Not-for-profit Community Business has reported a drop in the number of women on Hong Kong’s Hang Seng Index (HSI) company boards. The number of females on HSI company boards declined from 13.5% to 13.4% over the last quarter, and fell 0.5% from a high of 13.9% since January 2019.
According to the Women on Boards Hong Kong 2019: Q4 report, published by Community Business, only five women have been appointed to Hong Kong’s top 50 listed company boards, out of a total 62 appointments made this year. Sadly, one of those women, Mary Ma – who represented two board seats – passed away over the summer (August).
There was, however, a slight reduction in Hong Kong’s all-male boards this quarter, falling from 12 to 11. In fact, the number of all-male boards of companies listed on the HSI has steadily been declining from 32% back in 2016, to around 20% this year. Nevertheless, the report noted that there are still 11 all-male boards, and six of those have never had female directors.
Source: Community Business
‘DISAPPOINTING’ STATISTICS
Community Business is “disappointed” with the latest results. Unless there is a significant improvement in Q4, “2019 could be the worst year for women on Hong Kong’s boards since 2009″, it noted.
Responding to the latest statistics, Community Business, stated: “It is frustrating to see that Hong Kong continues to buck global and regional trends in the advancement of women’s representation on boards. Complacency across the board in Hong Kong has become pervasive, and progress continues to be contained within a few enlightened companies. Given the political and economic climate in Hong Kong, the future proofing of boardrooms is even more urgent.”
If Hong Kong’s boardrooms fail to actively strive to represent the wider population, “this will not only harm business prospects within the city, but will put Hong Kong at a disadvantage on the global stage,” it added.
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