Statistics as at Jun 2021

News Release

Further progress in women’s participation on boards in Singapore : Council for Board Diversity

  • Gender diversity among the largest listed companies, the statutory boards and charitable institutions progressed in some aspects in the first half of 2021.
  • The 100 largest primary-listed companies on Singapore Exchange (“SGX”)1 reported a rise in women’s participation on boards (“WOB”) from 17.6% to 18.0% and statutory boards2 from 27.5% to 28.8%, while WOB for the 100 largest Institutions of a Public Character (“IPCs”)3 declined from 28.8% to 28.1%.
  • Excluding the effect of changes in composition of the groups, WOB of listed companies would have been 18.4%, and IPCs 28.6%.
  • Two companies – Far East Hospitality Trust and Singapore Post – reached gender parity in 1H2021 with WOB of 50%. (Singapore Post appointed a male director onto the board, effective 1 September 2021, bringing their latest proportion of WOB to 44%.)
  • All statutory boards now have women directors.
  • More first-time directors were appointed to the largest companies (67% of total appointments) than ever before. However, men continued to outnumber women in the ratio of 3:1.

PDF version here

Singapore, 1 Sep 2021 – The Council for Board Diversity (“CBD”) announced further progress in women’s participation on Singapore boards in 1H2021, with increases among the largest 100 primary-listed companies on SGX1 (“Top 100 companies”) and statutory boards2. Participation among  the largest 100 IPCs3 (“Top 100 IPCs”) declined.


Two companies with 50% women directors

Within the Top 100 companies, two achieved gender parity in the first half of 2021 – Far East Hospitality Trust and Singapore Post4. Each had 50% women directors.

Top 100 companies reached 18% WOB as at end June 2021, improving by 0.4 percentage points from end 2020. WOB would have improved by 0.8 percentage points to 18.4%, if not for the change in composition of the companies due to changes in market capitalisation. In 1H2021, there were six new entrants to the Top 100 group which had on average only 6% women directors compared to the 15% of companies leaving the group.  Also, three of the six entrants were all-male boards.

All statutory boards have women directors

Statutory boards, as a whole, improved by 1.3 percentage points to achieve 28.8% WOB. More than one-third of the group have 30% women directors and none have all-male boards. In aggregate, 12 more women were appointed to boards although some boards saw a decrease in the number of women.

While statutory boards as a group are almost at 30% WOB, there is variation in the percentages across the group. As at end June 2021, 23 have reached 30% or more WOB, and 42 statutory boards have yet to reach 30% WOB with 25 of them having less than 20% WOB.

Top 100 IPCs have declined in WOB

The Top 100 IPCs, which previously had the highest representation of women directors, has slipped by 0.7 percentage points to 28.1% as at end June 2021. If there were no changes in the composition of IPCs due to changes in receipts, Top 100 IPCs would have 28.6% WOB.

Numerical targets achievable with collective action

All three groups of organisations are close to their intermediate WOB target – for companies the target was 20% at end 2020 and 17 more women directors would have brought the current number to 20%; for statutory boards, reaching 30% requires 11 more women directors; for IPCs, 26 women directors.

If each Top 100 company has two women directors and the more progressive ones lead with three or four, the target of 25% will be reached soon. Individual statutory boards and IPCs should target to have at least four women on the board, with an average board size of 13 to 14.

Reflecting on the usefulness of intermediate targets to encourage active pursuit of progress, Mr Loh Boon Chye, Co-Chair, CBD and CEO, Singapore Exchange, said, “Reaching the targets of 25% for Top 100 companies and 30% for statutory boards and Top 100 IPCs is possible if all stakeholders work together collectively to achieve it. Gender diverse boards are now a key voting consideration for major fund management firms. If organisations with no or few women on their boards take decisive action to look beyond the typical director profile and seek out worthy candidates from a wider pool that includes both genders, they would certainly be able to find women with new insights and experience that could add value to their board.”

Record number of first-time directors was appointed, although many more men than women

First-time directors5 made up about two-thirds of the directors appointed to the boards of Top 100 companies in 1H2021. This is the highest on record, since data was tracked from 2015. This number exceeds the 45% for the full 12 months of 2020, the next highest number.

Ten companies appointed women first-time directors in 1H2021. All but two were independent directors. Overall, the number of men outnumbered the women in the ratio of 3:1.

Mrs Mildred Tan, Co-Chair, CBD and Chairman, Tote Board Singapore, said, “Unprecedented experiences since the onset of the COVID-19 pandemic have made companies take stock of where they stand and how to grasp the future. With more appointments of first-time directors, our companies are taking on fresh perspectives and creativity. Making diversity part of organisations’ arsenal and gender a key component of diversity will strengthen their capabilities.”

Board refreshment encouraged among Top 100 IPCs

The decline in the proportion of WOB on Top 100 IPCs, while not particularly significant, is a move in the opposite direction. A more representative collection of perspectives would be advantageous for boards whose organisations support beneficiaries across various backgrounds and circumstances.

Dr Gerard Ee, Chairman, Charity Council, said, “COVID-19 has accelerated the need for charities to consider a wider range of risks and opportunities to ensure that the charity can continue to support their beneficiaries through the good and bad times. Having board directors with varied backgrounds and experiences enables more factors to be considered before the best decision is made for the charity. It is important that charities handpick the right people required by their organisation’s needs – now and into the future.”

[1] Refers to top 100 primary-listed companies by market capitalisation on 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] Singapore Post appointed a male director onto the board, effective 1 September 2021, bringing their latest proportion of WOB to 44%.
[5] 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 30 June 2021

1. The largest 100 primary-listed companies by market capitalisation (“Top 100 companies”) pace of increasing women’s participation on boards (“WOB”) was on par with the market
  1. The Top 100 companies achieved 18.0% WOB as at 30 June 2021, from 17.6% WOB in the previous year. The slow improvement in %WOB was largely due to a change in the constituents of the Top 100 companies – the six companies that joined the Top 100 companies had, on average, a lower proportion of WOB than those that dropped out.6
  2. All SGX-listed companies achieved 13.2% WOB as at 30 June 2021, from 12.7% as at end December 2020. (Figure 5)

2. More companies with women on boards, leaving fewer all-male boards
  1. Top 100 companies:
    1. The number of companies with at least 20% WOB increased from 42 to 45 as at 30 June 2021. However, the number of companies with 25% or more WOB dipped slightly to 32 as at 30 June 2021, from 34 as at end 2020 (Figure 6).
    2. There was an increase of 3 all-male boards, from 18 as at end 2020 to 21 as at 30 June 2021 (Figure 7). The increase was a result of :
    Two all-male boards adding one female director each (Table 1), -2
    Two all-male boards dropping out of the group of Top 100 companies, -2
    Four all-male boards joining the group of Top 100 companies, and +4
    Three gender-diverse boards that became all-male boards +3

     

  2. All SGX-listed companies: There were slightly more companies with 25% or more WOB, an increase from 18% to 19% as at 30 June 2021. Proportion of all-male boards was stagnant at 46% as at 30 June 2021.



3. 12 gender-diverse companies added more women to their boards, similar to 13 in 2020

4. Little change in number of female Board Chairs on Top 100 companies and all SGX-listed companies
  1. Only seven of the Top 100 companies are chaired by women7, the same number as at end 2020. (Figure 8)
  2. The proportion of boards chaired by women among all SGX-listed companies increased from 6% as at end 2020 to 7% as at end June 2021.

5. No significant change in women’s proportion of appointments to boards
  1. Top 100 companies: 26% of board appointments in 1H2021 were women, similar to that in 2020. (Figure 9)
  2. All SGX-listed companies: Women made up 18% of board appointments in 1H2021, up from 16% in 2020.

6. First-time directors made up about two-thirds of directors appointed to boards of Top 100 companies in 1H2021, but most still men
  1. The proportion of first-time directors being appointed to boards of Top 100 companies reached its highest point in 1H2021, with almost two-thirds of appointed directors being first-time directors.8 However, most were still men (74%) (Figure 10). 36% of Top 100 companies that appointed first-time directors onto their boards added female first-time directors. This was more than in 1H2020 where 31% of Top 100 companies that appointed first-time directors added females. (Table 3)
  2. For all SGX-listed companies, 56% of directors appointed to boards in 1H2021 were first-time directors, an increase from 2020’s 48%. 77% were men, compared to 84% in 2020 (Figure 10). 28% companies that appointed first-time directors added female first-time directors. This was more than in 1H2020 where 15% Top 100 companies that appointed first-time directors added females.

7. Significant number of board renewal opportunities remains, with the nine-year rule on director independence9 coming into effect on 1 January 2022
  1. More companies appear to be refreshing their boards in 1H2021 – a 2.7 percentage point decline was observed in the proportion of long-serving independent directors in the Top 100 companies. This is a significant improvement from the average 0.55 percentage point decrease in long-serving independent directors seen in 2019 and 2020. Despite this, there are still 42 Top 100 companies with at least one independent director who has served on the board for nine years or more. The number of such directorships has decreased from 87 in 2020 to 71 as at 30 June 2021. 10 have served for 20 years or more, with the longest tenure at 44 years.
  2. Among all SGX-listed companies, 48% have at least one independent director serving nine years or more. There are 565 of such directorships. 95 have served 20 years or more, with the longest tenure at 50 years. Unlike Top 100 companies, all SGX-listed companies did not show an increase in the proportion of long-serving independent directors stepping down from the boards.
8. Little change in %WOB seen across industry-sectors
  1. WOB clustered between 15-23% for Top 100 companies as at end June 2021. While the Basic Materials sector had the highest percentage of women on boards at 29%, there are only two companies10. The Utilities sector showed the greatest improvement of 59% to reach 19% WOB11.
  2. For all SGX-listed companies, WOB clustered between 14-17%. (Figure 11)

9. International Comparison: Other jurisdictions continued to lengthen their lead

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

Table 4: Top 100 companies’ women’s participation on boards as at 30 June 2021

Rank Company Name TRBC12 sector No. of WOB end Jun 2021 No. board seats end Jun 2021 %WOB end Jun 2021 %WOB end 2020 %WOB end 2019 Women Directors as at end Jun 2021
1 Singapore Post Limited Industrials 4 8 50% 44% 44% Fang Ai Lian, Kong Sau Wai Elizabeth, Lim Cheng Cheng, Chu Swee Yeok
1 Far East Hospitality Trust Real Estate 3 6 50% 43% 33% Vivienne Lim Hui Bian, Catherine Lee Khia Yee, Khoo Geok Choo Celestine
3 SPH REIT Real Estate 3 7 43% 43% 29% Ginney Lim May Ling, Hoo Sheau Farn, Trina Loh nee Ng Soh Yong
4 SATS Ltd. Industrials 5 12 42% 36% 30% Euleen Goh Yiu Kiang, Jessica Tan Soon Neo, Jenny Lee Hong Wei, Deborah Ong, Vinita Bali
5 Lendlease Global Commercial Reit Real Estate 2 5 40% 40% 40% Lee Ai Ming, Ng Hsueh Ling
6 Venture Corporation Limited Technology 3 8 38% 33% 25% Kuok Oon Kwong, Tan Seok Hoong @Mrs Audrey Liow, Yeo Siew Eng
6 Parkway Life REIT Real Estate 3 8 38% 38% 38% Cheah Sui Ling, Jennifer Lee Gek Choo, Rossana Annizah Binti Ahmad Rashid
8 Mapletree Commercial Trust Real Estate 4 12 33% 33% 38% Kwa Kim Li, Ng Lee Hoon Amy, Sharon Lim Hwee Li, Koh Mui Ai Wendy
8 Jardine Cycle & Carriage Ltd Consumer Cyclicals 3 9 33% 25% 20% Lim Hwee Hua, Tan Yen Yen, Vimala a/p V.R. Menon
8 Mapletree North Asia Commercial Trust Real Estate 3 9 33% 33% 33% Cindy Chow Pei Pei, Tan Su Shan, Koh Mui Ai Wendy
8 Hutchison Port Holdings Trust Industrials 3 9 33% 33% 33% Ruth Sin Ling Tsim, Sng Sow-Mei, Shih, Edith
8 Prime US REIT Real Estate 3 9 33% 25% 29% Cheng Ai Phing, Soh Onn Cheng Margaret Jane, Professor Annie Koh
8 Keppel Infrastructure Trust Utilities 2 6 33% 17% 29% Christina Tan Hua Mui, Chong Suk Shien
14 ComfortDelGro Corporation Limited Industrials 3 10 30% 30% 30% Sum Wai Fun Adeline, Tham Ee Mern Lilian, Jessica Cheam
14 Singapore Press Holdings Limited Consumer Cyclicals 3 10 30% 30% 22% Janet Ang Guat Har, Tan Yen Yen, Tracey Woon
14 SBS Transit Ltd Industrials 3 10 30% 30% 30% Susan Kong Yim Pui, Chua Mui Hoong, Lee Sok Koon, Constance
17 Keppel REIT Real Estate 2 7 29% 29% 29% Christina Tan Hua Mui, Penny Goh @ Lee Yoke Sim Penny
17 Nanofilm Technologies International Limited Basic Materials 2 7 29% 33% NL Ong Siew Koon @ Ong Siew Khoon, Lee Lee Khoon
17 OUE Commercial Real Estate Investment Trust Real Estate 2 7 29% 29% 29% Tan Shu Lin, Usha Ranee Chandradas
17 Manulife US Real Estate Investment Trust Real Estate 2 7 29% 29% 14% Veronica Julia McCann, Karen Tay Koh
17 The Straits Trading Company Limited Basic Materials 2 7 29% 29% 25% Chew Gek Hiang, Chew Gek Khim
22 Singapore Exchange Limited Financials 3 11 27% 27% 30% Chew Gek Khim, Chng Sok Hui, Jane Diplock
22 Mapletree Logistics Trust Real Estate 3 11 27% 27% 18% Ng Kiat, Koh Mui Ai Wendy, Lim Mei
22 StarHub Ltd Technology 3 11 27% 25% 25% Michelle Lee Guthrie, Ng Shin Ein, Nayantara Bali
25 Singapore Telecommunications Limited Technology 3 12 25% 40% 44% Christina Hon Kwee Fong (Christina Ong), Teo Swee Lian, Gail Patricia Kelly
25 CapitaLand Integrated Commercial Trust Real Estate 2 8 25% 29% 11% Quek Bin Hwee, Teo Swee Lian
25 Keppel Corporation Limited Consumer Non-Cyclicals 2 8 25% 18% 10% Penny Goh @ Lee Yoke Sim Penny, Veronica Eng Siang Yang
25 Suntec Real Estate Investment Trust Real Estate 2 8 25% 25% 25% Chew Gek Khim, Yu-Foo Yee Shoon
25 NetLink NBN Trust Technology 2 8 25% 25% 25% Koh Kah Sek, Ku Xian Hong
25 Ascott Residence Trust Real Estate 2 8 25% 22% 29% Beh Siew Kim, Deborah Lee Siew Yin
25 Ascendas India Trust Real Estate 2 8 25% 25% 14% Jessica Tan Soon Neo, Zia Mody
25 Pacific Century Regional Developments Limited Financials 2 8 25% 25% 25% Frances Waikwun Wong, Laura Raquel Deal-Lacey
33 Thai Beverage Public Company Limited Consumer Non-Cyclicals 4 17 24% 18% 18% Khunying Wanna Sirivadhanabhakdi, Kritika Kongsompong, Potjanee Thanavaranit, Busaya Mathelin
34 Sheng Siong Group Ltd. Consumer Non-Cyclicals 2 9 22% 20% 20% Lin Ruiwen, Tan Poh Hong
34 Ho Bee Land Limited Real Estate 2 9 22% 13% 13% Choo Poh Hua Josephine, Pauline Goh
34 GuocoLand Limited Real Estate 2 9 22% 20% 20% Jennie Chua Kheng Yeng, Lim Suat Jien
34 Tianjin Zhong Xin Pharmaceutical Group Corporation Limited Healthcare 2 9 22% 11% 11% Li Yan, Li Qing
34 G.H.Y Culture & Media Holding Co., Limited Consumer Cyclicals 2 9 22% 22% NL Wang Qing, Yue Lina
39 Oversea-Chinese Banking Corporation Limited Financials 2 10 20% 18% 9% Christina Hon Kwee Fong (Christina Ong), Tan Yen Yen
39 CapitaLand Limited Real Estate 2 10 20% 9% 9% Goh Swee Chen, Judy Hsu Chung Wei
39 Singapore Airlines Limited Industrials 2 10 20% 11% 11% Goh Swee Chen, Jeanette Wong Kai Yuan
39 Wing Tai Holdings Limited Real Estate 2 10 20% 20% 20% Tan Hwee Bin, Mildred Tan-Sim Beng Mei
39 Cromwell European REIT Real Estate 1 5 20% 25% 20% Fang Ai Lian
39 Bukit Sembawang Estates Limited Real Estate 1 5 20% 20% 17% Fam Lee San
39 UMS Holdings Ltd^ Technology 1 5 20% 20% 20% Gn Jong Yuh Gwendolyn
46 Great Eastern Holdings Limited Financials 2 11 18% 10% 10% Teoh Lian Ee, Helen Wong Pik Kuen
46 Mapletree Industrial Trust Real Estate 2 11 18% 18% 18% Mary Yeo Chor Gek, Koh Mui Ai Wendy
46 SIA Engineering Company Limited Industrials 2 11 18% 10% 10% Christina Hon Kwee Fong (Christina Ong), Quek Bin Hwee
49 Singapore Technologies Engineering Ltd Industrials 2 12 17% 17% 8% May Ng Bee Bee, Song Su-Min
49 Genting Singapore Limited Consumer Cyclicals 1 6 17% 17% 17% Chan Swee Liang Carolina
49 Frasers Centrepoint Trust Real Estate 1 6 17% 17% 17% Koh Choon Fah
49 CDL Hospitality Trusts Real Estate 1 6 17% 17% 17% Cheah Sui Ling
49 ARA LOGOS Logistics Trust^ Real Estate 1 6 17% 0% 0% Low Poh Choo
49 Sasseur Real Estate Investment Trust Real Estate 1 6 17% 14% 13% Yang Xue
49 Keppel Pacific Oak US REIT Real Estate 1 6 17% 0% 0% Sharon Riley Wortmann
49 Fragrance Group Limited Consumer Cyclicals 1 6 17% 20% 17% Grace Lim Wan Looi
49 Bumitama Agri Ltd. Consumer Non-Cyclicals 1 6 17% 17% 20% Lim Christina Hariyanto
58 Wilmar International Limited Consumer Non-Cyclicals 2 14 14% 7% 7% Teo La-Mei, Dr Chong Yoke Sin
58 Fraser and Neave, Ltd Consumer Non-Cyclicals 2 14 14% 14% 14% Khunying Wanna Sirivadhanabhakdi, Siripen Sitasuwan
58 Keppel DC REIT Real Estate 1 7 14% 14% 14% Christina Tan Hua Mui
58 First Sponsor Group Limited Real Estate 1 7 14% 14% 14% Ting Ping Ee, Joan Maria
62 Ascendas Real Estate Investment Trust Real Estate 1 8 13% 13% 22% Chong Chiet Ping
62 City Developments Limited Real Estate 1 8 13% 22% 25% Chan Swee Liang Carolina
62 Golden Agri-Resources Ltd Consumer Non-Cyclicals 1 8 13% 0% 0% Marie Claire Goolam Hossen
62 First Resources Limited Consumer Non-Cyclicals 1 8 13% 11% 11% Wong Su-Yen
62 CapitaLand China Trust Real Estate 1 8 13% 11% 11% Kuan Li Li
67 DBS Group Holdings Ltd Financials 1 9 11% 27% 18% Punita Lal
67 Frasers Logistics & Commercial Trust Real Estate 1 9 11% 11% 0% Soh Onn Cheng Margaret Jane
67 iFAST Corporation Ltd. Technology 1 9 11% 13% 13% Janice Wu Sung Sung
67 SembCorp Marine Limited Industrials 1 9 11% 11% 9% Gina Lee-Wan
67 Hong Leong Finance Limited Financials 1 9 11% 8% 8% Tan Siew San
72 Singapore Land Group Limited Real Estate 1 10 10% 10% 0% Tan Khiaw Ngoh
72 SembCorp Industries Ltd Utilities 1 10 10% 9% 18% Dr Josephine Kwa Lay Keng
72 Raffles Medical Group Ltd Healthcare 1 10 10% 18% 18% Sarah Lu Qinghui
72 Japfa Ltd. Consumer Non-Cyclicals 1 10 10% 13% 13% Lien Siaou-Sze
72 ESR-REIT Real Estate 1 10 10% 10% 10% Stefanie Yuen Thio
72 Sinarmas Land Limited Real Estate 1 10 10% 10% 10% Margaretha Natalia Widjaja
78 Frasers Property Limited Real Estate 1 11 9% 9% 9% Khunying Wanna Sirivadhanabhakdi
79 Olam International Limited Consumer Non-Cyclicals 1 12 8% 8% 8% Marie Elaine Teo
80 United Overseas Bank Limited# Financials 10 0% 9% 10%
80 UOL Group Limited Real Estate 10 0% 0% 0%
80 Yangzijiang Shipbuilding (Holdings) Ltd. Industrials 6 0% 0% 0%
80 Haw Par Corporation Limited Healthcare 9 0% 0% 0%
80 Yanlord Land Group Limited# Real Estate 9 0% 11% 25%
80 Thomson Medical Group Limited# Healthcare 7 0% 0% 0%
80 Riverstone Holdings Limited Healthcare 6 0% 0% 0%
80 Hotel Properties Limited Consumer Cyclicals 7 0% 0% 0%
80 UOB Kay Hian Holdings Limited Financials 7 0% 0% 0%
80 Starhill Global Real Estate Investment Trust Real Estate 6 0% 0% 0%
80 OUE Limited Real Estate 6 0% 0% 0%
80 The Hour Glass Limited^# Consumer Cyclicals 7 0% 0% 0%
80 AEM Holdings Ltd Technology 7 0% 0% 0%
80 AIMS APAC REIT# Real Estate 5 0% 0% 0%
80 Oxley Holdings Limited Real Estate 6 0% 0% 0%
80 Frasers Hospitality Trust Real Estate 6 0% 0% 0%
80 Aztech Global Ltd.^ Industrials 5 0% NL NL
80 Oceanus Group Limited^ Consumer Non-Cyclicals 5 0% 0% 0%
80 China Aviation Oil (Singapore) Corporation Ltd# Energy 9 0% 11% 11%
80 Frencken Group Limited^ Industrials 6 0% 0% 0%
80 Accordia Golf Trust Consumer Cyclicals 5 0% 0% 0%

NL: The company had not been listed on the Singapore Exchange at that time.
^: The company joined the Top 100 companies in Jun 2021.
#: The company previously had women on its board during the period 2013 to Dec 2020.

[6] The average %WOB of the 6 companies that joined the Top 100 was 6%, compared to the average %WOB of 15% WOB for the companies that dropped out of the Top 100.
The individual %WOB of the companies that joined the Top 100 are: (1) UMS Holdings Ltd (20% WOB), (2) ARA LOGOS Logistics Trust (17% WOB), (3) Aztech Global Ltd. (0% WOB), (4) Frencken Group Limited (0% WOB), (5) The Hour Glass Limited (0% WOB), (6) Oceanus Group Limited (0% WOB).
The individual %WOB of the companies that dropped out of the Top 100 are: (1) VICOM Limited (30% WOB), (2) Best World International Limited (25% WOB), (3) Hi-P International Limited – delisted (25% WOB), (4) Hotel Grand Central Limited (13% WOB), (5) Gallant Venture Ltd. (0% WOB), (6) Zheneng Jinjiang Environment Holding Company Limited (0% WOB).
[7] The female board chairs are: (1) Chew Gek Khim (Suntec Real Estate Investment Trust – non-executive director, The Straits Trading Company Limited – executive director), (2) Christina Tan Hua Mui (Keppel DC REIT – first-time director, non-executive director), (3) Euleen Goh Yiu Kiang (SATS Ltd – independent director), (4) Ng Hsueh Ling (Lendlease Global Commercial Reit – non-executive director), (5) Penny Goh @ Lee Yoke Sim Penny (Keppel REIT – non-executive director), (6) Teo Swee Lian (CapitaLand Integrated Commercial Trust – independent director).
[8] First-time directors refer to directors who have not previously served on listed company boards.
[9]The SGX listing rules* (effective 1 Jan 2022) allows a director who has been on the board for more than nine years to be deemed as independent if his/her appointment as an independent director has been sought and approved in separate resolutions by (i) all shareholders; and (ii) all shareholders, excluding shareholders who also serve as the directors or the chief executive officer of the company.
* Rule 210(5)(d) of the SGX Listing Rules (Mainboard) / Rule 406(3)(d) of the SGX Listing Rules (Catalist)
[10] The 2 companies are: Nanofilm Technologies International Limited and The Straits Trading Company Limited, both at 29% WOB.
[11] Mainly as a result of one company adding one woman onto their board (replacing a male).
[12] The Refinitiv® Business Classification

Annex C: Statistics for Statutory Boards

1. Statutory boards showed improvement in women’s participation on boards

Statutory boards13 showed a 1.3 percentage point increase in WOB to reach 28.8%, as at end June 2021, from 27.5% as at end 2020.

2. More than a third of statutory boards have 30% or more WOB

All statutory boards now have women directors. 35% of statutory boards had 30% or more women on boards as at end June 2021, an improvement from 31% as at end 2020.

3. 22% of statutory boards are chaired by women

14 out of 65 statutory boards (22%) are chaired by women. This comprises 13 women.14

4. Improvements seen across most ministries in statutory boards

5. Statutory boards’ women’s participation on boards

Table 5: Statutory boards’ women’s participation on boards, as at 30 June 2021

Ministry S/N Statutory Board %WOB (# women / board seats)
MCCY 1 National Heritage Board (NHB) 53% (8 / 15)
2 National Arts Council (NAC) 50% (6 / 12)
3 People’s Association (PA) 31% (4 / 13)
4 Sport Singapore (SPORTSG) 27% (4 / 15)
5 Majlis Ugama Islam Singapura (MUIS) 26% (5 / 19)
MCI 6 National Library Board (NLB) 31% (5 / 16)
7 Info-Communications Media Development Authority of Singapore (IMDA) 17% (3 / 18)
MHA 8 Home Team Science & Technology Agency (HTX) 27% (4 / 15)
9 Casino Regulatory Authority of Singapore (CRA) 25% (4 / 16)
10 Yellow Ribbon Singapore (YRSG) 20% (3 / 15)
MINDEF 11 Defence Science & Technology Agency (DSTA) 17% (2 / 12)
MINLAW 12 Singapore Land Authority (SLA) 29% (4 / 14)
13 Intellectual Property Office of Singapore (IPOS) 21% (3 / 14)
14 Land Surveyors Board (LSB) 14% (1 / 7)
MND 15 Housing Development Board (HDB) 36% (4 / 11)
16 Building and Construction Authority (BCA) 33% (4 / 12)
17 National Parks Board (NPB) 27% (3 / 11)
18 Council for Estate Agencies (CEA) 25% (3 / 12)
19 Urban Redevelopment Authority (URA) 25% (3 / 12)
20 Board of Architects (BOA) 20% (3 / 15)
21 Professional Engineers Board, Singapore (PEB) 20% (3 / 15)
MOE 22 Science Centre Board (SCB) 47% (7 / 15)
23 Institute of Technical Education (ITE) 37% (7 / 19)
24 Skillsfuture Singapore (SSG) 36% (5 / 14)
25 Republic Polytechnic (RP) 28% (5 / 18)
26 Singapore Polytechnic (SP) 27% (4 / 15)
27 Nanyang Polytechnic (NYP) 24% (4 / 17)
28 Institute of Southeast Asian Studies – Yusof Ishak Institute (ISEAS – YII) 20% (3 / 15)
29 Singapore Examinations & Assessment Board (SEAB) 20% (2 / 10)
30 Ngee Ann Polytechnic (NP) 17% (3 / 18)
31 Temasek Polytechnic (TP) 17% (3 / 18)
MOF 32 Singapore Totalisator Board (TOTE BOARD) 42% (5 / 12)
33 Accounting and Corporate Regulatory Authority (ACRA) 36% (5 / 14)
34 Singapore Accountancy Commission (SAC) 17% (2 / 12)
35 Inland Revenue Authority of Singapore (IRAS) 10% (1 / 10)
MOH 36 Singapore Nursing Board (SNB) 87% (13 / 15)
37 Singapore Pharmacy Council (SPC) 80% (8 / 10)
38 TCM Practitioners Board (TCMPB) 50% (5 / 10)
39 Singapore Dental Council (SDC) 42% (5 / 12)
40 Singapore Medical Council (SMC) 25% (6 / 24)
41 Health Promotion Board (HPB) 18% (2 / 11)
42 Health Sciences Authority (HSA) 18% (2 / 11)
MOM 43 Central Provident Fund Board (CPFB) 33% (5 / 15)
44 Workforce Singapore (WSG) 29% (4 / 14)
45 Singapore Labour Foundation (SLF) 29% (2 / 7)
MOT 46 Public Transport Council (PTC) 35% (6 / 17)
47 Maritime and Port Authority of Singapore (MPA) 27% (4 / 15)
48 Civil Aviation Authority of Singapore (CAAS) 23% (3 / 13)
49 Land Transport Authority (LTA) 18% (3 / 17)
MSE 50 National Environment Agency (NEA) 29% (4 / 14)
51 Public Utilities Board (PUB) 18% (2 / 11)
52 Singapore Food Agency (SFA) 17% (2 / 12)
MSF 53 National Council of Social Service (NCSS) 39% (9 / 23)
MTI 54 Hotels Licensing Board (HLB) 60% (3 / 5)
55 Competition and Consumer Commission of Singapore (CCCS) 42% (5 / 12)
56 Sentosa Development Corporation (SDC) 40% (6 / 15)
57 Singapore Tourism Board (STB) 33% (4 / 12)
58 Energy Market Authority (EMA) 27% (3 / 11)
59 Agency for Science, Technology and Research (A*STAR) 19% (4 / 21)
60 Economic Development Board (EDB) 19% (3 / 16)
61 JTC Corporation (JTC) 14% (2 / 14)
62 Enterprise Singapore (ESG) 12% (2 / 17)
PMO 63 Civil Service College (CSC) 38% (5 / 13)
64 Government Technology Agency (GOVTECH) 27% (4 / 15)
65 Monetary Authority of Singapore (MAS) 9% (1 / 11)
[13] Refers to all statutory boards in Singapore. There were 65 in 2019, 2020 and Jun 2021; and 64 in 2018.
[14] The female board Chairs are: (1) Anita Fam (National Council of Social Service), (2) Chan Heng Chee (Institute of Southeast Asian Studies – Yusof Ishak Institute), (3) Chan Lai Fung (Agency for Science, Technology and Research), (4) Goh Swee Chen (National Arts Council), (5) Ho Peng (Singapore Examinations & Assessment Board), (6) Janet Ang (Singapore Polytechnic), (7) Assoc Prof Lita Chew (Singapore Pharmacy Council), (8) Mildred Tan (Sim Beng Mei) (Singapore Totalisator Board (TOTE BOARD)), (9) Tan Ching Yee (Accounting and Corporate Regulatory Authority & Inland Revenue Authority of Singapore), (10) Tan Yen Yen (Science Centre Board), (11) Dr Tracy Carol Ayre (Singapore Nursing Board), (12) Yeoh Chee Yan (National Heritage Board), (13) Yu-Foo Yee Shoon (TCM Practitioners Board).

Annex D: Statistics for Institutions of a Public Character (“IPCs”)

1. IPCs’ women’s participation on boards decreased

The 100 Institutions of a Public Character with the largest amount of donation receipts (“Top 100 IPCs”)15 decreased by 0.7 percentage points from December 2020 to 28.1% as at end June 2021.

2. Reduction in number of Top 100 IPCs who have 30% or more WOB; three all-male boards remain

For Top 100 IPCs, the number of boards with 30% or more women fell from 45% in December 2020 to 39% as at end June 2021.

3. Almost 20% of Top 100 IPCs are chaired by women

19 Top 100 IPCs16 chaired by women. This comprises 16 women.17

4. Little change in %WOB among most sectors within IPCs

5. Top 100 IPCs’ women’s participation on boards

Table 6: Top 100 IPCs’ women’s participation on boards, as at 30 June 2021

Primary Sector S/N IPC Name %WOB
(# women / board seats)
Arts and Heritage 1 The Esplanade Co Ltd 54% (7 / 13)
2 National Gallery Singapore 47% (7 / 15)
3 Arts House Ltd. 44% (4 / 9)
4 Nanyang Academy of Fine Arts 32% (6 / 19)
5 Singapore Art Museum 27% (3 / 11)
6 Singapore Chinese Orchestra Company Limited 25% (3 / 12)
7 Lasalle College of The Arts Limited 22% (2 / 9)
8 Singapore Symphonia Company Limited 19% (3 / 16)
9 Singapore Arts School Ltd. 18% (2 / 11)
10 Singapore Chinese Cultural Centre 13% (2 / 16)
Community 11 People’s Association Community Centres/Clubs Building Fund 40% (2 / 5)
Education 12 ITE Education Fund (ITEEF) 63% (5 / 8)
13 Singapore University of Technology And Design 40% (6 / 15)
14 Crest Secondary School 40% (4 / 10)
15 Northlight School 36% (4 / 11)
16 Singapore University of Social Sciences 35% (6 / 17)
17 National University of Singapore 35% (7 / 20)
18 Spectra Secondary School 33% (4 / 12)
19 NUS High School of Mathematics And Science 25% (4 / 16)
20 Singapore Institute of Technology 22% (4 / 18)
21 Dyslexia Association of Singapore 18% (2 / 11)
22 Singapore Management University 17% (3 / 18)
23 Republic Polytechnic Education Fund 17% (1 / 6)
24 Nanyang Technological University 13% (2 / 16)
25 Assumption Pathway School 13% (2 / 16)
26 Singapore Polytechnic Endowment Fund 0% (0 / 3)
Health 27 HCA Hospice Care 67% (8 / 12)
28 Dover Park Hospice 45% (9 / 20)
29 Assisi Hospice 43% (6 / 14)
30 St Luke’s Eldercare Ltd. 36% (4 / 11)
31 Ju Eng Home For Senior Citizens 36% (5 / 14)
32 The National Kidney Foundation 33% (4 / 12)
33 Singhealth Fund 28% (5 / 18)
34 Singapore Cancer Society 27% (4 / 15)
35 SATA Commhealth 25% (3 / 12)
36 Society For The Aged Sick 25% (3 / 12)
37 All Saints Home 25% (2 / 8)
38 St Luke’s Hospital 23% (3 / 13)
39 Lions Home For The Elders 21% (4 / 19)
40 Sunshine Welfare Action Mission (Swami) 20% (2 / 10)
41 Ren Ci Hospital 19% (5 / 26)
42 Kwong Wai Shiu Hospital 19% (6 / 32)
43 Bright Vision Hospital 15% (2 / 13)
44 Thye Hua Kwan Nursing Home Limited 10% (1 / 10)
45 Sian Chay Medical Institution 9% (1 / 11)
46 St Andrew’s Mission Hospital 8% (2 / 25)
47 Ang Mo Kio – Thye Hua Kwan Hospital Ltd. 0% (0 / 14)
48 Sunlove Abode for Intellectually-Infirmed Ltd 0% (0 / 10)
Social and Welfare 49 Autism Resource Centre (Singapore) 80% (8 / 10)
50 AWWA Ltd. 69% (9 / 13)
51 SG Enable Ltd. 64% (9 / 14)
52 Singapore Buddhist Welfare Services 56% (5 / 9)
53 Cerebral Palsy Alliance Singapore 50% (7 / 14)
54 Association For Persons With Special Needs 50% (6 / 12)
55 Catholic Welfare Services, Singapore 50% (6 / 12)
56 Autism Association (Singapore) 50% (5 / 10)
57 Buddhist Compassion Relief Tzu-Chi Foundation (Singapore) 45% (5 / 11)
58 Movement for The Intellectually Disabled of Singapore (MINDS) 43% (6 / 14)
59 Singapore Children’s Society 42% (8 / 19)
60 People’s Association – (Community Development Council Project Fund Management Committee) 42% (5 / 12)
61 Temasek Foundation Cares CLG Limited 40% (2 / 5)
62 NCSS Charitable Fund 39% (9 / 23)
63 Touch Community Services Limited 36% (4 / 11)
64 Sree Narayana Mission (Singapore) 35% (8 / 23)
65 AMKFSC Community Services Ltd. 33% (4 / 12)
66 The Straits Times School Pocket Money Fund^ 33% (3 / 9)
67 Rainbow Centre, Singapore 31% (4 / 13)
68 Bright Horizons Fund^ 29% (2 / 7)
69 Fei Yue Community Services 27% (3 / 11)
70 Montfort Care 27% (3 / 11)
71 Fei Yue Family Service Centre 27% (3 / 11)
72 Methodist Welfare Services 24% (5 / 21)
73 Care Corner Singapore Ltd 23% (3 / 13)
74 The Food Bank Singapore Ltd.^ 22% (2 / 9)
75 Salvation Army, The 20% (2 / 10)
76 Sathya Sai Social Service (Singapore) 20% (2 / 10)
77 SPD 18% (2 / 11)
78 Young Men’s Christian Association of Singapore 18% (3 / 17)
79 Pertapis Education And Welfare Centre 17% (3 / 18)
80 NTUC-U Care Fund^ 14% (2 / 14)
81 Muslim Missionary Society, Singapore – Jamiyah Welfare Fund 10% (1 / 10)
82 SASCO Senior Citizens’ Home^ 9% (1 / 11)
83 Presbyterian Community Services 8% (1 / 12)
84 Singapore Anglican Community Services 8% (1 / 13)
85 Metta Welfare Association 8% (1 / 13)
86 Thye Hua Kwan Moral Charities Limited 6% (1 / 16)
Sports 87 Singapore Ice Hockey Association^ 25% (2 / 8)
88 Football Association of Singapore 13% (2 / 15)
Others 89 The Community Foundation of Singapore 64% (7 / 11)
90 Gardens By The Bay 46% (6 / 13)
91 Singapore Red Cross Society 29% (5 / 17)
92 Yayasan Mendaki 29% (6 / 21)
93 Symasia Singapore Fund 27% (3 / 11)
94 Garden City Fund 27% (3 / 11)
95 National Volunteer And Philanthropy Centre 25% (3 / 12)
96 Chinese Development Assistance Council 18% (3 / 17)
97 Singapore Indian Development Association (SINDA) 15% (3 / 20)
98 Temasek Foundation Innovates CLG Limited 14% (1 / 7)
99 Temasek Life Sciences Laboratory Limited 10% (1 / 10)
100 Association of Muslim Professionals 10% (1 / 10)

^: The IPC joined the Top 100 IPCs in Jun 2021.

[15] IPCs with gender specific objectives resulting in all-women boards are excluded.
[16] Excludes two Top 100 IPCs who have not indicated Chairs in Charity Portal: Bright Vision Hospital and The Food Bank Singapore Ltd.
[17] The female board Chairs are: (1) Anita Fam Siu Ping (Assisi Hospice & NCSS Charitable Fund), (2) Caroline Lim Seow Ling (HCA Hospice Care), (3) Chiang Loo Fern (Methodist Welfare Services), (4) Chung Wei Han (AWWA Ltd.), (5) Diana Foo Mei See (Singapore Ice Hockey Association), (6) Gan Christine (The Community Foundation Of Singapore), (7) Goh Swee Chen (Nanyang Technological University), (8) Janice Wong Tzen Yuen (Cerebral Palsy Alliance Singapore), (9) Lety De Joya @ Kuan Yan (Singapore Buddhist Welfare Services), (10) Low Sin Leng (Nanyang Academy Of Fine Arts), (11) Low Yen Ling (People’s Association – (Community Development Council Project Fund Management Committee)), (12) Phua Lay Peng Denise (Autism Association (Singapore) & Autism Resource Centre (Singapore)), (13) Seah Jiak Choo (NUS High School Of Mathematics And Science), (14) Sim Beng Mei Mildred (Singapore University of Social Sciences), (15) Thang Leng Leng (Fei Yue Family Service Centre), (16) Toh Kim Kiat (Buddhist Compassion Relief Tzu-Chi Foundation (Singapore)).

Sources of data for all Annexes :

  • Listed company data was collected from all SGX-listed companies’ announcements reported to SGX, from 2013 up to 30 June 2021 (inclusive). Data does not reflect any disclosures after 30 June 2021.
  • 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 3+4/2021, ‘2021 DIW Women Executives Barometer’
    • Hong Kong SAR – Webb-Site.com
    • India – primeinfobase.come
    • Japan – 30% Club
    • Malaysia – Securities Commission Malaysia, ‘SC Updates the Malaysian Code on Corporate Governance to Promote Board Leadership and Oversight of Sustainability’, 28 April 2021
    • New Zealand – NZX Limited’s Diversity Statistics
    • Norway – Statistics Norway
    • Singapore – Council for Board Diversity
    • UK – Hampton-Alexander Report 2020
    • US –Bloomberg Article, ‘Women’s Gains Push Majority of S&P 500 Boards Into the 30% Club’, 16 Aug 2021
  • Statutory boards: collected from government directory, Public Service Division and statutory boards’ websites, as at 30 June 2021. Data does not reflect any disclosures after 30 June 2021.
  • Institutions of a Public Character: collected from Charity Portal, as at 30 June 2021. Data does not reflect any disclosures after 30 June 2021.

Statistics Reports

For SGX-listed Companies, Statutory Boards and IPCs

Jun 2021  Dec 2020  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