Technology sector drives women directors to rise in SGX’s top 100 firms

SINGAPORE: In 2023, the surge in women directors in Singapore’s top 100 listed companies was led by six key sectors, with the Technology sector leading with 34%.

Following closely behind are the Industrials sector at 27%, Real Estate and Utilities at 24% each, Financials at 23%, and Consumer Non-Cyclicals at 19%, Singapore Business Review reports.

This trend reflects a broader shift in the Singapore Exchange (SGX), where the prevalence of all-male boards has decreased significantly from 57% in 2013 to 38% in 2023.

Conversely, women’s representation on SGX-listed company boards has seen a marked increase, rising from 8.1% in 2013 to 16.1% in 2023.

Despite a slight decline from the peak observed in 2022, the Council of Board Diversity reported a notable increase in new female appointees, with 33 companies transitioning from all-male boards to welcoming 35 women directors in 2023.

96 board seats across 82 companies were allocated to women in 2023, accounting for 21% of board appointments made by SGX-listed companies. Additionally, the proportion of firms boasting gender-balanced boards nudged up to 8%.

The strides made by the top 100 primary-listed companies have been particularly noteworthy. Women’s participation on these boards has tripled to 23.7% from a mere 7.5% in 2013.

However, despite these strides, 11 of the top 100 companies still operate with all-male boards, while 240 company boards across all SGX-listed companies lack female representation.

Conversely, progress has been slower among companies outside the top 100, with women’s board participation at 14.0%.

In addition to the rise in women directors, there has been growth in the proportion of independent and first-time directors across Singapore boards. /TISG

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