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Singapore wants to double women on company boards in 3 years

Bloomberg Published on Wed, Apr 05, 2017 / 7:40 AM GMT+8

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SINGAPORE (April 5): A Singapore government-backed group wants to double women’s representation on company boards to 20% by the end of the decade in what it says would be a "big challenge" catching up with other countries in terms of having more females in the upper echelons of management.

The Diversity Action Committee issued on Tuesday a six-step plan to encourage more women on the boards of companies listed in the city state where they made up 9.9% at the end of last year.

The committee’s six-step plan includes:

Requiring companies to disclose diversity policies. Recommendation made to Monetary Authority of Singapore; Code of Corporate Governance under review
Getting companies to reveal how board compositions are suitable for business needs, drawing women directors from outside traditional pool of friends and contacts
Helping firms get in-depth understanding of diversity benefits
Encouraging investors to enthuse firms to move forward on diversity
Encouraging studies on significance of women’s board participation
Working with groups to promote board diversity; support efforts