The Centre for Governance, Institutions and Organisations (CGIO) recently launched its 2014 Singapore Board Diversity Report.
Focusing on 676 listed companies, covering 4,629 directorships the report found that while Singapore still trails behind the region, we are seeing more diversity in gender, age and ethnicity.
Dr. Marleen Dieleman, Associate Professor and Associate Director for CGIO presenting the key findings. The results showed that a lot more can be done:
– Diverse boardrooms see nearly five times better ROA
– Only 7.7 per cent of SGX-listed boards are diverse in gender, age and ethnicity
– Female representation on SGX-listed boards increases marginally from 7.9 to 8.3 per cent, remains behind region
With evidence that greater diversity pays off for boards, Guest of Honour, Grace Fu, Minister in the Prime Minister’s Office, Second Minister for Environment and Water Resources and Second Minister for Foreign Affairs calls for companies to re-examine their board selection process and encourages companies to broaden their search beyond their usual social circles. Companies should also explore identifying and grooming board-ready candidates from within, says the NUS Business School alumna.