Our Journey
Building on Progress, Broadening the Agenda
Created to address the underrepresentation of women on corporate boards, the Council for Board Diversity has championed change for more than a decade. Today, we are building on that progress to advance broader boardroom diversity and help boards navigate a more uncertain future.
A Wake-up Call for Corporate Singapore
Few things fan Singapore’s determination quite like the prospect of performing exceptionally well, or unexpectedly poorly, in an assessment.
This was arguably the case when an early study by the Diversity Task Force regarding Women on Boards (DTF), convened by the Ministry of Social and Family Development (MSF), brought focus to the underrepresentation of women on Singapore’s corporate boards.
The DTF’s comb of 2013 data showed only 8.1% of all directorships at SGX-listed companies were held by women, even as women held one in five senior management roles and comprised half of all university enrolments. Among the top 100 firms by market capitalisation, the proportion of women directors dipped to 7.5%.
In a tabulation of international data, Singapore, an Asian financial centre accustomed to sitting among the top in rankings, came in near bottom on board gender diversity – the most visible and measurable aspect of diversity and a hallmark of quality governance.
Merit-Based Diversity Journey
To address the issue, or risk undermining Singapore’s reputation as a leading business hub, a Diversity Action Committee (DAC) was assembled in late 2014.
A private-public sector collaboration, the DAC was overseen by MSF with then SGX Group CEO Magnus Böcker serving as its Chair. Made up of business leaders, the Committee recognised that poor board gender diversity was not simply for a lack of women talent – the more pressing issue was the need to activate demand.
To encourage change, the DAC put forth diversity’s business case: A board’s ability to harness a range of skills, experiences and viewpoints is critical to an organisation’s long-term success.
Moreover, being deliberate in widening board candidate searches – women make up 50% of Singapore’s brightest minds – aligned with the merit-based system Singapore held dear.
Targets as Compass and Motivator
In 2017, after an extensive feasibility study and rounds of debate on appropriate strategies for growing board gender diversity, the DAC introduced an escalating set of voluntary targets to rally Singapore’s listed companies into raising women’s share of board seats:
20% by 2020, 25% by 2025 and minimally 30% by 2030.
In tandem, DAC pursued a six-step plan to encourage progress. This included a more active engagement of multi-stakeholders as well as recommendations to the Monetary Authority of Singapore (MAS) to make board diversity disclosures a requirement of the Code of Corporate Governance.
Strengthened Leadership for Singapore
With companies warming to board gender diversity, discussions at MSF and DAC turned quite naturally to Singapore at large.
In 2019, DAC was reconstituted into the Council for Board Diversity (CBD) to build conviction for board diversity within the public service and charity sector as well. The move signalled Singapore’s long-term commitment to board diversity efforts.
A wider public-private-people focus would not only increase entry points and opportunities for those in the director pipeline but also strengthen leadership across society.
Loh Boon Chye, CEO of SGX Group, and Mildred Tan, then Chairman of the National Volunteer & Philanthropy Centre, spearheaded efforts as Co-chairs. Longtime DAC adviser Halimah Yacob, who had stepped up to serve as President of Singapore in 2017, lent her voice and distinction as CBD’s Founding Patron.
As was introduced for listed companies, CBD announced a baseline 30% target for women directors at Statutory Boards and Institutions of a Public Character (IPCs).
Community-wide Commitment for Change
Unlike the DAC days of closed-door engagements, CBD adopted a more visible strategy for rallying the community. Forums, roundtables, networking sessions and media interactions became regular.
There was also vigour within the ecosystem, with the Singapore Institute of Directors (SID) and multiple director development organisations, academics and consultancies carrying the board diversity agenda and fuelling meaningful conversations.
Behind the scenes, the Public Service Division (PSD) provided statutory boards with guidance on board renewals and composition. Both the Code of Corporate Governance and SGX listing rules were amended to mandate board diversity disclosures and to create opportunities for board renewal. And for the non-profit space, the Code of Governance for Charities and IPCs now encourages diverse board composition.
The Next Lap: Broader Diversity
With the three sectors continuing to make commendable strides in raising board gender diversity, CBD is reinforcing its emphasis on broader dimensions of diversity and a more intentional integration of diversity into board composition.
“Beyond the headline numbers, what is encouraging is the breadth of new talent entering boardrooms. Intentional succession planning for board renewal is critical. As organisations confront increasingly complex challenges, a wider, more diverse pool of board-ready candidates strengthens outcomes for the future,” observes incumbent Co-Chair Gan Seow Kee.
In this next phase of advocacy, one thing is certain: Today’s leadership must be well-prepared to navigate harsh new global realities.
“Gender will remain a key focus for CBD the next five years and beyond – it is not the time to ease off the accelerator. But we must also broaden our lens to embrace the ‘Big D’ of diversity, which spans skill sets, experiences, age, and cultural backgrounds. Everyone brings something different to the table. What truly matters is cultivating diversity of thought,” adds Co-Chair Goh Swee Chen of the Council’s advocacy.
Adapted from Our Board Diversity Journey: From Under Representation of Women to Broader Diversity, Speaking with the Boards 2025, A Council for Board Diversity publication.
