Improvement in board diversity shows 'commitment to diversify talent and, leadership'
Women's board participation in Singapore has surpassed the 2025 target amid the increasing involvement of women in organisational leadership, according to a new report.
The latest Singapore Board Diversity Review revealed that women-held directorships at Singapore's Top 100 Companies grew to 25.1% at the end of 2024.
This crosses the 25% target set for 2025, and brings the country closer to the 30% goal by 2030, according to the Council for Board Diversity.
There was also continued growth in women-held directorships in statutory boards, reaching 34.3%, further exceeding the 30% voluntary target in the public sector in 2022.
For the Top 100 IPCs (Institution of a Public Character), women's board participation crossed the 30% target for the first time since 2018, after hitting 31.8% by the end of 2024, according to the report.
Masagos Zulkifli, Minister for Social and Family Development, said the findings are a "positive development."
"It reflects Singapore's commitment to diversify talent and leadership," Zulkifli said in a statement. "A board that embraces diverse strengths allows for broader perspectives and is better positioned to realise its full potential."
Meanwhile, women also held 17% of all board leadership roles, including Board Chair or Audit, Nominating or Remuneration Committee Chair, in 2024. This is an increase from nine per cent in 2018.
"The proportion of women chairing a Top 100 company, at eight per cent, was on par with the global average and mirrored the global trend that sees disproportionately few advancing to the chair position," the report added.
For statutory boards, women held 12 board chair roles, a slight improvement from 10 in 2018. However, the share of women chairing the Top 100 IPCs declined to 16 from the previous high of 19 in 2023.
"Encouragingly, across the full suite of All IPCs, women led one-quarter (24%) of such non-profits as board chair," the report read.
Gan Seow Kee and Goh Swee Chen, co-chairs of the Council for Board Diversity, welcomed the improving diversity in Singapore's leadership roles.
"This progress – voluntarily and without quotas – reflects the value Singapore places on diversity and speaks of tireless efforts by countless individuals and organisations," they said in the report.
However, they noted that it is "not time to ease off the accelerator" as the Top 100 companies have yet to pass the 30% target.
"But let us not turn board gender diversity into a numbers chase; it is an integral part of business strategy and quality governance," they said.
"At the same time, we must also broaden our lens and widen conversations beyond gender. Skill sets, subject matter expertise, lived experiences and age are all valued dimensions."
