Women directors make up over 25% of the boards of Singapore’s top 100 listed firms

SINGAPORE - More women are becoming directors and taking on leadership roles on the boards of companies and organisations in Singapore, said a report released on May 30.

The report by the Council for Board Diversity found that women’s share of directorships at the top 100 companies listed on the Singapore Exchange mainboard rose to 25.1 per cent in 2024, capping a multi-year uptrend.

This not only exceeds the target of 25 per cent set by the council for such companies, but was also achieved a year ahead of schedule.

It is also a marked increase from the 7.5 per cent of women directors at the end of 2013. In 2023, the figure

was 23.7 per cent

. The next target is 30 per cent by end-2030.

All listed companies collectively reached 18.1 per cent in women’s board participation in 2024, the council’s report showed.

“Encouraged by regulatory efforts introduced to prompt regular board renewals, the 615 companies appointed the largest cohort of first-time directors in a decade – 310 men and women – increasing board gender diversity and enriching the board talent pool,” the council said in a statement.

New regulations were announced in 2023

stating that directors who have occupied board seats in the same company for more than nine years will no longer be considered independent. Companies had to adjust their boards by April 2024.

Of the new board appointments made by the top 100 companies in 2024, women took on a 34 per cent share of directorships, up from a 5 per cent share in 2013, the report showed.

Across all listed companies, women made up 23 per cent of board appointments made in 2024, more than double their 10 per cent share in 2013. 

However, 31 per cent of all listed companies still had all-male boards.

The percentage of such boards was lower when it came to the top 100 listed companies, at 9 per cent. While four of these companies have had at least one woman director in the past, five had been led by men-only boards for more than a decade, the report found.

Progress in having women directors was also seen in statutory boards and institutions of a public character (IPCs).

The 64 statutory boards raised women-held directorships to 34.3 per cent at the end of 2024.

Meanwhile, the top 100 IPCs reached 31.8 per cent women’s board participation. As a whole, all 683 IPCs averaged 34.3 per cent in women directors.

Both sectors had crossed the voluntary 30 per cent target before 2024.

Minister for Social and Family Development Masagos Zulkifli, whose ministry established the council in 2019, said: “The increasing participation of women on corporate boards, statutory boards and IPCs is a positive development. It reflects Singapore’s commitment to diversify talent and leadership.

“A board that embraces diverse strengths allows for broader perspectives, and is better positioned to realise its full potential.”

Women directors held 13 per cent of all board leadership positions – such as chairing the board, audit, nomination and remuneration committees – across all listed companies in 2024. This is an improvement from 11 per cent in 2023.

However, more work is needed – only 8 per cent of all listed companies had a woman as the board chair. “Conscious effort is needed to leverage and advance Singapore’s strengthened pool of experienced women directors into committee chair and board chair roles,” the report said.

It noted that countries such as the US, Britain, Australia and Malaysia outperform Singapore firms in drawing on women talent to chair board committees.

Other countries also have formal recommendations to raise the number of women in board leadership.

For example, in Britain, companies are recommended to appoint at least one woman to the four key roles of chair, senior independent director, chief executive and finance director by 2025, to ensure that an organisation’s top leadership benefits from diversity of experience and expertise. 

The report also noted that a board’s gender ratio was more likely to improve when at least one woman served in its nominating committee, according to multi-year data. This was most apparent at smaller companies, outside the top 100 listed firms.

Mr Gan Seow Kee, co-chair of the council, said: “The council champions merit-based board diversity for equal opportunities in leadership, and quite simply because diversity is an asset when harnessed appropriately.”

Mr Gan, who is also chairman of Singapore LNG Corporation, added: “From experience, I’ve seen how diversity at the decision-making table can be a competitive strength.” 

Ms Goh Swee Chen, also co-chair of the council, said gender will remain a key focus for the council for the next five years and beyond.

“But we will also broaden our lens to embrace the ‘Big D’ of diversity, which spans skill sets, experiences, age and cultural backgrounds,” she said.

“Everyone brings something different to the table. What truly matters is cultivating diversity of thought. It is the mix of perspectives that drives innovation, challenges groupthink, and enables organisations to adapt more effectively in a complex, fast-changing world.”