Diversity is now not only an equity issue , but one vital to finding solutions , and is a key driver for better business outcomes and good governance . High-performing and diverse boards operate to their fullest potential when they tap into a broad range of people from different ethnicities and races , sexual orientations , age groups , religions , and disability status .

Gender is one of these key diversity markers . Having more senior women as leaders filters down into the whole economy and can help contribute to wider debates on issues such as pay equity , workplace policies and other critical barriers facing women .

Hong Kong lagging world ’ s largest financial centres – boardroom gender diversity

Despite this importance , lack of board gender diversity continues to be a challenge . In the world ’ s top largest financial centres , the UK leads with 39.1 % ( FTSE 100 ) female board representation , followed by 32 % ( S & P 500 ) in the US and 19.7 % ( SGX 100 ) in Singapore .

Hong Kong , with just 16.9 % female board representation among Hang Seng Index listed companies , has been lagging far behind in closing the board gender diversity gap . But this glacial pace seems poised to change . Last December , the Stock Exchange of Hong Kong and Hong Kong Exchanges and Clearing ( HKEX ) announced new regulatory changes to end single gender boards – existing listed companies with single gender boards will have to appoint at least one director of a different gender by the end of 2024 , while new IPO applicants with single gender boards will no longer be permitted from July 2022 .

The new HKEX listing rules will undeniably improve board gender diversity in the short to medium term as it has created at least 1,300 director seats for women by the end of 2024 .

30 November 2022