Statistics as at Jun 2019

News Release

CBD reports progress on board appointments of women across leading listed companies, statutory boards and IPCs in 1H 2019

  • Listed companies1 continue to add women directors to their boards, rising 0.5 percentage points to 15.7%
  • Statutory boards2 added even more women, rising 1.2 percentage points to 24.5% with a net increase of 12 women directorships
  • Institutions of a Public Character (IPCs)3 were unchanged at 27.4%
  • All-male boards reduced by four among the 100 largest listed companies, but 21 still remain
  • 20% by end 2020 target for listed companies is attainable if Board decision-makers take proactive and decisive action to widen board gender diversity

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Singapore: 12 September 2019 – The Council for Board Diversity (CBD) reported that women on boards (WOB) for the first six months of 2019 increased by 0.5 percentage points to 15.7% among the top 100 primary-listed companies on SGX, and by 1.2 percentage points to 24.5% among statutory boards, compared to six months ago. WOB for the top 100 IPCs remained unchanged at 27.4%. (Table 1)

Following its establishment in January 20194 with a wide mandate to cover listed companies, statutory boards and IPCs in Singapore, CBD has set out its long term ambition for equal proportion of men and women directors on boards. To create a momentum of change, top 100 primary-listed companies and IPCs as well as statutory boards are urged to lead the way and demonstrate the compelling benefits of having WOB to smaller organisations. Accordingly, CBD has set multiple WOB targets as follows for the immediate term, which take into consideration the different5 starting positions in board gender diversity:

  • Top 100 primary-listed companies to achieve the first tier of 20% WOB by end 2020; all listed companies to achieve 25% by end 2025 and 30% by end 20306;
  • Top 100 IPCs and statutory boards to achieve 30% WOB as soon as possible.

Co-Chair, CBD and CEO, Singapore Exchange, Mr Loh Boon Chye, said, “We commend the progress made by all three sectors in appointing women directors in the first half of 2019, particularly statutory boards which improved the most. Encouragingly, across all three sectors, organisations that were already supportive of board gender diversity further added women directors, and this reflects widening commitment to board gender diversity. CBD believes its mission to increase board gender diversity is not a destination, but a journey. We look forward to working with organisations and partners to drive continued positive developments in the next round of board appointments.”

Co-Chair, CBD and Chairperson, National Volunteer and Philanthropy Centre, Mrs Mildred Tan, said, “CBD has intensified its efforts to engage in direct conversations with board decision-makers as it is timely for organisations to refresh their board and strengthen board composition, by looking for directors that bring a broader range of diversities and in-demand skills to take them into the future.”

In addition, CBD is proactively expanding the pipeline of senior women executives with board potential and connecting qualified women director candidates to companies.

Chairman, DBS Group Holdings Ltd and Singapore Airlines Limited, Mr Peter Seah, said, “Board renewal and diversity are increasingly expected as hallmarks of well-managed boards and progressive corporate stewards. Leaders can take proactive and decisive action now to stay ahead of the curve amidst market uncertainties and global competition.”

Key highlights of women’s board appointments in 1H 2019

  1. Top 100 listed companies recorded a 0.5 percentage point increase in WOB to 15.7%. Five of these companies, which are already gender-diverse, further added a woman director each (Table 2). All-male boards reduced by four, to 21. (Table 4).
  2. Statutory Boards made the best progress among the three sectors with a 1.2 percentage point increase in WOB to 24.5%, due to a net increase of 12 women directorships and net decrease of nine male directorships.15 statutory boards which are already gender-diverse further added a total of 16 women directors (Table 3).
  3. Top 100 IPCs remained unchanged in WOB but at 27.4% fared the best among the three sectors. Six IPCs boards which are already gender-diverse further added a total of 11 women directors.
  4. More to go across the three sectors, but some have achieved CBD’s immediate WOB targets:
    a) 36 of top 100 listed companies have achieved the first-tier target of at least 20% WOB
    b) 15 of 64 statutory boards have reached 30% or more WOB, up from 12
    c) 40 of top 100 IPCs have achieved 30% WOB

More opportunities to improve diversity through proactive, future-focused board refreshment

With the nine-year tenure rule for Independent Directors (ID) taking effect on 1 January 20227, the onus is now on Singapore listed companies with IDs that have served nine years or more to pick up the pace of increasing board independence. As at 30 June 2019, 98 independent directors8 among the top 100 listed companies have served on the boards for at least nine years.

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), or ‘top 100 listed companies’.
[2]Refers to 64 statutory boards in Singapore.
[3]Refers to top 100 IPCs by donation receipts in Singapore, or ‘top 100 IPCs’.
[4]Press release “New Council for Board Diversity to increase women’s representation on boards”, January 2019.
[5]Statutory boards and IPCs on average start at a higher %WOB base of above 20%, as compared to listed companies.
[6]CBD continues to adopt the triple tier target recommended by the Diversity Action Committee in 2017 for SGX-listed companies.
[7]Channel NewsAsia, 6 August 2018, “SGX amends listing rules after MAS revises corporate governance code
[8]Refer to directorships (board seats).

– END –

Annex: Statistics as at 1H 2019

  1. Statutory boards made the most progress in appointing women directors

    • Five top 100 listed company boards which are already gender-diverse further added a woman director each.
    • 15 statutory boards which are already gender-diverse further added a total of 16 women directors.
    • Six IPCs which are already gender-diverse further added a total of 11 women directors.
  1. All-male boards reduced among listcos and IPCs in 1H 2019
    • Companies: Reduction of four all-male boards, from 25 as at December 2018 to 21 as at June 2019. This was the result of five top 100 listed companies adding one female director each and one all-male board joining the category during the period.
    • IPCs: Reduction of one all-male IPC board from a total of five to four.
    • Statutory boards: There is one all-male board remaining as at end June 2019.
  1. Top 100 listed companies’ women’s participation on boards as at 30 June 2019

    Table 5: List of top 100 listed companies’ women’s’ participation on boards as at 30 June 2019

    Company Name Industry No. of WOB Jun 2019 No. board seats Jun 2019 %WOB Jun 2019 %WOB end 2018 %WOB end 2017 Women Directors as at Jun 2019
    Singapore Post Limited Transportation 4 9 44% 44% 40% Fang Ai Lian, Kong Sau Wai Elizabeth, Lim Cheng Cheng, Chu Swee Yeok
    Mapletree Commercial Trust Real Estate 4 12 33% 33% 40% Kwa Kim Li, Ng Lee Hoon Amy, Seah Bee Eng @ Jennifer Loh, Sharon Lim Hwee Li
    Singapore Telecommunications Limited Telecommunication Services 4 12 33% 36% 33% Christina Hon Kwee Fong (Christina Ong), Chua Sock Koong, Teo Swee Lian, Gail Patricia Kelly
    Parkway Life REIT Real Estate 3 8 38% 38% 38% Cheah Sui Ling, Jennifer Lee Gek Choo, Rossana Annizah Binti Ahmad Rashid
    Hutchison Port Holdings Trust Transportation 3 9 33% 33% 33% Ruth Sin Ling Tsim, Shih Edith, Sng Sow-Mei
    ComfortDelGro Corporation Limited Transportation 3 10 30% 20% 22% Sum Wai Fun Adeline, Tham Ee Mern Lilian, Jessica Cheam
    SATS Ltd. Transportation 3 10 30% 22% 18% Euleen Goh Yiu Kiang, Jessica Tan Soon Neo, Jenny Lee Hong Wei
    SBS Transit Ltd Transportation 3 10 30% 20% 22% Lee Sok Koon Constance, Susan Kong Yim Pui, Chua Mui Hoong
    Singapore Press Holdings Limited Media & Entertainment 3 10 30% 33% 33% Chong Siak Ching, Janet Ang Guat Har, Tan Yen Yen
    Singapore Exchange Limited Diversified Financials 3 11 27% 27% 30% Chew Gek Khim, Chng Sok Hui, Jane Diplock
    StarHub Ltd Telecommunication Services 3 12 25% 27% 17% Michelle Lee Guthrie, Ng Shin Ein, Nayantara Bali
    Thai Beverage Public Company Limited Food, Beverage & Tobacco 3 17 18% 25% 11% Khunying Wanna Sirivadhanabhakdi, Kritika Kongsompong, Potjanee Thanavaranit
    ARA US Hospitality Trust Real Estate 2 5 40% NL NL Stefanie Yuen Thio, Cheryl Seow Bee Lian
    Hi-P International Limited Technology Hardware & Equipment 2 6 33% 33% 33% Leong Lai Peng, Wong Huey Fang
    Keppel REIT Real Estate 2 6 33% 33% 29% Christina Tan Hua Mui, Penny Goh @ Lee Yoke Sim Penny
    OUE Commercial Real Estate Investment Trust Real Estate 2 6 33% 33% 33% Tan Shu Lin, Usha Ranee Chandradas
    Ascott Residence Trust Real Estate 2 7 29% 29% 29% Beh Siew Kim, Elaine Carole Young
    Keppel Infrastructure Trust Utilities 2 7 29% 29% 17% Christina Tan Hua Mui, Cindy Lim Joo Ling
    SPH REIT Real Estate 2 7 29% 29% 29% Ginney Lim May Ling, Hoo Sheau Farn
    CapitaLand Commercial Trust Real Estate 2 8 25% 25% 11% Jessica Tan Soon Neo, Quek Bin Hwee
    City Developments Limited Real Estate 2 8 25% 29% 14% Jenny Lim Yin Nee, Tan Yee Peng
    GSH Corporation Limited Real Estate 2 8 25% 25% 25% Huang Lui, Juliette Lee Hwee Khoon
    Netlink NBN Trust Telecommunication Services 2 8 25% 25% 13% Koh Kah Sek, Ku Xian Hong
    Pacific Century Regional Developments Limited Diversified Financials 2 8 25% 25% 25% Frances Waikwun Wong, Laura Raquel Deal-Lacey
    Suntec Real Estate Investment Trust Real Estate 2 8 25% 29% 29% Chew Gek Khim, Yu-Foo Yee Shoon
    The Straits Trading Company Limited Materials 2 8 25% 25% 25% Chew Gek Hiang, Chew Gek Khim
    Venture Corporation Limited Technology Hardware & Equipment 2 8 25% 22% 0% Kuok Oon Kwong, Tan Seok Hoong @Mrs Audrey Liow
    Yanlord Land Group Limited Real Estate 2 8 25% 25% 25% Chan Yiu Ling, Ng Shin Ein
    Ascendas Real Estate Investment Trust Real Estate 2 9 22% 22% 25% Chong Chiet Ping, Lim Sau Hoong
    Mapletree North Asia Commercial Trust Real Estate 2 9 22% 22% 25% Cindy Chow Pei Pei, Tan Su Shan
    GuocoLand Limited Real Estate 2 10 20% 20% 20% Jennie Chua Kheng Yeng, Lim Suat Jien
    Sheng Siong Group Ltd. Food & Staples Retailing 2 10 20% 20% 11% Lin Ruiwen, Tan Poh Hong
    Silverlake Axis Ltd Software & Services 2 10 20% 20% 22% Datuk Yvonne Chia, Goh Shiou Ling
    Wing Tai Holdings Limited Real Estate 2 10 20% 10% 11% Tan Hwee Bin, Mildred Tan-Sim Beng Mei
    DBS Group Holdings Ltd Banks 2 11 18% 18% 20% Euleen Goh Yiu Kiang, Woo Foong Pheng
    Jardine Cycle & Carriage Ltd Retailing 2 11 18% 17% 15% Lim Hwee Hua, Vimala a/p V.R. Menon
    Mapletree Logistics Trust Real Estate 2 11 18% 18% 17% Ng Kiat, Penny Goh @ Lee Yoke Sim Penny
    Raffles Medical Group Ltd Health Care Equipment & Services 2 11 18% 17% 10% Sarah Lu Qinghui, Wee Beng Geok
    SembCorp Industries Ltd Capital Goods 2 11 18% 18% 10% Margaret Lui, Dr Josephine Kwa Lay Keng
    Fraser and Neave, Ltd Food, Beverage & Tobacco 2 14 14% 14% 18% Khunying Wanna Sirivadhanabhakdi, Siripen Sitasuwan
    Cromwell European REIT Real Estate 1 5 20% 20% 20% Fang Ai Lian
    Far East Hospitality Trust Real Estate 1 5 20% 20% 0% Vivienne Lim Hui Bian
    GL Limited Consumer Services 1 5 20% 20% 17% Jennie Chua Kheng Yeng
    Bumitama Agri Ltd. Food, Beverage & Tobacco 1 6 17% 17% 17% Lim Christina Hariyanto
    CDL Hospitality Trusts Real Estate 1 6 17% 17% 17% Cheah Sui Ling
    Genting Singapore Limited Consumer Services 1 6 17% 14% 0% Chan Swee Liang Carolina
    Bukit Sembawang Estates Limited Real Estate 1 7 14% 14% 14% Fam Lee San
    China Everbright Water Limited Utilities 1 7 14% 14% 29% Cheng Fong Yee Fonda
    China Jinjiang Environment Holding Company Limited Utilities 1 7 14% 14% 13% Wang Yuanluo
    First Sponsor Group Limited Real Estate 1 7 14% 14% 14% Ting Ping Ee Joan Maria
    Keppel DC REIT Real Estate 1 7 14% 17% 13% Christina Tan Hua Mui
    Manulife US Real Estate Investment Trust Real Estate 1 7 14% 17% 14% Veronica Julia McCann
    Tianjin Zhong Xin Pharmaceutical Group Corporation Limited Pharmaceuticals, Biotechnology & Life Sciences 1 7 14% 29% 17% Yu Hong
    First Resources Limited Food, Beverage & Tobacco 1 8 13% 14% 13% Wong Su-Yen
    Ho Bee Land Limited Real Estate 1 8 13% 13% 13% Choo Poh Hua Josephine
    Hotel Grand Central Limited Consumer Services 1 8 13% 13% 13% Tan Hwa Lian
    Japfa Ltd. Food, Beverage & Tobacco 1 8 13% 14% 14% Lien Siaou-Sze
    Sasseur Real Estate Investment Trust Real Estate 1 8 13% 13% NL Yang Xue
    Ascendas Hospitality Trust Real Estate 1 9 11% 11% 11% Deborah Lee Siew Yin
    Ascendas India Trust Real Estate 1 9 11% 11% 0% Zia Mody
    CapitaLand Mall Trust Real Estate 1 9 11% 0% 0% Teo Swee Lian
    CapitaLand Retail China Trust Real Estate 1 9 11% 11% 0% Kuan Li Li
    China Aviation Oil (Singapore) Corporation Ltd Energy 1 9 11% 11% 11% Bella Young Pit Lai
    Singapore Airlines Limited Transportation 1 9 11% 0% 0% Goh Swee Chen
    CapitaLand Limited Real Estate 1 10 10% 20% 17% Goh Swee Chen
    ESR-REIT Real Estate 1 10 10% 0% 0% Stefanie Yuen Thio
    Great Eastern Holdings Limited Insurance 1 10 10% 10% 10% Teoh Lian Ee
    Keppel Corporation Limited Capital Goods 1 10 10% 10% 11% Veronica Eng Siang Yang
    Olam International Limited Food & Staples Retailing 1 10 10% 10% 20% Marie Elaine Teo
    Oversea-Chinese Banking Corporation Limited Banks 1 10 10% 10% 10% Christina Hon Kwee Fong (Christina Ong)
    SIA Engineering Company Limited Transportation 1 10 10% 10% 9% Christina Hon Kwee Fong (Christina Ong)
    Sinarmas Land Limited Real Estate 1 10 10% 10% 13% Margaretha Natalia Widjaja
    United Overseas Bank Limited Banks 1 10 10% 9% 8% Lim Hwee Hua
    Frasers Property Limited Real Estate 1 11 9% 9% 9% Khunying Wanna Sirivadhanabhakdi
    SembCorp Marine Limited Capital Goods 1 11 9% 9% 9% Gina Lee-Wan
    Hong Leong Finance Limited Diversified Financials 1 12 8% 0% 0% Tan Siew San
    Singapore Technologies Engineering Ltd Capital Goods 1 12 8% 8% 8% Song Su-Min
    Wilmar International Limited Food, Beverage & Tobacco 1 13 8% 0% 0% Teo La-Mei
    Mapletree Industrial Trust Real Estate 1 14 7% 7% 10% Mary Yeo Chor Gek
    AIMS APAC REIT # Real Estate 0 5 0% 0% 0%
    Cache Logistics Trust # Real Estate 0 5 0% 13% 11%
    Frasers Centrepoint Trust Real Estate 0 6 0% 0% 0%
    Frasers Commercial Trust Real Estate 0 6 0% 0% 0%
    Frasers Hospitality Trust Real Estate 0 6 0% 0% 0%
    Frasers Logistics & Industrial Trust Real Estate 0 6 0% 0% 0%
    Golden Agri-Resources Ltd Food, Beverage & Tobacco 0 8 0% 0% 0%
    Haw Par Corporation Limited Pharmaceuticals, Biotechnology & Life Sciences 0 11 0% 0% 0%
    Hotel Properties Limited Consumer Services 0 8 0% 0% 0%
    Keppel-KBS US REIT Real Estate 0 5 0% 0% 0%
    OUE Hospitality Trust Real Estate 0 6 0% 0% 0%
    OUE Limited Real Estate 0 6 0% 0% 0%
    Oxley Holdings Limited Real Estate 0 6 0% 0% 0%
    Perennial Real Estate Holdings Limited Real Estate 0 7 0% 0% 0%
    Starhill Global Real Estate Investment Trust Real Estate 0 6 0% 0% 0%
    Thomson Medical Group Limited # Health Care Equipment & Services 0 7 0% 13% 14%
    United Engineers Limited Real Estate 0 6 0% 0% 0%
    United Industrial Corporation Limited Real Estate 0 12 0% 0% 0%
    UOB Kay Hian Holdings Limited Diversified Financials 0 6 0% 0% 0%
    UOL Group Limited Real Estate 0 9 0% 0% 0%
    Yangzijiang Shipbuilding (Holdings) Ltd. Capital Goods 0 5 0% 0% 0%
    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 2018.

Note: Data was collected from all SGX-listed companies’ company announcements reported to SGX, from 2013 up to 30 Jun 2019 (inclusive). Data does not reflect any disclosures after 30 Jun 2019.

Statistics Reports

For SGX-listed Companies, Statutory Boards and IPCs

Jun 2019

For SGX-Listed Companies

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