Women’s Representation on SGX-listed Companies Boards as at December 2016

The Diversity Action Committee (“DAC”) studied women’s representation of women on boards of SGX-listed companies in Singapore as at December 2016. Women’s representation on boards grew slightly to 9.9%.

  1. Women’s representation on boards by company size
    • Increase in women’s representation on boards (“WOB”) slowed in 2016. The slow increase is mainly attributable to stagnation among small market cap and Catalist companies.
    • Overall, the number of directorships declined in 2016 with a reduction in both in male and female directorships (-211 and -6, respectively). Only large and Catalist companies showed a net increase in women directorships (+5 and +2, respectively). This is the first time since DAC started collecting data (2013) that a net decrease in women directorships was seen. See Appendix A for details.

    20161230 stats - 1 WOB

  1. All-male boards remain prevalent in the market; more than half have all-male boards
    • Large market cap companies showed the greatest improvement for the last 5 years.

    20161230 stats - 2 AMB

    20161230 stats - 3 co size defn

  1. Companies with 2 or more female directors
    • Only 13% of SGX-listed companies have 2 or more female directors as at end 2016. Large market cap companies showed the largest improvement from 2014 to 2016.

    20161230 stats - 4 2wob

  1. Women’s representation on boards by industry
    • Small improvements were seen in WOB across many of the industry groups but WOB clustered between 7-12%, as in the previous years. Some industries where women make up a large proportion of customers remained below the market average of 9.9%.

    20161230 stats - 5 WOB industry

  1. Many consumer-facing industries still have all-male boards

    20161230 stats - 6 AMB industry

  1. Singapore trails behind other centres on international comparison…

    20161230 stats - 7 intl comparison


    … and the gap between Singapore and key markets is widening.

    20161230 stats - 8 SG Aust UK Index Stocks

    • Australia – Australian Institute of Company Directors
    • China, South Korea – Korn Ferry & CGIO ‘Diversity matters: Adding colour to boards in APAC’ (March 2015)
    • France – Catalyst ‘2014 Catalyst Census: Women Board Directors’
    • Germany – Lord Davies ‘Women on boards Davies Review: Five Year Summary’
    • Hong Kong – Webb-site.com ‘Distribution of HK-listed directorships per person’
    • India – NSE Infobase
    • Indonesia – CGIO ‘Indonesian Boardroom Diversity Report 2012 – Female Footprints in IDX-listed Companies’
    • Japan – Bloomberg Article ‘No Women on 90% of Japan Boards Belies Abe Equality Push’
    • Malaysia – Minority Shareholders Watchdog Group Malaysia
    • New Zealand – NZX Limited’s Diversity Statistics
    • Norway – Statistics Norway
    • Singapore – Handshakes
    • UK – Hampton-Alexander review ‘FTSE women leaders – initial report’
    • US – Spencer Stuart Board Index 2016
  1. List of 100 largest primary-listed companies’ women’s representation on board, as at December 2016

List of 100 co - 1

List of 100 co - 2

List of 100 co - 3

List of 100 co - 4

NL: The company had not been listed on the Singapore Exchange at that time.
  1. List of companies that added women onto boards in 2016
    • See list of companies that added women in 2016 here.
Appendix A: Details on number of additions and exits to directorships

20161230 stats - Appendix WOB numbers

Other Statistics Reports

Full Report on Women’s Representation on Boards of SGX-listed Companies

Top 100 Primary-Listed Companies’ Women’s Representation on Boards

Companies which added women to their boards