Statistics as at Jun 2018

News Release

Women representation on boards of Top 100 SGX-listed companies up 20% from a year ago to hit 14.7%: Diversity Action Committee

  • Increase in women’s participation on boards increases by 20% since June 2017, from 12.2% to 14.7%
  • 33 of the Top 100 companies have more than 20% women’s participation on boards
  • 24% of new appointments in first half of 2018 are women; with 60% of them first-time directors1
  • More room for boards to embrace gender diversity with 101 Independent Directors on Top 100 companies having served 9 years or more

PDF version here

Singapore: July 31, 2018 – Singapore’s Diversity Action Committee (“DAC”) announced that women’s participation on boards (“WOB”) of the top 100 primary-listed companies on the Singapore Exchange (“SGX”) by market capitalisation (“Top 100 companies”) spurted 20% in the last 12 months, from 12.2% in June 2017 to achieve 14.7% as at end June 2018. Compared to end 2017, WOB increased 12% from 13.1% six months ago.

The latest statistics were announced by DAC today at a women’s leadership event jointly organized by Bloomberg, Deloitte and the DAC.

Loh Boon Chye, DAC Chairman said, “Companies are making encouraging progress. DAC first came together in late 2014 to address the pressing issue of low participation rate of women on boards. In these three and a half years, we have seen an increasing momentum, especially amongst the Top 100 companies, in improving board gender diversity.

With the upcoming revisions to Singapore’s Code of Corporate Governance calling for more focus on board diversity, I hope that more companies will think how their board composition could be strengthened in line with its strategic gaps. I believe there is room for more capable women to be appointed to the boards. If the pace is sustained, the Top 100 companies will be the first group of companies to achieve DAC’s first-tier target2 of 20% women on boards by 2020, leading the way for other companies to join in.”

33 of the Top 100 companies have achieved more than 20% women on their boards; 20% is the first level of the triple-tier target that DAC aims to achieve by 2020 with Top 100 companies leading the way.

The proportion of all-male boards for Top 100 companies continued to decline, down to 27% in June 2018 from 32% as at end December 2017. Nonetheless, new board appointments were mostly men. While 35% of board appointments for the Top 100 companies from January 2015 to June 2018 were first-time directors, almost 70% were male.

Women’s participation on boards of all 738 listed companies also increased from 10.3% in June 2017 to 11.2% as at end June 2018. Compared to end 2017, WOB increased from 10.8% to 11.2%. The proportion of all-male boards went below 50% for the first time, to 49%. New board appointments were mostly men; 38% of board appointments from January 2015 to June 2018 were first-time directors, with more than 80% being male.

The proposed revision of the Code of Corporate Governance has called for stiffer definition of independence for directors at 9 years3. Based on this definition, half of the listed companies will be appointing at least one new independent director before long. The number of directorships affected are 101 for Top 100 companies and 705 for all listed companies.

[1]First-time directors refer to directors who have not previously served on listed company boards.
[2]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.
[3]The public consultation documents released in January 2018 sought feedback on two options for the stricter director independence rules. The Code of Corporate Governance and SGX Listing Rules will indicate that a director would no longer be deemed independent if:
Option (i) – Incorporate the nine-year rule as a hard limit
he has been a member of the board for an aggregate period of more than 9 years before or after listing.
Option (ii) – Subject independent directors who would like to serve more than nine-years to a two-tier vote
he has been a member of the board for an aggregate period of more than 9 years before or after listing and his continued appointment as an independent director has not been sought and approved in separate resolutions from (A) all shareholders; and (B) shareholders excluding any controlling shareholder and associate of the controlling shareholder, that the director will continue to be an independent director of the issuer. For the purpose of the resolution referred to in (B), any controlling shareholder and any associate of the controlling shareholder must not accept appointment as proxies unless specific instructions as to voting are given. Such resolutions may remain in force until the conclusion of the first annual general meeting of the issuer following the passing of the resolutions.

Summary of DAC’s statistical findings as at 30 June 2018

DAC, which researches and provides authoritative statistics on women’s representation on boards (“WOB”) of SGX-listed companies, shared its findings as follows:

  1. Top 100 primary-listed companies continue to outpace the market as a whole: Top 100 companies achieved 14.7% women’s participation on boards, from 13.1% in end December 2017. All SGX-listed companies improved to 11.2% WOB, from 10.8% in end 2017.
  2. Number of women board appointments increased for Top 100 companies: Women made up a larger proportion of board appointments in 1H2018 for the Top 100 companies – 24% of board appointments were women, compared to 18% for full-year 2017. Almost 60% of the women appointments were first time directors while one-third of the male appointments were first time directors. The number is 12% for all SGX-listed companies.
  3. New board seats mostly filled by men: About 40% of board directors appointed onto boards of Top 100 companies as well as all SGX-listed companies from January 2015 to June 2018 were first-time directors. However, most seats were filled by men (almost 70% for Top 100 companies, and more than 80% for all SGX-listed companies).
  4. Fewer all-male boards: 27% of Top 100 company boards are all-male, a reduction from 32% in end 2017. For the first time, the proportion of all-male boards of all SGX-listed companies fell below 50%. 49% of boards of SGX-listed companies are all-male, a reduction from 50% in end 2017.
  5. Opportunity for board renewal with nine-year rule for director independence: 48% of Top 100 companies have at least 1 independent director that had served at least nine years, with 101 such directorships. Similarly, 50% of SGX-listed companies have at least one independent director serving nine years of more; there are 705 of such directorships. 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.

Summary of Statistics as at 30 Jun 2018

Statistics for SGX-Listed Companies as at 30 June 2018

  1. Top 100 primary-listed companies continue to outpace the market as a whole
    • Top 100 primary-listed companies led the way, achieving 14.7% women’s participation on boards (“WOB”) as at end June 2018, from 13.1% in end 2017. All SGX-listed companies achieved 11.2%, from 10.8% in end 2017.

  1. More companies with women on boards, fewer all-male boards
    • 33 of the Top 100 companies have achieved at least 20% WOB, the first level of DAC’s triple-tier target4
    • The proportion of all-male boards in Top 100 companies continued to decline, falling below 30% to 27% as at end June 2018, from 32% in December 2017. (Figure 2a)
    • For the first time, the proportion of all-male boards for all SGX-listed companies fell below 50%. 49% of companies have all-male boards as at end June 2018, from 50% in end 2017. (Figure 2b)

    [4]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.
  1. Number of women board appointments increased for Top 100 companies in 1H2018
    • Women made up a larger proportion of board appointments in 1H2018 for the Top 100 companies – 24% of board appointments were women, compared to 18% for full-year 2017.
    • For all SGX-listed companies, women made up 12% of board appointments in 1H2018, about the same as Jan-Dec 2017’s 13%.
  1. New board seats mostly filled by men
    • About 40% of directors appointed to boards of Top 100 primary-listed companies as well as all SGX-listed companies from January 2015 to June 2018 were first time directors. However, most were men (almost 70% for Top 100 primary-listed companies, and more than 80% for all SGX-listed companies).
    • With the revised Code of Corporate Governance calling for more focus on board diversity, DAC believes that there is room for more women in these first-time appointments.
  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.
    • 48% 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 41 years.
    • Similarly, 50% of SGX-listed companies have at least 1 independent director serving nine years or more. There are 705 of such directorships. The longest tenure was 47 years.
  1. International comparison

  1. 7 gender diverse boards within the Top 100 primary-listed companies added more women to their boards in 1H2018

    Listed Company Name

    Number of women directors added

    Director Name

    Appointment Type

    Thai Beverage Public Company Limited 3 Chatri Banchuin* Independent Director
    Kritika Kongsompong* Independent Director
    Potjanee Thanavaranit Independent Director
    CapitaLand Commercial Trust 1 Quek Bin Hwee* Independent Director
    City Developments Limited 1 Jenny Lim Yin Nee Independent Director
    Raffles Medical Group Ltd 1 Sarah Lu Qinghui* Non-Executive Director
    Sheng Siong Group Ltd. 1 Tan Poh Hong* Independent Director
    Metro Holdings Limited 1 Deborah Lee Siew Yin Independent Director
    Tianjin Zhong Xin Pharmaceutical Group Corporation Limited 1 Yu Hong* Executive Director
    Total no of new female appointments 9
    * First-time director
  1. 4 all-male boards within the Top 100 primary-listed companies added women to their boards

    Listed Company Name

    Number of women directors added

    Director Name

    Appointment Type

    Ascendas India Trust 1 Zia Mody* Independent Director
    CapitaLand Retail China Trust 1 Kuan Li Li* Independent Director
    Genting Singapore Limited 1 Chan Swee Liang Carolina Independent Director
    Venture Corporation Limited 1 Kuok Oon Kwong Independent Director
    * First-time director
  1. List Of 100 Largest Primary-Listed Companies’ Women’s Representation On Board (WOB), as at 30 Jun 2018
    Company Name Industry No. of WOB Jun 2018 No. board seats Jun 2018 %WOB end 2018 %WOB end 2017 %WOB end 2016 Women Directors as at Jun 2018
    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% 40% 27% Aliza Knox, Fang Ai Lian, Kong Sau Wai Elizabeth, Lim Cheng Cheng
    Parkway Life REIT Real Estate 3 8 38% 38% 25% Cheah Sui Ling, Jennifer Lee Gek Choo, Rossana Annizah Binti Ahmad Rashid
    Hutchison Port Holdings Trust Transportation 3 9 33% 33% 11% Ruth Sin Ling Tsim, Shih Edith, Sng Sow-Mei
    Singapore Press Holdings Limited Media 3 9 33% 33% 33% Chong Siak Ching, Janet Ang Guat Har, Tan Yen Yen
    Hi-P International Limited Technology Hardware & Equipment 2 6 33% 33% 33% Leong Lai Peng, Wong Huey Fang
    HRnetGroup Limited Commercial & Professional Services 2 6 33% 33% NL Adeline Sim, Heng Su-Ling, Mae
    Keppel REIT Real Estate 2 6 33% 29% 40% Christina Tan Hua Mui, Penny Goh @ Lee Yoke Sim Penny
    OUE Commercial Real Estate Investment Trust Real Estate 2 6 33% 33% 17% Tan Shu Lin, Usha Ranee Chandradas
    Singapore Exchange Limited Diversified Financials 3 10 30% 30% 33% Chew Gek Khim, Chng Sok Hui, Jane Diplock
    Singapore Telecommunications Limited Telecommunication Services 3 10 30% 33% 33% Christina Hon Kwee Fong (Christina Ong), Chua Sock Koong, Teo Swee Lian
    City Developments Limited Real Estate 2 7 29% 14% 13% Jenny Lim Yin Nee, Tan Yee Peng
    Metro Holdings Limited Retailing 2 7 29% 17% 17% Deborah Lee Siew Yin, Fang Ai Lian
    SPH REIT Real Estate 2 7 29% 29% 29% Ginney Lim May Ling, Rachel Eng Yaag Ngee
    Suntec Real Estate Investment Trust Real Estate 2 7 29% 29% 17% Chew Gek Khim, Yu-Foo Yee Shoon
    Tianjin Zhong Xin Pharmaceutical Group Corporation Limited Pharmaceuticals, Biotechnology & Life Sciences 2 7 29% 17% 13% Yan Min, Yu Hong
    Thai Beverage Public Company Limited Food, Beverage & Tobacco 5 20 25% 11% 11% Chatri Banchuin, Kanoknart Rangsithienchai, Khunying Wanna Sirivadhanabhakdi, Kritika Kongsompong, Potjanee Thanavaranit
    Ascott Residence Trust Real Estate 2 8 25% 29% 14% Beh Siew Kim, Elaine Carole Young
    GSH Corporation Limited Real Estate 2 8 25% 25% 29% Huang Lui, Juliette Lee Hwee Khoon
    Mapletree North Asia 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% 25% 29% Frances Waikwun Wong, Laura Raquel Deal-Lacey
    Silverlake Axis Ltd Software & Services 2 8 25% 22% 22% Datuk Yvonne Chia, Goh Shiou Ling
    Yanlord Land Group Limited Real Estate 2 8 25% 25% 25% Chan Yiu Ling, Ng Shin Ein
    Ascendas Real Estate Investment Trust Real Estate 2 9 22% 25% 20% Chong Chiet Ping, Lim Sau Hoong
    CapitaLand Commercial Trust Real Estate 2 9 22% 11% 14% Jessica Tan Soon Neo, Quek Bin Hwee
    ComfortDelGro Corporation Limited Transportation 2 10 20% 22% 13% Sum Wai Fun Adeline, Tham Ee Mern Lilian
    DBS Group Holdings Ltd Banks 2 10 20% 20% 22% Euleen Goh Yiu Kiang, Woo Foong Pheng
    GuocoLand Limited Real Estate 2 10 20% 20% 20% Jennie Chua Kheng Yeng, Lim Suat Jien
    M1 Limited Telecommunication Services 2 10 20% 18% 20% Karen Kooi Lee Wah, Lee Kia Jong Elaine
    Sheng Siong Group Ltd. Food & Staples Retailing 2 10 20% 11% 11% Lin Ruiwen, Tan Poh Hong
    StarHub Ltd Telecommunication Services 2 10 20% 17% 8% Michelle Lee Guthrie, Rachel Eng Yaag Ngee
    Cromwell European REIT Real Estate 1 5 20% 20% NL Fang Ai Lian
    Lippo Malls Indonesia Retail Trust Real Estate 1 5 20% 20% 29% Chan Lie Leng (LMIRT)
    CapitaLand Limited Real Estate 2 11 18% 17% 11% Euleen Goh Yiu Kiang, Goh Swee Chen
    Mapletree Logistics Trust Real Estate 2 11 18% 17% 18% Ng Kiat, Penny Goh @ Lee Yoke Sim Penny
    Olam International Limited Food & Staples Retailing 2 11 18% 20% 18% Marie Elaine Teo, Rachel Eng Yaag Ngee
    Raffles Medical Group Ltd Health Care Equipment & Services 2 11 18% 10% 10% Sarah Lu Qinghui, Wee Beng Geok
    SATS Ltd. Transportation 2 11 18% 18% 11% Euleen Goh Yiu Kiang, Jessica Tan Soon Neo
    Jardine Cycle & Carriage Ltd Retailing 2 12 17% 15% 7% Lim Hwee Hua, Vimala a/p V.R. Menon
    Bumitama Agri Ltd. Food, Beverage & Tobacco 1 6 17% 17% 0% Lim Christina Hariyanto
    CDL Hospitality Trusts Real Estate 1 6 17% 17% 20% 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% 17% Jennie Chua Kheng Yeng
    Keppel DC REIT Real Estate 1 6 17% 13% 11% Christina Tan Hua Mui
    Keppel Infrastructure Trust Utilities 1 6 17% 17% 13% Christina Tan Hua Mui
    Fraser and Neave, Ltd Food, Beverage & Tobacco 2 14 14% 18% 20% Khunying Wanna Sirivadhanabhakdi, Siripen Sitasuwan
    Bukit Sembawang Estates Limited Real Estate 1 7 14% 14% 14% Fam Lee San
    China Everbright Water Limited Utilities 1 7 14% 29% 14% Cheng Fong Yee Fonda
    First Resources Limited Food, Beverage & Tobacco 1 7 14% 13% 13% Ng Shin Ein
    Genting Singapore Limited Consumer Services 1 7 14% 0% 0% Chan Swee Liang Carolina
    Japfa Ltd. Food, Beverage & Tobacco 1 7 14% 14% 14% Lien Siaou-Sze
    Manulife US Real Estate Investment Trust Real Estate 1 7 14% 14% 14% Veronica Julia McCann
    Ho Bee Land Limited Real Estate 1 8 13% 13% 0% Choo Poh Hua Josephine
    Hotel Grand Central Limited Consumer Services 1 8 13% 13% 14% Tan Hwa Lian
    Netlink NBN Trust Telecommunication Services 1 8 13% 13% NL Koh Kah Sek
    Sasseur Real Estate Investment Trust Real Estate 1 8 13% NL NL Yang Xue
    Thomson Medical Group Limited Health Care Equipment & Services 1 8 13% 14% 13% Chan Lay Hoon
    Venture Corporation Limited Technology Hardware & Equipment 1 8 13% 0% 0% Kuok Oon Kwong
    Wheelock Properties (Singapore) Ltd Real Estate 1 8 13% 11% 11% Tan Bee Kim
    Ascendas India Trust Real Estate 1 9 11% 0% 0% Zia Mody
    China Aviation Oil (Singapore) Corporation Ltd Energy 1 9 11% 11% 11% Bella Young Pit Lai
    Keppel Corporation Limited Capital Goods 1 9 11% 11% 11% Veronica Eng Siang Yang
    CapitaLand Retail China Trust Real Estate 1 10 10% 0% 0% Kuan Li Li
    Great Eastern Holdings Limited Insurance 1 10 10% 10% 0% Teoh Lian Ee
    Mapletree Industrial Trust Real Estate 1 10 10% 10% 11% Mary Yeo Chor Gek
    Oversea-Chinese Banking Corporation Limited Banks 1 10 10% 10% 10% Christina Hon Kwee Fong (Christina Ong)
    SembCorp Industries Ltd Capital Goods 1 10 10% 10% 9% Margaret Lui
    SembCorp Marine Limited Capital Goods 1 10 10% 9% 10% Gina Lee-Wan
    SIA Engineering Company Limited Transportation 1 10 10% 9% 11% Christina Hon Kwee Fong (Christina Ong)
    Sinarmas Land Limited Real Estate 1 10 10% 13% 13% Margaretha Natalia Widjaja
    United Overseas Bank Limited Banks 1 10 10% 8% 11% Lim Hwee Hua
    Wing Tai Holdings Limited Real Estate 1 10 10% 11% 10% Tan Hwee Bin
    Frasers Property Limited Real Estate 1 11 9% 9% 10% Khunying Wanna Sirivadhanabhakdi
    AIMS AMP Capital Industrial REIT# Real Estate 0 6 0% 0% 0%
    CapitaLand Mall Trust Real Estate 0 10 0% 0% 0%
    CITIC Envirotech Ltd Commercial & Professional Services 0 8 0% 0% 0%
    Far East Hospitality Trust Real Estate 0 4 0% 0% 0%
    First Real Estate Investment Trust Real Estate 0 6 0% 0% 0%
    Frasers Centrepoint Trust Real Estate 0 5 0% 0% 0%
    Frasers Commercial Trust Real Estate 0 6 0% 0% 0%
    Frasers Hospitality Trust Real Estate 0 6 0% 0% 0%
    Frasers Logistics & Industrial Trust Real Estate 0 6 0% 0% 0%
    Golden Agri-Resources Ltd Food, Beverage & Tobacco 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 Real Estate 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% 0%
    Singapore Technologies Engineering Ltd# Capital Goods 0 12 0% 8% 7%
    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 13 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%
    Wilmar International Limited Food, Beverage & Tobacco 0 13 0% 0% 0%
    Yangzijiang Shipbuilding (Holdings) Ltd. Capital Goods 0 4 0% 0% 0%
  1. 33 companies added women onto boards in Jan – Jun 2018
    • See list of companies that added women from Jan – Jun 2018 here.

     

Note: Data was collected from all SGX-listed companies’ annual reports and company announcements reported to SGX, from 2013 up to 30 Jun 2018 (inclusive). Data does not reflect any disclosures after 30 Jun 2018.

 

Sources of country-specific information on women’s representation on boards
  • Australia – Australian Institute of Company Directors
  • 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 – Statistics Sweden ‘Women and men in Sweden, Facts and Figures 2018’
  • UK – Hampton-Alexander Review’s Press Release 27 June 2018
  • US – Spencer Stuart ‘Board Index 2017’

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