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SINGAPORE – More listed companies in Singapore now have boards comprising at least 30 per cent women, compared with five years ago, according to a new study released on Jan 20.
But the percentage of boards that have at least one-third of directors from a non-majority culture fell.
These were among the findings of the 2025 Board Diversity Index, developed by the Singapore Institute of Directors (SID) with global advisory firm WTW and James Cook University.
The study found that company boards mostly have a greater mix, compared with the previous study done in 2020.
Eight attributes were monitored: age, gender, industry experience, domain or functional expertise, international experience, cultural ethnicity, board independence, and the tenure of directors.
The latest study looked at public disclosures from 553 companies, such as their annual reports, websites and director biographies, as at September 2024. These companies include real estate investment trusts and Catalist-listed companies.
SID chief executive Terence Quek said: “It is heartening to see the advancement made by companies surveyed since the last report in 2020.
“The findings of the Board Diversity Index 2025 show both our progress and the challenges that remain. They underscore the undeniable value that diversity brings to boardrooms: enhanced decision-making, innovation and resilience in the face of complexity.”
Boards made significant progress in the percentage of women members. The proportion of firms with boards where women make up 30 per cent to 70 per cent of the directors increased from 8 per cent in 2020 to 17 per cent in 2025.
Thirty-six per cent of boards have no women at all in the latest study, compared with 49 per cent in 2020.
The Council for Board Diversity had set the target for the top 100 listed companies in Singapore to have at least 25 per cent women’s participation on boards by 2025, with an aim to raise the percentage to 30 per cent by 2030.
There was also a rise in the number of boards where at least 75 per cent of the directors are independent, from 9 per cent of listed companies in 2020 to 13 per cent in 2025.
WTW managing director and global practice leader Shai Ganu said: “The nine-year rule seems to have helped improve diversity on Singapore boards, which is heartening to see. But there is still room for improvement, particularly for small-cap and Catalist companies.”
The new listing rule was implemented from 2024, stating that directors who have occupied board seats in the same company for more than nine years will no longer be considered independent. Companies had to adjust their boards by April 2024.
Mr Ganu said: “It remains critical for boards to ensure that they have cognitive diversity – that is diversity of thought, perspectives and experiences to enhance the quality of boardroom discussions.”
More boards also have a diverse mix of domain knowledge and industry expertise.
The proportion of companies with board members that represent five or more different domain-knowledge areas rose from 14 per cent in 2020 to 29 per cent in the latest study.
Boards with five or more different industry-expertise types also increased, from 15 per cent in 2020 to 33 per cent in 2025.
Mr Ganu added: “Over the past few years, companies seem to have placed stronger emphasis on gender diversity, multi-disciplinary domain expertise and experience across diverse industries.”
However, the cultural diversity of Singapore’s listed companies’ boards took a dip. The percentage of boards that have at least one-third of directors from a non-majority culture fell from 18 per cent in 2020 to 14 per cent in 2025.
“While companies should continue being deliberate in skills-based board nominations, they will be well served by also creating an inclusive culture, where diverse opinions are allowed to thrive, which in turn can enhance the quality of decision-making,” Mr Ganu said.
When it came to age diversity, companies also skewed towards having older directors. The average age of directors on listed company boards is 60 in 2025, up from 58 in 2020.
In addition, only 28 per cent of boards have two or more directors younger than 50. The study also found that 34 per cent of listed company directors are aged between 60 and 70.
In a presentation on the findings, WTW director Krissandi Lee noted that board diversity is important in reducing groupthink and increasing innovation and creativity.
He added that diverse boards can also allow for deeper discussions and decision-making, as well as giving the company a competitive edge in a more globalised economy.
- Sue-Ann Tan is a business correspondent at The Straits Times covering capital markets and sustainable finance.
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