Women’s groups in Singapore are pushing for higher percentage of representation on the boards of corporations. Minister for Culture, Community and Youth Grace Fu (pic) said more can be done to strengthen gender diversity in corporate leadership in the republic. In view of this, the PAP Women’s Wing, along with BoardAgender, an initiative of the Singapore Council of Women’s Organisations, are making recommendations jointly to the Monetary Authority of Singapore to push greater gender diversity in boards.
“We are advocating that a 20-20 target – at least 20 per cent of female directors on boards by 2020 – be adopted by listed companies and statutory boards,” noted Ms Fu. This would be a big step up from 9.7 per cent currently. She said the PAP Women’s Wing and the SCWO are also calling on the MAS to make the “comply or explain” disclosure policy in board diversity a mandatory one. Such disclosure require companies that do not meet the guidelines to step out to explain their deviations.
Ms Fu noted that across the SGX listed companies, women hold 9.7 per cent of board seats, up from 9.1 per cent in the previous year. This, however, pales in comparison to women’s representation in the workforce and in senior management ranks. Even in industries where the majority of customers and staff are female – such as food and beverage, household and personal products, consumer durables and apparel – many firms have all-male boards.
She said having women on their boards could help management better understand the perspectives of its female customers and workforce, and gain deeper knowledge and engagement of its stakeholders. “That said, this is not about giving preferential treatment to a specific gender – merit still comes first. But we can and must do more to strengthen the gender diversity in corporate leadership,” Ms Fu observed.
Source: Business Times