A Closer Look: Female Directorship in Asia in 2023
As of 2023, the representation of women in directorship positions in Asia remains relatively low. According to a report by the Diversity Action Committee (DAC) in Singapore, women held only 13.3% of board seats in Singapore's top 100 listed companies as of 2021. In Malaysia, the percentage of women on boards stood at 26.2% as of 2020, according to a report by the Malaysian Alliance of Corporate Directors. In Japan, women held only 17.1% of board seats in listed companies as of 2020, according to the Ministry of Economy, Trade, and Industry.
Despite these numbers, there have been some positive developments in recent years. In Singapore, the DAC introduced the Code of Governance for Diversity and Inclusion in 2019, which calls for greater diversity on corporate boards. In Malaysia, the Securities Commission Malaysia introduced a target of 30% women on boards by 2020, which was achieved by 2021. In Japan, the government introduced a target of 30% women on boards by 2020, and while this target was not achieved, the percentage of women on boards has been steadily increasing in recent years.
There are several benefits to increasing the representation of women in directorship positions. Research has shown that companies with more diverse boards tend to perform better financially. A study by McKinsey & Company found that companies in the top quartile for gender diversity on executive teams were 25% more likely to have above-average profitability than companies in the bottom quartile.
Moreover, having more women in leadership positions can also lead to greater gender diversity throughout the organization. Women in leadership can serve as role models and mentors for other women, and can help to create a more inclusive workplace culture.
To increase the representation of women in directorship positions in Asia, there are several strategies that companies can adopt. One is to set targets for gender diversity on boards, as Malaysia and Japan have done. Companies can also consider implementing policies such as flexible working arrangements and parental leave, which can help to attract and retain female talent.
Another strategy is to actively seek out qualified women for directorship positions. This can involve expanding the search beyond traditional networks and using tools such as blind recruitment to eliminate bias.
In conclusion, while the representation of women in directorship positions in Asia remains relatively low, there have been positive developments in recent years. Increasing gender diversity on boards can have significant benefits for companies, and there are several strategies that companies can adopt to achieve this goal. By taking action to increase the representation of women in leadership, companies can create more inclusive and successful organizations.
Blogs for you
Half the Sky's mission is to supply the tools that can give every woman the ability to build a successful career and be fully prepared for the future of work. So, that they can lead a healthy, prosperous and more balanced/blended lifestyle of their choosing. By building your confidence, you’re setting foundations to empower yourself and your career. The world is your oyster, and it starts with you.
Enjoyed this article let us know your thoughts in the comments below:
About half the sky
half the sky (HTS) is a career platform for women connecting you to career opportunities at companies that care. Providing you with information, tips and strategies to navigate the rapidly changing workplace.
Sign up to get career tips and job alerts directly to your inbox! Join us to shape the future of women at work together!