Statistics as at Dec 2017

News Release

WOMEN DIRECTORS INCREASE TO 13.1% ON BOARDS OF TOP 100 COMPANIES IN 2017

  • 20% Increase Over 2016 Highest In Three Years
  • 27 Companies Have At Least 20% Women On Their Boards
  • 32 Companies Still Have All-Male Boards

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Singapore: February 13, 2018 – Singapore’s Diversity Action Committee (“DAC”) announced today that the appointment of women directors had seen a 20% increase in 2017, moving up to 13.1% of all directorships for the top 100 primary-listed companies on the Singapore Exchange (“SGX”) by market capitalisation (“Top 100 companies”). This is the highest increase over the past three years, after 10.9% in 2016, 9.5% in 2015 and 8.6% women on board in 2014.

Of these Top 100 companies, 27 have at least 20% women on their boards, which is the first level of the triple-tier target1 of 20% that DAC aims to achieve by 2020. All-male boards are reduced to 32%, compared to 38% in 2016, 41% in 2015 and 46% in 2014. Two more companies2 have added women to their boards in January this year, further reducing the number of all-male boards to 30%.

DAC’s Chairman Loh Boon Chye said, “The numbers are encouraging. Boards of leading companies are paying attention to the benefits that diversity brings. With our large companies leading the way, DAC is ambitious for the other companies too, to make appointments that will strengthen their boards and the resilience of their strategies.

The proposed revisions to the Code of Corporate Governance pay specific attention to board diversity and gender is one of its important aspects. Disclosure of how companies achieve their diversity policy will add to investor appreciation and reinforce interest in following a company’s progress in governance in addition to its business strategy. Companies acting decisively now will stand us in good stead to achieve DAC’s triple-tier target of increasing women’s participation on boards to 20% by 2020, 25% by 2025 and 30% by 2030.”

The Top 100 companies will exceed 20% collectively when every board has at least 2 women members. This would add about 100 women appointments.

Proposed Revisions to the Code of Corporate Governance on Board Independence Provide Opportunities for Gender-Diversified Boards

The proposed revisions on board independence in the Singapore Code of Corporate Governance (“CG Code”) provide an opportunity for Boards to review their composition in line with their strategic gaps. DAC believes that there is considerable room to introduce diversity in these board renewals. Currently 41% of the Top 100 companies have at least one independent director that have served nine years or more. There are 101 of such directorships that need to be renewed should the nine year rule become mandatory if it is moved to become a SGX Listing Rule.

DAC’s analysis of director data found that over the past three years, first-time directors3 made up 40% of all appointments. Of these, men made up more than 80% of the first-timers. With the CG Code calling for more focus on diversity, DAC believes that there is room for more women in these first-time appointments too.

[1]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.

 

[2]CapitaLand Retail China Trust and Venture Corporation Limited have added women independent directors to their boards in January 2018, bringing the number of all-male boards down to 30 in January 2018.

 

[3]First-time directors refer to directors who have not previously sat on listed company boards.

Summary of Statistics as at 31 December 2017
DAC Dec 2017 Statistics 20180213

Statistics for SGX-Listed Companies as at 31 December 2017

  1. Top 100 primary-listed companies led the way – more women on boards, fewer all-male boards
    • Top 100 primary-listed companies led the way, achieving 13.1% women’s participation on boards (“WOB”) with a 20% increase from 2016, the highest increase over the past three years.
    • The proportion of all-male boards have reduced significantly from 46% three years ago to 32% as at 31 December 2017. Two of these companies, CapitaLand Retail China Trust and Venture Corporation Limited, have added women independent directors to their boards in January 2018, bringing the number down to 30.

    DAC Dec 2017 Stats 1 - Table 1 WOB of Top 100 Pri Listco

  1. As a whole, SGX-listed companies showed some improvement
    • SGX-listed companies achieved 10.8% WOB in 2017, an increase from 9.9% in 2016, 9.5% in 2015 and 8.8% in 2014.
    • The proportion of all-male boards have reduced slightly from 55% three years ago to 50% in 2017.

    DAC Dec 2017 Stats 2 - Table 2 WOB of All SGX Listco

  1. Number of women board appointments small but encouraging
    • The Top 100 primary-listed companies continued to maintain about 18% of board appointments being women, compared to 13% for all SGX-listed companies.
    • It is encouraging that these group of companies have continued to show leadership in the proportion of appointments being women
  1. New board seats still mostly filled by men
    • About 40% of directors appointed to boards of Top 100 primary-listed companies as well as all SGX-listed companies over the past 3 years were first time directors, debunking the notion that boards prefer experienced directors. However, most were men (almost 70% for Top 100 primary-listed companies, and more than 80% for all SGX-listed companies).
  1. Board renewal opportunity for companies that have independent directors with tenures of 9 years or more
    • The proposed revision to the Code of Corporate Governance offers greater clarity on the definition of independent directors and presents the opportunity for board renewal for companies that need to search for new independent directors.
    • 41% of Top 100 primary-listed companies have at least 1 independent director serving nine years or more. There are 101 of such directorships. The longest tenure was 40 years.
    • Similarly, 45% of SGX-listed companies have at least 1 independent director serving nine years or more. There are 648 of such directorships. The longest tenure was 46 years.
  1. Singapore trails behind other centres on international comparison

    DAC Dec 2017 Stats 3 - Figure 1 International Comparison of WOB
    * countries with quota

  1. List Of 100 Largest Primary-Listed Companies’ Women’s Representation On Board (WOB), as at 31 December 2017
    Company Name Industry No. of WOB end 2017 No. board seats end 2017 %WOB end 2017 %WOB end 2016 %WOB end 2015 Women Directors as at end 2017
    Mapletree Commercial Trust Real Estate 4 10 40% 40% 40% Kwa Kim Li, Ng Lee Hoon Amy, Seah Bee Eng @ Jennifer Loh, Sharon Lim Hwee Li
    Singapore Post Limited Transportation 4 10 40% 27% 8% Aliza Knox, Fang Ai Lian, Kong Sau Wai Elizabeth, Lim Cheng Cheng
    Parkway Life REIT Real Estate 3 8 38% 25% 13% Cheah Sui Ling, Jennifer Lee Gek Choo, Rossana Annizah Binti Ahmad Rashid
    Hutchison Port Holdings Trust Transportation 3 9 33% 11% 11% Ruth Sin Ling Tsim, Shih, Edith, Sng Sow-Mei
    Singapore Press Holdings Limited Media 3 9 33% 33% 30% Chong Siak Ching, Janet Ang Guat Har, Tan Yen Yen
    Singapore Telecommunications Limited Telecommunication Services 3 9 33% 33% 33% Christina Hon Kwee Fong (Christina Ong), Chua Sock Koong, Teo Swee Lian
    Hi-P International Limited Technology Hardware & Equipment 2 6 33% 33% 33% Leong Lai Peng, Wong Huey Fang
    OUE Commercial Real Estate Investment Trust Real Estate 2 6 33% 17% 17% Tan Shu Lin, Usha Ranee Chandradas
    Singapore Exchange Limited Diversified Financials 3 10 30% 33% 27% Chew Gek Khim, Chng Sok Hui, Jane Diplock
    Ascott Residence Trust Real Estate 2 7 29% 14% 0% Beh Siew Kim, Elaine Carole Young
    China Everbright Water Limited Utilities 2 7 29% 14% 13% Cheng Fong Yee Fonda, Xu Nailing
    Keppel REIT Real Estate 2 7 29% 40% 22% Christina Tan Hua Mui, Penny Goh nee Lee Yoke Sim Penny
    SPH REIT Real Estate 2 7 29% 29% 29% Ginney Lim May Ling, Rachel Eng Yaag Ngee
    Ascendas Real Estate Investment Trust Real Estate 2 8 25% 20% 22% Chong Chiet Ping, Lim Sau Hoong
    GSH Corporation Limited Real Estate 2 8 25% 29% 29% Huang Lui, Juliette Lee Hwee Khoon
    Mapletree Greater China Commercial Trust Real Estate 2 8 25% 25% 25% Cindy Chow Pei Pei, Tan Su Shan
    Pacific Century Regional Developments Limited Diversified Financials 2 8 25% 29% 25% Frances Waikwun Wong, Laura Raquel Deal-Lacey
    The Straits Trading Company Limited Materials 2 8 25% 25% 30% Chew Gek Hiang, Chew Gek Khim
    Yanlord Land Group Limited Real Estate 2 8 25% 25% 25% Chan Yiu Ling, Ng Shin Ein
    ComfortDelGro Corporation Limited Transportation 2 9 22% 13% 13% Sum Wai Fun Adeline, Tham Ee Mern Lilian
    Silverlake Axis Ltd Software & Services 2 9 22% 22% 22% Datuk Yvonne Chia, Goh Shiou Ling
    Suntec Real Estate Investment Trust Real Estate 2 9 22% 17% 14% Chew Gek Khim, Yu-Foo Yee Shoon
    DBS Group Holdings Ltd Banks 2 10 20% 22% 22% Euleen Goh Yiu Kiang, Woo Foong Pheng
    GuocoLand Limited Real Estate 2 10 20% 20% 22% Jennie Chua Kheng Yeng, Lim Suat Jien
    Olam International Limited Food & Staples Retailing 2 10 20% 18% 8% Marie Elaine Teo, Rachel Eng Yaag Ngee
    Cromwell European REIT Real Estate 1 5 20% NL NL Fang Ai Lian
    Lippo Malls Indonesia Retail Trust Real Estate 1 5 20% 29% 14% Chan Lie Leng
    Fraser and Neave, Ltd Food, Beverage & Tobacco 2 11 18% 20% 20% Khunying Wanna Sirivadhanabhakdi, Siripen Sitasuwan
    M1 Limited Telecommunication Services 2 11 18% 20% 20% Karen Kooi Lee Wah, Lee Kia Jong Elaine
    SATS Ltd. Transportation 2 11 18% 11% 11% Euleen Goh Yiu Kiang, Jessica Tan Soon Neo
    CapitaLand Limited Real Estate 2 12 17% 11% 10% Euleen Goh Yiu Kiang, Goh Swee Chen
    Mapletree Logistics Trust Real Estate 2 12 17% 18% 18% Ng Kiat, Penny Goh nee Lee Yoke Sim Penny
    StarHub Ltd Telecommunication Services 2 12 17% 8% 8% Rachel Eng Yaag Ngee, Michelle Lee Guthrie
    Bumitama Agri Ltd. Food, Beverage & Tobacco 1 6 17% 0% 0% Lim Christina Hariyanto
    CDL Hospitality Trusts Real Estate 1 6 17% 20% 14% Cheah Sui Ling
    Fragrance Group Limited Real Estate 1 6 17% 17% 17% Grace Lim Wan Looi
    GL Limited Consumer Services 1 6 17% 17% 14% Jennie Chua Kheng Yeng
    Keppel Infrastructure Trust wef 2015 Utilities 1 6 17% 13% 13% Christina Tan Hua Mui
    Metro Holdings Limited Retailing 1 6 17% 17% 17% Fang Ai Lian
    Tianjin Zhong Xin Pharmaceutical Group Corporation Limited Pharmaceuticals, Biotechnology & Life Sciences 1 6 17% 13% 11% Wang Lei
    Jardine Cycle & Carriage Ltd Retailing 2 13 15% 7% 8% Lim Hwee Hua, Vimala a/p V.R. Menon
    Bukit Sembawang Estates Limited Real Estate 1 7 14% 14% 14% Fam Lee San
    City Developments Limited Real Estate 1 7 14% 13% 14% Tan Yee Peng
    Manulife US Real Estate Investment Trust Real Estate 1 7 14% 14% NL Veronica Julia McCann
    Yoma Strategic Holdings Ltd Real Estate 1 7 14% 14% 14% Wong Su-Yen
    First Resources Limited Food, Beverage & Tobacco 1 8 13% 13% 13% Ng Shin Ein
    Ho Bee Land Limited Real Estate 1 8 13% 0% 0% Choo Poh Hua Josephine
    Hotel Grand Central Limited Consumer Services 1 8 13% 14% 14% Tan Hwa Lian
    Keppel DC REIT Real Estate 1 8 13% 11% 0% Christina Tan Hua Mui
    Sinarmas Land Limited Real Estate 1 8 13% 13% 13% Margaretha Natalia Widjaja
    Thai Beverage Public Company Limited Food, Beverage & Tobacco 2 18 11% 11% 10% Kanoknart Rangsithienchai, Khunying Wanna Sirivadhanabhakdi
    Ascendas Hospitality Trust Real Estate 1 9 11% 0% 0% Deborah Lee Siew Yin
    CapitaLand Commercial Trust Real Estate 1 9 11% 14% 13% Jessica Tan Soon Neo
    China Aviation Oil (Singapore) Corporation Ltd Energy 1 9 11% 11% 11% Bella Young Pit Lai
    Great Eastern Holdings Limited Insurance 1 9 11% 0% 0% Teoh Lian Ee
    Keppel Corporation Limited Capital Goods 1 9 11% 11% 20% Veronica Eng Siang Yang
    Sheng Siong Group Ltd. Food & Staples Retailing 1 9 11% 11% 0% Lin Ruiwen
    Wheelock Properties (Singapore) Ltd Real Estate 1 9 11% 11% 11% Tan Bee Kim
    Wing Tai Holdings Limited Real Estate 1 9 11% 10% 10% Tan Hwee Bin
    Mapletree Industrial Trust Real Estate 1 10 10% 11% 11% Mary Yeo Chor Gek
    Oversea-Chinese Banking Corporation Limited Banks 1 10 10% 10% 0% Christina Hon Kwee Fong (Christina Ong)
    Raffles Medical Group Ltd Health Care Equipment & Services 1 10 10% 10% 10% Wee Beng Geok
    SembCorp Industries Ltd Capital Goods 1 10 10% 9% 10% Margaret Lui
    Frasers Centrepoint Limited Real Estate 1 11 9% 10% 10% Khunying Wanna Sirivadhanabhakdi
    SembCorp Marine Limited Capital Goods 1 11 9% 10% 10% Gina Lee-Wan
    SIA Engineering Company Limited Transportation 1 11 9% 11% 11% Christina Hon Kwee Fong (Christina Ong)
    United Overseas Bank Limited Banks 1 12 8% 11% 11% Lim Hwee Hua
    Singapore Technologies Engineering Ltd Capital Goods 1 13 8% 7% 6% Olivia Lum Ooi Lin
    AIMS AMP Capital Industrial REIT Real Estate 0 6 0% 0% 0%
    Ascendas India Trust Real Estate 0 8 0% 0% 0%
    CapitaLand Mall Trust Real Estate 0 10 0% 0% 0%
    CapitaLand Retail China Trust Real Estate 0 8 0% 0% 0%
    CITIC Envirotech Ltd Commercial & Professional Services 0 8 0% 0% 0%
    Far East Hospitality Trust Real Estate 0 6 0% 0% 0%
    First Real Estate Investment Trust Real Estate 0 5 0% 0% 0%
    Frasers Centrepoint Trust Real Estate 0 6 0% 0% 0%
    Frasers Commercial Trust Real Estate 0 7 0% 0% 0%
    Frasers Hospitality Trust Real Estate 0 6 0% 0% 0%
    Frasers Logistics & Industrial Trust Real Estate 0 6 0% 0% NL
    Genting Singapore PLC Consumer Services 0 7 0% 0% 0%
    Global Logistic Properties Limited Real Estate 0 10 0% 0% 0%
    Golden Agri-Resources Ltd Food, Beverage & Tobacco 0 8 0% 0% 0%
    Golden Energy and Resources Limited Energy 0 7 0% 0% 0%
    Haw Par Corporation Limited Pharmaceuticals, Biotechnology & Life Sciences 0 10 0% 0% 0%
    Hong Leong Finance Limited Diversified Financials 0 9 0% 0% 0%
    Hotel Properties Limited Consumer Services 0 9 0% 0% 0%
    OUE Hospitality Trust Real Estate 0 7 0% 0% 0%
    OUE Limited Consumer Services 0 6 0% 0% 0%
    Oxley Holdings Limited Real Estate 0 5 0% 0% 0%
    Perennial Real Estate Holdings Limited Real Estate 0 7 0% 0% 0%
    SIIC Environment Holdings Ltd Utilities 0 9 0% 0% 0%
    Singapore Airlines Limited Transportation 0 8 0% 0% 11%
    Starhill Global Real Estate Investment Trust Real Estate 0 6 0% 0% 0%
    United Engineers Limited Capital Goods 0 6 0% 0% 0%
    United Industrial Corporation Limited Real Estate 0 11 0% 0% 0%
    UOB Kay Hian Holdings Limited Diversified Financials 0 6 0% 0% 0%
    UOL Group Limited Real Estate 0 9 0% 0% 0%
    Venture Corporation Limited Technology Hardware & Equipment 0 7 0% 0% 0%
    Wilmar International Limited Food, Beverage & Tobacco 0 11 0% 0% 0%
    Yangzijiang Shipbuilding (Holdings) Ltd. Capital Goods 0 4 0% 0% 0%
  1. 58 companies added women onto boards in 2017
    • See list of companies that added women in 2017 here.

     

Note: Data was collected from all SGX-listed companies’ annual reports and company announcements reported to SGX, up to 31 December 2017 (inclusive). Data does not reflect any disclosures after 31 December 2017.

 

Sources of country-specific information on women’s representation on boards
  • Australia – Australian Institute of Company Directors
  • China, Indonesia, South Korea – Korn Ferry & NUS CGIO ‘Diversity Scorecard 2016: Building Diversity in Asia Pacific Boardrooms’
  • France – Spencer Stuart ‘France Board Index 2017’
  • Germany – DIW Economic Bulletin ‘Women Executives Barometer 2017’
  • Hong Kong – Community Business’ Women on Boards 2017 report
  • India – NSE Infobase
  • Japan – Spencer Stuart ‘Japan Board Index 2016’
  • Malaysia – New Straits Times Article ‘Malaysia wants more women board directors on listed companies: PM’
  • New Zealand – NZX Limited’s Diversity Statistics
  • Norway – Statistics Norway
  • Singapore – Handshakes
  • Sweden – AllBright ‘Women CEOs choose gender equality’
  • UK – 30 Percent Club
  • US – Spencer Stuart ‘Board Index 2016’

Other Statistics Reports

Full Report on Women’s Representation on Boards of SGX-listed Companies

Top 100 Primary-Listed Companies’ Women’s Representation on Boards

Companies which added women to their boards