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Progress of Women on BoardS
As at 30 June 2023
As at 30 June 2023
As at 30 June 2023
As at 30 June 2023
As at 30 June 2023
As at 30 June 2023
News Release
President Halimah Yacob urges organisations to leverage board gender diversity to maximum advantage at Council for Board Diversity anniversary event
- 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.
Any organisation, whether it is a large business or a charity, needs to make diversity, particularly gender diversity, a core consideration when refreshing the board. Otherwise, a company misses out on harnessing talent as a competitive edge, and a non-profit risks losing its connection to the communities it serves. More than a moral obligation, women in leadership is simply an expected norm today.
President Halimah Yacob, Patron of the Council for Board Diversity (CBD), during a 30-minute fireside conversation with Ms Sun Xueling, Minister of State for Social and Family Development & Home Affairs, during which she shared leadership insights.
“Women’s participation on boards is also a barometer of the extent our society values the contributions of women and whether these contributions are viewed as being equal to those by men. Meritocracy and diversity can co-exist. It’s not carving the pie but growing the pie of board directors. Being deliberate in tapping the widest possible pool of candidates enhances the odds of an organisation finding the best qualified and suitable leaders to contribute to their future strategy,” President Halimah Yacob also said.
An all-women panel comprising Prof Cheong Koon Hean (Chairman, Centre for Liveable Cities), Ms Chew Gek Khim (Executive Chairman, The Straits Trading Company Limited), Ms Geraldine Chin (Chairman and Managing Director, ExxonMobil Asia Pacific), Ms Euleen Goh (Chairman, Sats Ltd) and Ms Diaan-Yi Lin (Senior Partner, McKinsey & Company) also drew on their valuable experiences in executive and board leadership for an hour-long discussion on harnessing board diversity for robust governance, responsible stewardship, and as a valuable driver for growth.
“It’s no coincidence that all of today’s speakers are women. It reflects Singapore’s expanding talent pool of women who have risen to the highest rungs of leadership within their fields. Their generous sharing on leading organisations in a VUCA (volatile, uncertain, complex and ambiguous) world offered invaluable takeaways for leaders,” observed, Mr Loh Boon Chye, Co-Chair, CBD and CEO, SGX Group.
“As the most visible form of diversity, gender offers a powerful and accessible lead-in to conversations on broader diversity. Boards with diverse competencies and backgrounds that suit the ambition and development of the organisation provide themselves an edge when addressing a range of issues,” he added.
Held at the Shangri-La Singapore, the CBD 5th Anniversary event and forum was attended by 160 board chairpersons and women board directors representing top 100 companies on the Singapore Exchange, statutory boards, and the nation’s 100 largest IPCs.
The event is the first of the CBD Circle, the Council’s new outreach programme to encourage Singapore’s board diversity. Still in its pilot phase, CBD Circle offers thought leadership and networking opportunities for both board decision-makers and board-ready candidates to facilitate a sustained increase in women directors and the adoption of broader diversity. Initial activities will grow the participation in preparation for the Circle’s launch and a board diversity summit slated for late 2024.
State of Board Gender Diversity in Singapore
In a more complex and fast-changing environment, boards with a diversity of expertise, skillsets and perspectives can provide better strategic oversight and more robust governance to the organisations they serve. I strongly encourage more organisations to draw on our impressive pool of women leaders in Singapore, and bring together the experiences and expertise of capable men and women for more effective decision-making, risk management and governance.
Deputy Prime Minister and Coordinating Minister for Economic Policies Heng Swee Keat urged organisations across the business, public service and charity sectors to maximise board diversity in this fast-changing world.
After five years of CBD advocacy, Singapore is beginning to observe progress in the proportion of women’s participation on boards (WOB). The Council’s mid-year statistical update3 shows the top 100 companies listed on SGX making headway towards the 25% voluntary target4 set for the sector, having grown from 15.2% at end-2018 to 22.7% as at June 2023. But of the top 100 companies, 13 continue to be led by all-male boards. The overall uptick in board diversity is the result of CBD’s multi-stakeholder approach, recent regulatory amendments introduced by SGX to promote board renewal and diversity, and the global shifts in business environments, including recognition of environmental, social and governance factors in creating enterprise value.
Mrs Mildred Tan, Co-Chair of CBD and Chair of Tote Board Singapore, observed: “With more widespread recognition of the benefits board diversity brings to an organisation, efforts can now extend beyond advocating for an increase in women board directors, to them taking on leadership roles within boards. At present, only 9% of boards at top 100 companies are chaired by women, and women sit on less than a quarter of all audit, nominating and remuneration committees. There is plenty of anecdotal evidence that boards with women in leadership positions are more likely to harness diversity as a business imperative.”
In the public sector, the proportion of women’s participation on boards of statutory boards has reached 32%, having made swift progress from 23.3% at end-2018. Demonstrating their unique position to exemplify diversity at board level, it was the first sector to meet its voluntary 30% target in 2022.
Meanwhile, the 100 largest IPCs continue to be just short of their 30% target with 29.5% of board seats held by women5, an increase of only 2 percentage points since 2018. However, regulatory guidance in the revised Code of Governance for Charities and IPCs, which takes effect from the financial year beginning on or after 1 January 2024, is expected to give impetus to succession planning and the consideration of board diversity.
Diversity has a different magnitude of importance for IPCs as it reflects the inclusivity that the charity sector seeks to encourage. While there has been progress made by IPCs in addressing diversity in board composition, we hope more women can be tapped on for IPC boards. IPCs will be better able to serve their communities and enhance governance by ensuring a diverse mix of board members.
Ms Sun Xueling, Minister of State for Social and Family Development & Home Affairs.
The Council for Board Diversity
“Moving the needle on diverse leadership is the responsibility of the entire corporate governance eco-system. Diversity is a globally recognised attribute of progressive boards. And importantly, the spirit of increasing board diversity lies in its ability to improve objectivity, address complex issues, and enhance innovation,” added Mr Loh Boon Chye.
Established by the Ministry of Social and Family Development in 2019 under the patronage of President Halimah Yacob, CBD spearheads efforts to encourage organisations across the private, public and people sectors on their journey of leveraging board diversity for business value. The Council recognises the value of having a range of diversities on boards with the contribution of women – the most visible and measurable aspect of diversity – a powerful lead-in to the consideration of other diversities.
Where other jurisdictions have implemented gender quotas to swiftly ensure gender parity on boards, the Council believes that quotas alone do not guarantee ensuing benefits. CBD instead concentrates efforts on engaging market participants on harnessing the benefits of cognitive diversity for board performance. “When organisations willingly embrace board diversity, they’ll likely invest more effort in ensuring a culture that values and maximizes the contributions of all, than if numbers were met simply for compliance,” said Mrs Mildred Tan.
CBD builds on the work of the Diversity Action Committee (DAC) (2014 – 2018) and the Diversity Taskforce regarding Women on Boards (DTF) (2012 – 2014). Prompted by the concern that women continue to be under-represented on boards despite making immense progress in education and in management roles, DTF was initiated by Mdm Halimah Yacob during her term as Minister of State for Social and Family Development to examine the state of gender diversity on boards of SGX-listed companies.
The 17-member Council for Board Diversity comprises eminent corporate leaders and professionals with a diverse and strong slate of management and board expertise across the business, people, and public sectors.
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.
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)
1 https://www.sgxgroup.com/media-centre/20211215-sgx-mandates-climate-and-board-diversity-disclosures; https://www.sgxgroup.com/media-centre/20230111-sgx-regco-caps-independent-directors-tenure-enhances-remuneration
2 https://www.charities.gov.sg/PublishingImages/News-and-Notices/Newsroom/Press-Releases/Documents/2023/4%20Apr%202023%20-%20Media%20Release%20-%20Publication%20of%20Revised%20Code%20of%20Governance.pdf
3 CBD is the official source in Singapore for statistics on women’s representation on boards.
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.
5 IPCs with gender specific objectives resulting in all-women or all-male boards are excluded.
%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