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For the 1st time, Over 50% Singapore Listed Firms have a Woman Director on Boards
16 October 2018
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Top 100 companies blaze the trail – more women on boards, fewer all-male boards.
27 Companies Have at Least 20% Women on their Boards.
For the first time since 2013, the majority of Singapore-listed companies have at least one woman director on its board, the number of companies with no women on their boards decrease to 27 % by the end of June 2018, according to latest data from the Diversity Action Committee (DAC),
The Top 100 companies, 27 have at least 20% women on their boards, which is the first level of the triple-tier target of 20% that DAC aims to achieve by 2020. All-male boards are reduced to 27%, compared to 32% in 2017, 38% in 2016 and 41% in 2015. Women took 14.7% of boards seats among the top 100 companies, up from 13.1 % in 2017 and from 12.2 % in 2016 to set a pace ahead of the rest of the market.
According to DAC, the typical board director in Singapore is male, older than 50 and has at least one university degree.
Source: Diversity Action Committee, Graphics: Half The Sky Asia
The Top 100 companies will exceed 20% collectively when every board has at least 2 women members. This would add about 100 women appointments. The latest numbers advise that companies are making an effort to find women to take up board seats and not simply assigning friends and family of insiders.
“If the pace is sustained, the Top 100 companies will be the first group of companies to achieve DAC’s first-tier target of 20 % women on boards by 2020, leading the way for other companies to join in,” DAC chairman and Singapore Exchange chief executive Loh Boon Chye said in a statement.
Top 100 Companies: the top 100 primary-listed companies on the Singapore Exchange (“SGX”) by market capitalisation
DAC announced a triple-tier target of increasing women’s participation on boards of all companies listed on SGX to 20% by 2020, 25% by 2025 and 30% by 2030 in April 2017, with a call for Top 100 primary-listed companies to take the lead and generate momentum for all listed companies.