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In boardrooms across the world, the rules of leadership are shifting. Once-aspirational ideals like diversity, equity, and inclusion (DE&I) are now under scrutiny, particularly in the West, where DE&I has become increasingly politicised. Add to that a rise in nationalism, protectionism, tariff wars, and tighter borders, and what we are witnessing is a steady retreat of globalisation.
The geopolitical and economic signals seem to have narrowed the path for Asian representation at the top of multinational companies or MNCs – ironically, just as Asia’s global relevance is surging.
According to my previous research in 2022 with the Centre for Creative Leadership, US-headquartered companies on the top 200 list (Fortune 500), only about 4% of global C-suite roles are held by ethnic Asians. In Europe, it is even lower: 3%. Widening the sample to the top 500 companies barely moves the needle.
The one exception? Tech. In US-headquartered tech firms, leaders like Satya Nadella, Sundar Pichai, Shantanu Narayen, Nikesh Arora, and Lisa Su stand out. But they remain outliners, not the norm.
For Singapore, this raises an urgent question: How do we prepare our talent to lead globally amidst the challenging landscape?
Why this matters for Singapore
Singapore has long positioned itself as a global talent hub, not just attracting top talent, but actively developing it. Government initiatives like the Singapore Global Leaders Network (SGLN) and partnerships between public and private sectors have worked to groom a generation of globally-ready leaders.
We have seen success stories: Piyush Gupta led DBS to become a leading Asian bank through bold regional expansion; Chua Sock Koong transformed Singtel into a telecom powerhouse across Asia; Lim Ming Yan’s overseas posting in China positioned CapitaLand as a global real estate player; and Ravi Menon extended Singapore’s influence on international financial regulation through his leadership at the Monetary Authority of Singapore (MAS).
More recently, leaders like Tan Teck Long at OCBC and Bahren Shaari at Bank of Singapore exemplify how Singaporean executives can thrive in cross-border financial leadership.
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Yet despite these efforts, and the undeniable cross-cultural fluency many of our leaders may demonstrate, the outcomes have been, frankly, mixed. While some have made the leap from regional to global roles, the numbers remain small, and progress has been somewhat slow, especially in the case of leaders successfully stepping from regional leads to global C-suite.
This matters for Singapore. In a world where rules are rapidly being rewritten across technology, trade and sustainability, having our corporate leaders at the table is not just symbolic – it is strategic.
When Singaporean executives ascend to global leadership, the not only just represent a company or region; they have the potential to shape the game. They bring with them an instinct for navigating complexity, a mindset of pragmatism and trust-building, and a deep understanding of Asia’s diverse markets.
Seizing opportunities
Seizing global leadership opportunities requires more than technical expertise – it demands a mindset of continual growth and, importantly, boundary-pushing and courage.
For a small nation like Singapore, with a correspondingly modest talent pool, this becomes even more critical.
While its population may be limited, Singapore’s strong education system and emphasis on meritocracy have produced leaders with the potential to compete on the world stage.
About the Author:
Sunil Puri is Senior Vice-President of Head of Research and Engagement at Stewardship Asia Centre, a non-profit organisation established by Temasek.
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