Singapore Exchange & Council for Board Diversity Joint Study: 89% of 538 SGX-Listed Issuers Have Disclosed Board Diversity Policy, 41% Published Targets, 21% Provided Plans & Timelines, 11% Reported Progress Towards Published Targets
18th November 2023 | Hong Kong
Singapore Exchange (SGX) and the Council for Board Diversity have released a joint study conducted by PwC SIngapore – 89% of 538 SGX-listed issuers have disclosed board diversity policy, 41% published targets, 21% provided plans & timelines, and 11% reported progress towards published targets. SGX: “Listing Rule 710A came into effect for annual reports for financial years commencing on or after 1 January 2022. As of the cut-off date of this study, some issuers were not due to publish their annual reports for the relevant financial year.”
” Singapore Exchange & Council for Board Diversity Joint Study: 89% of 538 SGX-Listed Issuers Have Disclosed Board Diversity Policy, 41% Published Targets, 21% Provided Plans & Timelines, 11% Reported Progress Towards Published Targets “
Mildred Tan, Co-Chair of the Council for Board Diversity: “The Council for Board Diversity is pleased to partner Singapore Exchange Regulation to conduct this study. This first year of diversity disclosures is commendable. We’re glad to see SGX-listed issuers expressing how cognitive diversity – from a combination of skills, talents, experience – is serving the strategic ambitions of their organisation. It is our hope that by benchmarking and establishing exemplary practices through this study, companies can learn from each other and refine and adapt practices that are effective in enhancing organisational resilience.“
Tan Boon Gin, CEO of SGX RegCo: “Board diversity promotes good decision-making. A diverse board is likely to be more successful in crafting strategy and ensuring the company thrives for the long term. The high adoption rate found in this study suggests most listed issuers have incorporated diversity into the board governance framework. Nevertheless, the level of detail in disclosures varied significantly, consistent with it being the first year for such disclosures. We want more measurable progress in future especially in quantitative aspects such as targets, plans and timelines. SGX RegCo will be closely monitoring how companies perform on this front.”
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