without any prior listed company board experience (i.e. first-time directors) among the Top 100 companies. This is the first instance where first-time women directors made up 45 per cent of those appointments. Previously, they made up 25 to 30 per cent of total first-time appointments. Among this year’s first-time directors, some have experience on boards of charities, unlisted companies, statutory boards; they were not entirely new to the director role. A few directors are executives in related companies. Organisations drawing directors from this broader pool more easily increase their board diversity.
Additionally, the number of Top 100 companies who appointed first-time women directors almost doubled to 20 in 2022, compared to 13 in 2021. This encouraging trend signals that the talent pool is growing. (See Annex B, point 6 for the full list of first-time directors appointed.)Top 100 Companies who appointed first-time women directors in 2022
1
11
First-time Director
2
12
First-time Director
3
13
First-time Director
4
14
First-time Director
5
15
First-time Director
6
16
First-time Director
7
17
First-time Director
8
18
First-time Director
9
19
First-time Director
10
20
First-time Director
Top 100 Companies who appointed first-time women directors in 2022
- CapitalLand Ascott Trust
- CapitaLand China Trust
- CapitaLand Integrated Commercial Trust
- CapitaLand Investment Limited
- City Developments Limited
- ESR-LOGOS REIT
- Fraser and Neave, Ltd
- Frasers Centrepoint Trust
- Hutchison Port Holdings Trust
- iFAST Corporation Ltd.
- Jardine Cycle & Carriage Ltd
- Mapletree Industrial Trust
- Pacific Century Regional Developments Limited
- SIA Engineering Company Limited
- The Hour Glass Limited
- Thomson Medical Group Limited
- Tianjin Pharmaceutical Da Ren Tang Group Corporation Limited
- United Overseas Bank Limited
- UOL Group Limited
- Yangzijiang Shipbuilding (Holdings) Ltd.
Board renewal encouraged among listed companies
The number of independent directors serving nine years or more on the Top 100 companies decreased, to 39, or 8 per cent of independent directors, at end-2022 from 101, or 21 per cent of independent directors, at end-2017 before the review of the Code of Corporate Governance. (Refer to Annex B, point 8 for more details.)
39 (across 26 companies)
8% (39 / 504)
50 (across 31 companies)
10% (50 / 509)
(the year before 9-year rule was introduced to SGX-Listing Rules)
101 (across 41 companies)
21% (101 / 477)
39 (across 26 companies)
8% (39 / 504)
50 (across 31 companies)
10% (50 / 509)
(the year before 9-year rule was introduced to SGX-Listing Rules)
101 (across 41 companies)
21% (101 / 477)
4 CBD set out its long term ambition for equal proportion of men and women directors on boards in 2019. It had also set WOB targets for the intermediate term, which take into consideration the different starting positions of each sector in terms of WOB:
- Top 100 primary-listed companies: 20% WOB by end 2020, 25% by end 2025, 30% by end 2030.
- Top 100 IPCs and statutory boards: 30% WOB as soon as possible.
