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Statistics as at Dec 2019

News Release

With more companies appointing women to their boards, those with few or no women on boards need to take decisive action : Council for Board Diversity

  • The 100 largest primary-listed companies on SGX1 achieved 16.2% women’s participation on boards (“WOB”) as at 31 December 2019.
  • There are only 19 all-male boards amongst the 100 largest primary-listed companies on SGX. This is a significant improvement from 2013 where half of these boards were all-male.
  • There is also progress among companies who already have women on their boards. This effort must be accelerated to keep pace with progress achieved in other countries.  Not just all-male boards but also the 40% of companies that have one woman on their boards have the opportunity to contribute.
  • Statutory Boards2 and Institutions of a Public Character3 (“IPCs”) made improvements, achieving 25.1% and 27.8% women’s participation on boards, respectively.

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Singapore: 17 March 2020 – Singapore’s Council for Board Diversity (“CBD”) announced that the largest 100 primary-listed companies on SGX1 (“Top 100 listed companies”) achieved 16.2% women’s participation on boards, as at end 2019, an improvement of one percentage point from the previous year.

All-male boards are now a small minority within the Top 100 listed companies – 19 did not have women on their boards as at end 2019, down from 50 in 2013. The significant decline in all-male boards indicates that the message of diversity is getting across to companies. The remaining 19 all-male boards must start taking decisive action, or risk being left behind. Most of these all-male boards never had a woman on the board.

In comparison, almost 40 of the Top 100 listed companies have one woman on board, as at end 2019. Companies with two or more women on their boards have also increased significantly, from 14 in 2013 to 42 in 2019. A few companies, namely Mapletree Commercial Trust, Singapore Telecommunications Limited and Singapore Post Limited, have four or more women on their boards.

Other countries have continued to show progress in women’s participation on boards. Even at 30% women on boards, the UK FTSE 100 companies are still progressing, improving by 2.8 percentage points to achieve 33.4% in February 2020, from 30.2% in 2018.4 The FTSE 350 companies achieved 30.6% in 2019, from 26.7% in 2018. Australia’s ASX200 companies also improved to 30.1% in 2019, from 29.7% in 2018.5

Board gender diversity in Singapore needs to improve, in order for Singapore to continue as a leading business and financial centre with exemplary governance levels. If all Top 100 listed company boards without women and those with one woman on board move towards having at least two woman directors, the Top 100 listed companies as a whole would reach 25% women on boards, based on an average board size of 8.5. This would bring Singapore closer to the levels seen in international markets and unequivocally show active diversity and a progressive mindset for these companies. The pace of increase needs to accelerate instead of slowing as it did in 2019 – the improvement was one percentage point in 2019, compared to the 2.1 and 2.2 percentage point improvements in 2018 and 2017 respectively.

Statutory Boards and Institutions of a Public Character

Statutory boards and Institutions of a Public Character (“IPC”) have also shown improvements in women’s participation on boards. Statutory boards2 showed the most progress among the three sectors, improving 1.8 percentage points to 25.1%, and Top 100 IPCs3 improved by 0.4 percentage points to 27.8% WOB as at end 2019.

Actions companies and organisations can take to further improve gender diversity on their boards  

Having a goal to have at least two to three women on their boards could be a start. Having one woman on the board is the first step in a transition to a gender diverse board, not the end goal. Multiple studies6 have shown that having a ‘critical mass’ of at least three women on board, or in general 30%, helps companies fully reap the benefits of gender diversity, as it changes the way women directors are able to share their insights, compared to being the lone female voice.

Companies and organisations could ensure that their nominating committee (“NC”) includes women board directors. Based on CBD’s study of listed companies’ board composition, boards with women on their NC seem more successful in finding women directors for their boards. As at end 2019, about a quarter of Top 100 listed companies that have women on the NC have boards with 30% or more WOB, compared to 7% for companies without women on the NC.

Companies in search for women board candidates could reach out to executive search firms who are able to conduct international search for the position. Companies in European countries have been looking across their shores for talent to contribute to their boards. Companies in Singapore could do the same.

CBD is also able to assist in recommending women board candidates. CBD members continually meet individual and groups of qualified women and would be able to suggest candidates to board-decision makers who may be looking for board directors with specific skillsets, where there is a fit.

Mr Loh Boon Chye, Co-Chair, CBD and CEO, Singapore Exchange, said, “We are glad that a significant number of companies have taken heed of the importance of having greater gender diversity and added women onto their boards. All-male boards are now the minority rather than the norm. We hope that all organisations will take steps to harness the benefits of diversity by having women on their boards and cultivating an environment that allows women to participate fully. We believe the discussion and process of decision-making can be further enriched as the proportion of women on boards increases.”

 

Mrs Mildred Tan, Co-Chair, CBD and Chairperson, National Volunteer and Philanthropy Centre, said, “Board skills and composition are key contributors to achievements in 2020 and beyond. CBD remains committed to working with organisations to improve diversity on their boards, especially in relation to gender. CBD members have met with a group of eminently qualified women who are willing to serve on boards. We continue to actively engage with board-decision makers who may be looking for board directors with different skillsets. We are happy to introduce some of the women to companies, where there is a fit.”

 

Confirming CBD’s findings that boards with women on their Nominating Committee look to be more successful in finding women to join their boards, Mr Lim Jit Poh, Chairman, ComfortDelgro Corporation Limited, SBS Transit Ltd and VICOM Ltd, said, “Diversity at the board level is critical for the long term success of the company. Increased diversity, be it in the form of gender, age, skills, experience or vocation, all serve to add dimension to the board. Women are able to bring to the table a different perspective as compared to their male counterparts. Likewise, having a diversified board in terms of age is also useful as the younger directors tend to view issues differently from their older counterparts. In Singapore, where the spirit of tripartism has worked successfully to shape the country’s success, having a diversified board with people from the labour movement and governmental experience ensures that we are never really distanced from key country and business issues. Having increased diversity on our boards has improved the robustness of discussions and decision-making at our boards as seen in our case with one woman to three per board. Having a woman in each of our Nominating Committees has also helped expand our pool of possible candidates during board searches.”

In Singapore, where the spirit of tripartism has worked successfully to shape the country’s success, having a diversified board with people from the labour movement and governmental experience ensures that we are never really distanced from key country and business issues. Having increased diversity on our boards has improved the robustness of discussions and decision-making at our boards as seen in our case with one woman to three per board. Having a woman in each of our Nominating Committees has also helped expand our pool of possible candidates during board searches.”

 

Describing how SATS Ltd views the matter of board diversity, Ms Euleen Goh, Chairman, SATS Ltd, said,“(Enhancing) All forms of board diversity, including gender diversity, is an important business imperative. For SATS, we saw that the variety and range of experiences, skill sets and insightful understanding of markets and customer segments have been critical components to board contributions to our business operations and strategy. All our directors have been chosen to complement the board strength and with specific relevance to our businesses and market places. I am delighted that, with 30% of women on the SATS board, there is broad and rigorous range of deliberations towards decision making by the company.”

 

Having recently added a woman director in January this year, Mr Ooi Sang Kuang, Chairman, Oversea-Chinese Banking Corporation Limited, said, “We have recently added a director onto our board who contributes both IT insights as well as a woman’s perspective. This adds to the breadth of expertise contributed by our current female director in the area of legal and corporate governance, which has been greatly beneficial. Having a second woman enhances diversity in decision-making and supports the bank’s strategy for the future.”

Key highlights of statistics relating to women’s participation on boards (“WOB”), as at 31 December 2019

Top 100 listed companies1 :

  1. Recorded a one percentage point increase in women’s participation on boards to 16.2% as at end 2019, from 15.2% as at end 2018. (Annex B, point 1)
  2. All-male boards are now a small minority with only 19 companies having no women on their boards, down from 50 in 2013. 39 companies have one woman on board, and 42 companies have two or more women on their boards, as at end 2019 (30 companies have two women, 12 have three or more women). (Annex B, point 2)
  3. Eight gender-diverse boards appointed more women onto their boards. (Annex B, point 3)
  4. Most first time directors were still male. In 2019, about 45% of appointments were first-time directors.7 However, close to 80% of these were male. (Annex B, point 5)
  5. Boards with women on their NC look to be more successful in finding women to join their boards. About 25% of Top 100 listed companies that have women on the NC have boards of 30% or more WOB, compared to 7% for companies without women on the NC. (Annex B, point 6)
  6. Most industry-sectors saw improvements in women’s participation on boards. As a whole, companies in the Telecommunications sector have the highest percentage of women on boards at 31%. (Annex B, point 8)

Statutory Boards2:

  1. Showed the best progress among the three sectors with a 1.8 percentage point increase in WOB to 25.1% as at end 2019, from 23.3% as at end 2018. (Annex C, point 1)
  2. 20 statutory boards which are already gender-diverse added one to two female directors each, resulting in a net increase of 25 women directors. (Annex C, point 2)
  3. There is only one all-male board.

Top 100 IPCs3:

  1. Improved by only 0.4 percentage points, but remains to be the sector with the highest WOB at 27.8%.
  2. 17 boards which were already gender-diverse further added between one to four female directors each, resulting in a net increase of 25 women directors. (Annex C, point 2)
  3. There are six all-male boards.

More opportunities for greater diversity through board refreshments. 

  1. Specifically, for Top 100 listed companies, there are opportunities in 41 companies as they have at least one independent director that had served on the board for nine years or more. (Annex B, point 7)
  2. Companies planning to appoint more women directors on their boards can look at a broader slate of male and female qualified board directors, and search beyond personal networks to enlarge the candidate pool. (Please refer to CBD’s Finding Women Directors for more resources)
[1] Refers to top 100 primary-listed companies by market capitalisation on the Singapore Exchange (SGX).
[2] Refers to all 65 statutory boards in Singapore.
[3] Refers to top 100 IPCs by donation receipts in Singapore. IPCs with gender specific objectives resulting in all-women boards are excluded.
[4] Source – Hampton-Alexander Review.
[5] Source – Australian Institute of Company Directors.
[6] Sources – The Tipping Point: Women on Boards and Financial Performance, Women on Boards Report 2016, MSCI;
Harvard Business Review, December 2006 (“How Many Women Do Boards Need?”, December 2006);
Social Sciences Research Network (“Gender Diversity in the Boardroom and Firm Performance: What Exactly Constitutes a ‘Critical Mass’?”)
[7] First-time directors refer to directors who have not previously served on listed company boards.

ANNEX A: OVERVIEW OF STATISTICS FOR LISTED COMPANIES, STATUTORY BOARDS AND INSTITUTIONS OF A PUBLIC CHARACTER (“IPCs”)

ANNEX B: STATISTICS FOR LISTED COMPANIES ON SGX, AS AT 31 DECEMBER 2019

1. The largest 100 primary-listed companies by market capitalisation (“Top 100 listed companies”) continued to outpace the market in increasing women’s participation on boards
  • Women’s participation in boards (“WOB”) of the Top 100 listed companies rose further to 16.2% as at end December 2019, from 15.2% as at end December 2018.
  • WOB for all SGX-listed companies rose to 11.8% as at end December 2019, from 11.3% as at end December 2018. (Figure 5)

2. More companies with women on boards, fewer all-male boards
  • Top 100 listed companies:
    • All-male boards are now a small minority among the Top 100 listed companies, with only 19 companies having no women on their boards, down from 50 in 2013. (Figure 6)
      • Year-on-year, there was a net reduction of six all-male boards, from 25 as at end 2018 to 19 as at end 2019. This was a result of seven top 100 listed companies adding one female director each (see Table 1), and one company becoming an all-male board during the period.
    • 39 have one woman on board, and 42 have two or more women on their boards, as at end 2019 (30 companies have two women, 12 have three or more women).
  • All SGX-listed companies: Proportion of all-male boards stayed at 48% in December 2019.

3. Eight gender-diverse companies added more women to their boards

4. Women made up a smaller proportion of board appointments to Top 100 listed companies in 2019, compared to the year before.
  • 17% of board appointments to top 100 listed companies in 2019 were women, compared to 24% in 2018.
  • For all SGX-listed companies, women made up 13% of board appointments in 2019, similar to 2018.

5. More first time directors appointed to boards, but most still men
  • About 45% of directors appointed to boards of Top 100 primary-listed companies in 2019 were first-time directors.8 However, close to 80% of these were men.
  • For all SGX-listed companies, 54% of directors appointed to boards in 2019 were first-time directors.

6. Boards with women on their NC look to be more successful in finding women to join their boards
  • About 25% of Top 100 listed companies with women on the NC have boards comprising 30% or more women. In comparison, only 7% of Top 100 listed companies without women on the NC have boards comprising 30% or more women. (Figure 9)
  • Similarly, for all SGX-listed companies, 23% of companies with women on the NC have boards comprising 30% or more women. Only 5% of companies without women on the NC have boards comprising 30% or more women.

7. Board renewal opportunity for companies that have independent directors with tenures of 9 years or more
  • 41% of Top 100 listed companies have at least one independent director that had served on the board for nine years or more. There are 85 of such directorships as at end 2019. 13 have served longer than 20 years. The longest tenure was 42 years.
  • Similarly, 46% of all SGX-listed companies have at least one independent director serving nine years or more. There are 601 of such directorships. 80 have served longer than 20 years. The longest tenure was 48 years.
8. Improvements seen across almost all industry-sectors
  • Women’s participation on boards cluster between 11 to 15% for Top 100 listed companies, and 10-14% for all SGX-listed companies.
  • As a whole, companies in the Telecommunications sector have the highest percentage of women on boards at 31%.

9. International Comparison

10. Ranking of Top 100 listed companies’ women’s participation on boards

Table 3: Top 100 listed companies’ women’s participation on boards as at 31 December 2019

Rank Company Name Industry No. of WOB end 2019 No. board seats end 2019 %WOB end 2019 %WOB end 2018 %WOB end 2017 Women Directors as at end 2019
1 Singapore Post Limited Industrials 4 9 7% 7% 40% Fang Ai Lian, Kong Sau Wai Elizabeth, Lim Cheng Cheng, Chu Swee Yeok
1 Singapore Telecommunications Limited Telecommunications 4 9 7% 36% 33% Christina Hon Kwee Fong (Christina Ong), Chua Sock Koong, Teo Swee Lian, Gail Patricia Kelly
3 Lendlease Global Commercial REIT REITs 2 5 40% NL NL Lee Ai Ming, Ng Hsueh Ling
4 Mapletree Commercial Trust REITs 5 13 38% 33% 40% Kwa Kim Li, Ng Lee Hoon Amy, Seah Bee Eng @ Jennifer Loh, Sharon Lim Hwee Li, Koh Mui Ai Wendy
5 Parkway Life REIT REITs 3 8 38% 38% 38% Cheah Sui Ling, Jennifer Lee Gek Choo, Rossana Annizah Binti Ahmad Rashid
6 Hutchison Port Holdings Trust Industrials 3 9 33% 33% 33% Rutd Sin Ling Tsim, Shih Editd, Sng Sow-Mei
6 Mapletree Nortd Asia Commercial Trust REITs 3 9 33% 22% 25% Cindy Chow Pei Pei, Tan Su Shan, Koh Mui Ai Wendy
6 Far East Hospitality Trust REITs 2 6 33% 20% 0% Vivienne Lim Hui Bian, Catherine Lee Khia Yee
9 ComfortdelGro Corporation Limited Industrials 3 10 30% 20% 22% Sum Wai Fun Adeline, tdam Ee Mern Lilian, Jessica Cheam
9 SATS Ltd. Industrials 3 10 30% 22% 18% Euleen Goh Yiu Kiang, Jessica Tan Soon Neo, Jenny Lee Hong Wei
9 SBS Transit Ltd Industrials 3 10 30% 20% 22% Lee Sok Koon Constance, Susan Kong Yim Pui, Chua Mui Hoong
9 Singapore Exchange Limited Financial Services 3 10 30% 27% 30% Chew Gek Khim, Chng Sok Hui, Jane Diplock
13 Ascott Residence Trust REITs 2 7 29% 29% 29% Beh Siew Kim, Elaine Carole Young
13 Keppel Infrastructure Trust Utilities 2 7 29% 29% 17% Christina Tan Hua Mui, Cindy Lim Joo Ling
13 Keppel REIT REITs 2 7 29% 33% 29% Christina Tan Hua Mui, Penny Goh @ Lee Yoke Sim Penny
13 OUE Commercial Real Estate Investment Trust REITs 2 7 29% 33% 33% Tan Shu Lin, Usha Ranee Chandradas
13 Prime US REIT REITs 2 7 29% NL NL Cheng Ai Phing, Professor Annie Koh
13 SPH REIT REITs 2 7 29% 29% 29% Ginney Lim May Ling, Hoo Sheau Farn
19 StarHub Ltd Telecommunications 3 12 25% 27% 17% Michelle Lee Gutdrie, Ng Shin Ein, Nayantara Bali
19 CapitaLand Commercial Trust REITs 2 8 25% 25% 11% Jessica Tan Soon Neo, Quek Bin Hwee
19 City Developments Limited Real Estate (excl. REITs) 2 8 25% 29% 17% Jenny Lim Yin Nee, Tan Yee Peng
19 Hi-P International Limited Industrials 2 8 25% 33% 33% Leong Lai Peng, Wong Huey Fang
19 NetLink NBN Trust Telecommunications 2 8 25% 25% 13% Koh Kah Sek, Ku Xian Hong
19 Pacific Century Regional Developments Limited Financial Services 2 8 25% 25% 25% Frances Waikwun Wong, Laura Raquel Deal-Lacey
19 Suntec Real Estate Investment Trust REITs 2 8 25% 29% 29% Chew Gek Khim, Yu-Foo Yee Shoon
19 tde Straits Trading Company Limited Materials & Resources 2 8 25% 25% 25% Chew Gek Hiang, Chew Gek Khim
19 Venture Corporation Limited Technology (Hardware/ Software) 2 8 25% 22% 0% Kuok Oon Kwong, Tan Seok Hoong @Mrs Audrey Liow
19 Yanlord Land Group Limited Real Estate (excl. REITs) 2 8 25% 25% 25% Chan Yiu Ling, Ng Shin Ein
29 Ascendas Real Estate Investment Trust REITs 2 9 22% 22% 25% Chong Chiet Ping, Lim Sau Hoong
29 Singapore Press Holdings Limited Consumer Cyclicals 2 9 22% 33% 33% Janet Ang Guat Har, Tan Yen Yen
31 GuocoLand Limited Real Estate (excl. REITs) 2 10 20% 20% 20% Jennie Chua Kheng Yeng, Lim Suat Jien
31 Jardine Cycle & Carriage Ltd Consumer Cyclicals 2 10 20% 17% 15% Lim Hwee Hua, Vimala a/p V.R. Menon
31 Sheng Siong Group Ltd. Consumer Non-Cyclicals 2 10 20% 20% 11% Lin Ruiwen, Tan Poh Hong
31 Silverlake Axis Ltd Technology (Hardware/ Software) 2 10 20% 20% 22% Datuk Yvonne Chia, Goh Shiou Ling
31 Wing Tai Holdings Limited Real Estate (excl. REITs) 2 10 20% 10% 11% Tan Hwee Bin, Mildred Tan-Sim Beng Mei
31 Bumitama Agri Ltd. Consumer Non-Cyclicals 1 5 20% 17% 17% Lim Christina Hariyanto
31 Cromwell European REIT REITs 1 5 20% 20% 20% Fang Ai Lian
31 GL Limited Consumer Cyclicals 1 5 20% 20% 17% Jennie Chua Kheng Yeng
39 DBS Group Holdings Ltd Financial Services 2 11 18% 18% 20% Euleen Goh Yiu Kiang, Woo Foong Pheng
39 Mapletree Industrial Trust REITs 2 11 18% 7% 10% Mary Yeo Chor Gek, Koh Mui Ai Wendy
39 Mapletree Logistics Trust REITs 2 11 18% 18% 17% Ng Kiat, Penny Goh @ Lee Yoke Sim Penny
39 Raffles Medical Group Ltd Healtdcare 2 11 18% 17% 10% Sarah Lu Qinghui, Wee Beng Geok
39 SembCorp Industries Ltd Utilities 2 11 18% 18% 10% Margaret Lui, Dr Josephine Kwa Lay Keng
44 tdai Beverage Public Company Limited Consumer Non-Cyclicals 3 17 18% 25% 11% Khunying Wanna Sirivadhanabhakdi, Kritika Kongsompong, Potjanee tdanavaranit
45 Bukit Sembawang Estates Limited Real Estate (excl. REITs) 1 6 17% 17% 17% Fam Lee San
45 CDL Hospitality Trusts REITs 1 6 17% 17% 17% Cheah Sui Ling
45 Fragrance Group Limited Real Estate (excl. REITs) 1 6 17% 17% 17% Grace Lim Wan Looi
45 Frasers Centrepoint Trust REITs 1 6 17% 0% 0% Koh Choon Fah
45 Frasers Commercial Trust REITs 1 6 17% 0% 0% Soh Onn Cheng Margaret Jane
45 Genting Singapore Limited Consumer Cyclicals 1 6 17% 17% 0% Chan Swee Liang Carolina
51 Fraser and Neave, Ltd Consumer Non-Cyclicals 2 14 17% 17% 18% Khunying Wanna Sirivadhanabhakdi, Siripen Sitasuwan
51 Ascendas India Trust REITs 1 7 17% 11% 0% Zia Mody
51 China Everbright Water Limited Utilities 1 7 17% 17% 29% Cheng Fong Yee Fonda
51 First Sponsor Group Limited Real Estate (excl. REITs) 1 7 17% 17% 17% Ting Ping Ee Joan Maria
51 Keppel DC REIT REITs 1 7 17% 17% 13% Christina Tan Hua Mui
51 Manulife US Real Estate Investment Trust REITs 1 7 17% 17% 17% Veronica Julia McCann
57 Ho Bee Land Limited Real Estate (excl. REITs) 1 8 13% 13% 13% Choo Poh Hua Josephine
57 Hotel Grand Central Limited Consumer Cyclicals 1 8 13% 13% 13% Tan Hwa Lian
57 Japfa Ltd. Consumer Non-Cyclicals 1 8 13% 17% 17% Lien Siaou-Sze
57 Sasseur Real Estate Investment Trust REITs 1 8 13% 13% NL Yang Xue
61 Ascendas Hospitality Trust REITs 1 9 11% 11% 11% Deborah Lee Siew Yin
61 CapitaLand Mall Trust REITs 1 9 11% 0% 0% Teo Swee Lian
61 CapitaLand Retail China Trust REITs 1 9 11% 11% 0% Kuan Li Li
61 China Aviation Oil (Singapore) Corporation Ltd Energy/ Oil & Gas 1 9 11% 11% 11% Bella Young Pit Lai
61 First Resources Limited Consumer Non-Cyclicals 1 9 11% 17% 13% Wong Su-Yen
61 Singapore Airlines Limited Industrials 1 9 11% 0% 0% Goh Swee Chen
61 Tianjin Zhong Xin Pharmaceutical Group Corporation Limited Healtdcare 1 9 11% 29% 17% Yu Hong
68 ESR-REIT REITs 1 10 10% 0% 0% Stefanie Yuen tdio
68 Great Eastern Holdings Limited Financial Services 1 10 10% 10% 10% Teoh Lian Ee
68 Keppel Corporation Limited Industrials 1 10 10% 10% 11% Veronica Eng Siang Yang
68 SIA Engineering Company Limited Industrials 1 10 10% 10% 9% Christina Hon Kwee Fong (Christina Ong)
68 Sinarmas Land Limited Real Estate (excl. REITs) 1 10 10% 10% 13% Margaretda Natalia Widjaja
68 United Overseas Bank Limited Financial Services 1 10 10% 9% 8% Lim Hwee Hua
74 CapitaLand Limited Real Estate (excl. REITs) 1 11 9% 20% 17% Goh Swee Chen
74 Frasers Property Limited Real Estate (excl. REITs) 1 11 9% 9% 9% Khunying Wanna Sirivadhanabhakdi
74 Oversea-Chinese Banking Corporation Limited Financial Services 1 11 9% 10% 10% Christina Hon Kwee Fong (Christina Ong)
74 SembCorp Marine Limited Industrials 1 11 9% 9% 9% Gina Lee-Wan
78 Hong Leong Finance Limited Financial Services 1 12 8% 0% 0% Tan Siew San
78 Singapore Technologies Engineering Ltd Industrials 1 12 8% 8% 8% Song Su-Min
80 Olam International Limited Consumer Non-Cyclicals 1 13 8% 10% 20% Marie Elaine Teo
81 Wilmar International Limited Consumer Non-Cyclicals 1 14 7% 0% 0% Teo La-Mei
82 CITIC Envirotech Ltd Industrials 0 8 0% 0% 0% –
82 Frasers Hospitality Trust REITs 0 6 0% 0% 0% –
82 Frasers Logistics & Industrial Trust REITs 0 6 0% 0% 0% –
82 Golden Agri-Resources Ltd Consumer Non-Cyclicals 0 8 0% 0% 0% –
82 Haw Par Corporation Limited Healtdcare 0 11 0% 0% 0% –
82 Hotel Properties Limited Consumer Cyclicals 0 8 0% 0% 0% –
82 Keppel Pacific Oak US REIT REITs 0 5 0% 0% 0% –
82 OUE Limited Real Estate (excl. REITs) 0 6 0% 0% 0% –
82 Oxley Holdings Limited Real Estate (excl. REITs) 0 6 0% 0% 0% –
82 Perennial Real Estate Holdings Limited Real Estate (excl. REITs) 0 7 0% 0% 0% –
82 Starhill Global Real Estate Investment Trust REITs 0 6 0% 0% 0% –
82 United Engineers Limited Real Estate (excl. REITs) 0 6 0% 0% 0% –
82 United Industrial Corporation Limited Real Estate (excl. REITs) 0 12 0% 0% 0% –
82 UOB Kay Hian Holdings Limited Financial Services 0 6 0% 0% 0% –
82 UOL Group Limited Real Estate (excl. REITs) 0 9 0% 0% 0% –
82 Yangzijiang Shipbuilding (Holdings) Ltd. Industrials 0 5 0% 0% 0% –
82 AIMS APAC REIT # REITs 0 5 0% 0% 0% –
82 Thomson Medical Group Limited # Healtdcare 0 6 0% 13% 17% –
82 Zheneng Jinjiang Environment Holding Company Limited # Industrials 0 7 0% 17% 13% –
NL: The company had not been listed on the Singapore Exchange at that time.
#: These companies previously had women on their boards from the period 2013 to Dec 2019.
[8] First-time directors refer to directors who have not previously served on listed company boards.
Sources of data for Annex B:
  • Listed company data was collected from all SGX-listed companies’ announcements reported to SGX, from 2013 up to 31 December 2019 (inclusive). Data does not reflect any disclosures after 31 December 2019.
  • Sources of country-specific information on women’s participation on boards:
    • Australia – Australian Institute of Company Directors
    • Germany – German Institute for Economic Research DIW Weekly Report 4+5/2020, ‘Women Executives Barometer 2020’
    • Hong Kong SAR – Webb-Site.com
    • India – NSE Infobase
    • Japan, Malaysia – 30% Club
    • New Zealand – NZX Limited’s Diversity Statistics
    • Norway – Statistics Norway
    • Singapore – Council for Board Diversity
    • UK – Gov.UK Press Release, 8 February 2020, ‘Third of FTSE 100 board members now women, but Business Secretary says more needs to be done’
    • US – ISS Analytics via Washington Post article ‘After years of ‘glacial’ change, women now hold more than 1 in 4 corporate board seats’ published on 17 July 2019

ANNEX C: STATISTICS FOR STATUTORY BOARDS AND INSTITUTIONS OF A PUBLIC CHARACTER (“IPCs”)

1. Statutory boards and IPCs showed improvements in women’s participation on boards
  • Statutory boards9 showed the most progress among the three sectors, rising 1.8 percentage points to 25.1%.
  • The 100 Institutions of a Public Character with the largest amount of donation receipts (“Top 100 IPCs”)10 improved by 0.4 percentage points to 27.8%.

2. Some gender-diverse boards appointed more women directors
  • 20 statutory boards, which are already gender-diverse, further added a total of 25 women directors.

  • 17 top 100 IPCs, which are already gender-diverse, further added a total of 25 women directors.

3. Number of all-male boards among statutory boards and IPCs remained relatively unchanged
  • Statutory boards: One all-male board remaining as at end 2019.
  • Top 100 IPCs: Increase of one all-male IPC board from a total of five as at end 2018 to six as at end 2019, due to the inclusion of an IPC that was formerly not within the top 100.

4. Improvements seen across almost all ministries in statutory boards and sectors within IPCs

[9] Refers to all 65 statutory boards in Singapore.
[10] IPCs with gender specific objectives resulting in all-women boards are excluded.

Sources of data for Annex A and C:
  • Listed companies: collected from all SGX-listed companies’ announcements reported to SGX, from 2013 up to 31 December 2019 (inclusive). Data does not reflect any disclosures after 31 December 2019.
  • Statutory boards: collected from government directory and Public Service Division.
  • Institutions of a Public Character: collected from Charity Portal.

Statistics Reports

For SGX-listed Companies, Statutory Boards and IPCs

Dec 2019  Jun 2019

For SGX-listed Companies

Dec 2018  Jun 2018  Dec 2017  Jun 2017  Dec 2016  Jun 2016  Dec 2015  June 2015  Dec 2014