3-6-2024 (SINGAPORE) In a remarkable stride towards gender parity, Singapore’s corporate landscape has witnessed a profound shift, with women’s representation on the boards of listed companies, statutory bodies, and charitable organizations reaching unprecedented heights, according to a comprehensive study.
The Council for Board Diversity’s Singapore Board Diversity Review, a meticulous annual analysis spanning over 1,360 organizations, has revealed that more than half of the entities surveyed have exceeded voluntary targets for board gender diversity. Notably, the era of all-male boards appears to be waning, underscoring the nation’s commitment to fostering inclusive and equitable leadership.
At the forefront of this transformative wave are Singapore Exchange (SGX) listed companies within the top 100 by market capitalization. Women’s participation on their boards has soared from a mere 7.5% in 2013 to an impressive 23.7% by the end of 2023, marking a threefold increase in representation.
The public sector has also embraced this shift wholeheartedly, with statutory boards reporting a nearly 10 percentage point surge in women’s board participation from 2018, reaching an admirable 32.7% in 2023.
Furthermore, the top 100 Institutions of a Public Character (IPCs), ranked by donation receipts as of December 31st, 2023, have achieved their highest annual growth in women’s board representation, clocking in at 31% – a notable increase from 29.3% in the previous year.
Industry observers attribute this surge in female board appointments to a confluence of regulatory reforms, intensive stakeholder encouragement, and a growing global recognition of the value of board diversity in navigating uncertain times.
Among the key drivers were enhancements to regulatory frameworks for SGX-listed companies and charities, emphasizing director tenures and diversity in board composition. The Singapore Exchange Regulation’s nine-year hard cap on independent director tenure, which took effect in January 2023, and the revised Corporate Code of Governance and its Practice Guidance, which highlighted diversity in board composition from January 2022, have played pivotal roles in catalyzing this transformation.
Minister for Social and Family Development, Masagos Zulkifli, hailed the progress, stating, “The rising women’s participation on boards across the people, public, and private sectors reflects a growing recognition of the importance of having gender-diverse boards. It is not just a metric of good governance but of strategic decision-making – giving equal opportunity to all who meet the requisites, and thus tapping a wider talent pool. This is critical, as more than ever before, it takes diverse perspectives, skill sets, and experience to tackle the complex issues of the future.”
