Singapore (CU)_ Women’s participation on the boards of directors of Singapore’s major corporations has improved significantly over the last year, and the country is on the verge of meeting a previously stated diversity target. At government-linked enterprises, the situation is more positive, with over 30% of their boards of directors being women as of 31 December 2021, which is up from 27.5 percent last year.
According to the Council for Board Diversity, women’s representation on the boards of directors of the 100 leading businesses listed on Singapore’s exchange market climbed to 19.7 percent as of January 1, with over 30 women directors recruited since the end of 2020. This number is up from 17.6 percent at the end of 2020, falling short of the council’s objective of 20% by that date, with corporations previously citing board diversity as taking a back seat to battling Covid-19.
The council highlighted Sats and Far East Hospitality Trust as firms that made the highest progress, with women holding half of board seats at the end of 2021, which is up from zero in 2013. According to the latest figures, the number of all-male boards of directors in the leading 100 corporations remained nearly steady and stood at 17 in 2021 compared to a year before.
The Republic also made progress in terms of appointing more independent directors as part of the exchange efforts to strengthen corporate governance and develop a wider pool of board expertise. The percentage of first-time directors appointed to boards of directors stood at 59% in 2021, which is the highest level since monitoring began in 2015. However, Singapore corporations lag behind developed-market rivals in terms of female board involvement. According to media reports collected at the end of 2021, an average of 27% of board members of MSCI World Index businesses were women. For its largest enterprises, the Singapore-based council has aimed at 25% female representation on boards of directors by 2025 and 30% by 2030
