Women on Boards

Hong Kong 2021

In recent years, we have seen a small minority of enlightened Hong Kong listed companies take concrete actions to rectify their gender-homogeneous board makeup. The majority have resisted or paid mere lip-service to the issue by appointing a token woman, before returning to business as usual and a candidate pool taken from ‘the old boys club’.

 

Key Data (Hong Kong)

Percentage of Women on Hang Seng Index (HSI) Boards

Data valid as of 2 January 2021
Share
13.7 %
Women on HSI boards
Analysis
2 January 2021 Women make up 13.7% of the HSI boards as of the end of 2020. Female representation on HSI Boards has...
Analysis
Percentage of Women on Hang Seng Index (HSI) Boards

2 January 2021

Women make up 13.7% of the HSI boards as of the end of 2020. Female representation on HSI Boards has remained at a similar level over the past two years. 

Key Data (Hong Kong)

Summary of Gender Diversity on HSI Boards

Data valid as of 2 January 2021
Share

Companies with at least one female director

38 (76 %)
39 (78 %)
40 (80.0 %)
41 (80.4 %)
  • Jan 2021
  • Jan 2020
  • Jan 2019
  • Jan 2018

Companies with multiple female directors

20 (40 %)
20 (40.0 %)
22 (44.0 %)
24 (47.1 %)
  • Jan 2021
  • Jan 2020
  • Jan 2019
  • Jan 2018

Companies with female executive directors

16 (32 %)
16 (32 %)
19 (38.0 %)
19 (37.3 %)
  • Jan 2021
  • Jan 2020
  • Jan 2019
  • Jan 2018

Companies with female CEOs

1 (2 %)
1 (2.0 %)
1 (2.0 %)
1 (2.0 %)
  • Jan 2021
  • Jan 2020
  • Jan 2019
  • Jan 2018

Companies with all-male boards

12 (24 %)
11 (22.0 %)
10 (20.0 %)
10 (19.6 %)
  • Jan 2021
  • Jan 2020
  • Jan 2019
  • Jan 2018
Analysis
2 January 2021 There has been no change in the overall female representation of directors, executive directors and...
Analysis
Summary of Gender Diversity on HSI Boards

2 January 2021

There has been no change in the overall female representation of directors, executive directors and CEOs on the HSI Boards. There are in total twelve all-male boards.

Key Data (Hong Kong)

Women on Boards League Table: HSI

Data valid as of 2 January 2021 | Currently 50 constituents on the HSI
Share

Most eventful

New HSI Constituent
Rank
6
( 4)
Bank of China Ltd 中國銀行股份有限公司
26.67%
6 ( Group 2 Created with Sketch. 4)
Bank of China Ltd 中國銀行股份有限公司
% Women
26.67%
Board Size
15
No. of Women
4
Stock Code
3988
Chairperson
Liu, Liange 劉連舸
Female Directors
Chen, Chunhua 陳春花;
Chao, Angela A 趙安吉;
Wang, Xiaoya 汪小亞;
Xiao, Lihong 肖立紅
9
( 4)
Hong Kong Exchanges and Clearing Ltd 香港交易及結算所有限公司
23.08%
9 ( Group 2 Created with Sketch. 4)
Hong Kong Exchanges and Clearing Ltd 香港交易及結算所有限公司
% Women
23.08%
Board Size
13
No. of Women
3
Stock Code
388
Chairperson
Cha Shih, Laura May Lung 史美倫
Female Directors
Cha Shih, Laura May Lung 史美倫;
Fung, Anita Yuen Mei 馮婉眉;
Chow Woo, Susan Mo Fong 周胡慕芳
10
( 5)
New World Development Company Ltd 新世界發展有限公司
21.43%
10 ( Group 2 Created with Sketch. 5)
New World Development Company Ltd 新世界發展有限公司
% Women
21.43%
Board Size
14
No. of Women
3
Stock Code
17
Chairperson
Cheng, Henry Kar Shun 鄭家純
Female Directors
Cheng, Sonia Chi Man 鄭志雯;
Huang, Echo Shaomei 黃少媚;
Chiu, Jenny Wai Han 趙慧嫻
23
( 7)
BOC Hong Kong (Holdings) Ltd (HK) 中銀香港(控股)有限公司
11.11%
23 ( Group 2 Created with Sketch. 7)
BOC Hong Kong (Holdings) Ltd (HK) 中銀香港(控股)有限公司
% Women
11.11%
Board Size
9
No. of Women
1
Stock Code
2388
Chairperson
Liu, Liange 劉連舸
Female Directors
Cheng, Eva 鄭汝樺

Top 10

Rank
Company
2020 New
Percent
1
(--)
Hang Seng Bank Ltd 恒生銀行有限公司
41.67%
1 (--)
Hang Seng Bank Ltd 恒生銀行有限公司
% Women
41.67%
Board Size
12
No. of Women
5
Stock Code
11
Chairperson
Ch'ien, Raymond Kuo Fung 錢果豐
Female Directors
Cheang, Louisa Wai Wan 鄭慧敏;
Chiang, Lai Yuen 蔣麗苑;
Gan, Kathleen Chieh Huey 顏杰慧;
Kwan, Margaret Wing Han 關穎嫺;
Lee, Irene Yun Lien 利蘊蓮
2
(--)
HSBC Holdings plc 滙豐控股有限公司
35.71%
2 (--)
HSBC Holdings plc 滙豐控股有限公司
% Women
35.71%
Board Size
14
No. of Women
5
Stock Code
5
Chairperson
Tucker, Mark Edward 杜嘉祺
Female Directors
Cha Shih, Laura May Lung 史美倫;
Lee, Irene Yun Lien 利蘊蓮;
Miller, Heidi 苗凱婷;
Murray, Eileen (1958-03-07) 梅愛苓;
Van Der Meer Mohr, Pauline Francoise Marie 梅爾莫
3
(--)
Link Real Estate Investment Trust 領展房地產投資信託基金
33.33%
3 (--)
Link Real Estate Investment Trust 領展房地產投資信託基金
% Women
33.33%
Board Size
12
No. of Women
4
Stock Code
823
Chairperson
Allen, Nicholas
Female Directors
Tan, May Siew Boi 陳秀梅;
Tan, Poh Lee 陳寶莉;
Tse, Nancy Sau Ling 謝秀玲;
Young, Elaine Carole
4
( 1)
CLP Holdings Ltd 中電控股有限公司
28.57%
4 ( Group 2 Created with Sketch. 1)
CLP Holdings Ltd 中電控股有限公司
% Women
28.57%
Board Size
14
No. of Women
4
Stock Code
2
Chairperson
Kadoorie, Michael David 米高嘉道理
Female Directors
Law Fan, Fanny Chiu Fun 羅范椒芬;
Mody, Zia 穆秀霞;
Tan, May Siew Boi 陳秀梅;
Gaw, Christina 吳燕安
4
( 1)
Sino Biopharmaceutical Ltd 中國生物製藥有限公司
28.57%
4 ( Group 2 Created with Sketch. 1)
Sino Biopharmaceutical Ltd 中國生物製藥有限公司
% Women
28.57%
Board Size
14
No. of Women
4
Stock Code
1177
Chairperson
Tse, Theresa Y Y 謝其潤
Female Directors
Cheng, Cheung Ling 鄭翔玲;
Li, Mingqin 李名沁;
Lu, Hong 魯紅;
Tse, Theresa Y Y 謝其潤
6
( 4)
Bank of China Ltd 中國銀行股份有限公司
26.67%
6 ( Group 2 Created with Sketch. 4)
Bank of China Ltd 中國銀行股份有限公司
% Women
26.67%
Board Size
15
No. of Women
4
Stock Code
3988
Chairperson
Liu, Liange 劉連舸
Female Directors
Chen, Chunhua 陳春花;
Chao, Angela A 趙安吉;
Wang, Xiaoya 汪小亞;
Xiao, Lihong 肖立紅
7
( 2)
MTR Corporation Ltd 香港鐵路有限公司
25.00%
7 ( Group 2 Created with Sketch. 2)
MTR Corporation Ltd 香港鐵路有限公司
% Women
25.00%
Board Size
20
No. of Women
5
Stock Code
66
Chairperson
Auyeung, Rex Pak Kuen 歐陽伯權
Female Directors
Chan Yuen, Dorothy Tak Fai 陳阮德徽;
Law, Rosanna Shuk Pui 羅淑佩;
Chan, Pamela Wong Shui 陳黃穗;
Lee, Rose Wai Mun 李慧敏;
Li Li, Lucia Ka Lai 李李嘉麗
8
( 1)
CK Infrastructure Holdings LTD (BM) 長江基建集團有限公司
23.53%
8 ( Group 2 Created with Sketch. 1)
CK Infrastructure Holdings LTD (BM) 長江基建集團有限公司
% Women
23.53%
Board Size
17
No. of Women
4
Stock Code
1038
Chairperson
Li, Victor Tzar Kuoi 李澤鉅
Female Directors
Chen, Tsien Hua 陳建華;
Kwok Lee, Eva 郭李綺華;
Lee Wong, Angelina Pui Ling 李王佩玲;
Sng, Sow Mei 孫潘秀美
9
( 4)
Hong Kong Exchanges and Clearing Ltd 香港交易及結算所有限公司
23.08%
9 ( Group 2 Created with Sketch. 4)
Hong Kong Exchanges and Clearing Ltd 香港交易及結算所有限公司
% Women
23.08%
Board Size
13
No. of Women
3
Stock Code
388
Chairperson
Cha Shih, Laura May Lung 史美倫
Female Directors
Cha Shih, Laura May Lung 史美倫;
Fung, Anita Yuen Mei 馮婉眉;
Chow Woo, Susan Mo Fong 周胡慕芳
10
( 5)
New World Development Company Ltd 新世界發展有限公司
21.43%
10 ( Group 2 Created with Sketch. 5)
New World Development Company Ltd 新世界發展有限公司
% Women
21.43%
Board Size
14
No. of Women
3
Stock Code
17
Chairperson
Cheng, Henry Kar Shun 鄭家純
Female Directors
Cheng, Sonia Chi Man 鄭志雯;
Huang, Echo Shaomei 黃少媚;
Chiu, Jenny Wai Han 趙慧嫻
Analysis
2 January 2021 Slight changes in the rankings are observed. Among the top ten companies, Bank of China advanced four...
Analysis
Women on Boards League Table: HSI

2 January 2021

Slight changes in the rankings are observed. Among the top ten companies, Bank of China advanced four spots to claim sixth place, while Hong Kong Exchanges and Clearing and New World Development slid four and five spots respectively. On the other hand, BOC Hong Kong climbed seven spots to the 30th place. 

Key Data (Hong Kong)

All-Male Boards

Data valid as of 2 January 2021
Share
12 Companies with all-male boards
5 Companies which have never had female directors

Companies which do not have female directors

Companies which have never had female directors
Company
Industry
China Mobile Ltd (HK) 中國移動有限公司
Commerce & Industry
China Petroleum & Chemical Corporation 中國石油化工股份有限公司
Commerce & Industry
China Resources Land Ltd 華潤置地有限公司
Properties
China Shenhua Energy Company Ltd 中國神華能源股份有限公司
Utilities
CSPC Pharmaceutical Group Ltd 石藥集團有限公司
Commerce & Industry
Mengniu Dairy Company Ltd 中國蒙牛乳業有限公司
Commerce & Industry
Power Assets Holdings Ltd 電能實業有限公司
Utilities
Sino Land Company Ltd 信和置業有限公司
Properties
Sunny Optical Technology (Group) Company Ltd 舜宇光學科技(集團)有限公司
Commerce & Industry
Techtronic Industries Company Ltd 創科實業
Commerce & Industry
The Hong Kong and China Gas Company Ltd 香港中華煤氣有限公司
Utilities
WH Group Ltd (KY) 萬洲國際有限公司
Commerce & Industry
Analysis
2 January 2021 The number of companies with all-male boards has remained unchanged in the past six months. There has...
Analysis
All-Male Boards

2 January 2021

The number of companies with all-male boards has remained unchanged in the past six months. There has also been no change to the number of companies which have never had a female board member.   

Key Data (Hong Kong)

New Appointments by Gender

Data valid as of 2 January 2021
Share
5
15.2%
Women
28
84.8%
Men
Out of a total of33appointments
Analysis
2 January 2021 15.2% of the new appointments have been made to women in the past six months. Looking at 2020 as a...
Analysis
New Appointments by Gender

2 January 2021

15.2% of the new appointments have been made to women in the past six months. Looking at 2020 as a whole, 12 out of 93 new appointments have been made to women, making up 12.9% of the total.

Key Data (Hong Kong)

New Female Director Appointments

Data valid as of 2 January 2021
Share
First time director on HSI board
First time appointed corporate director in Hong Kong
  • Chen, Chunhua 陳春花

    Appt: 20 Jul 2020
    INED, Bank of China Ltd 中國銀行股份有限公司
  • Yu, Yang 于洋

    Appt: 25 Aug 2020
    NED, CITIC LTD 中國中信股份有限公司
  • Law, Rosanna Shuk Pui 羅淑佩

    Appt: 9 Sep 2020
    NED, MTR Corporation Ltd 香港鐵路有限公司
    Profile
  • Gaw, Christina 吳燕安

    Appt: 20 Oct 2020
    INED, CLP Holdings Ltd 中電控股有限公司
    Profile
  • Li, Xiaohui 李曉慧

    Appt: 18 Nov 2020
    INED, Bank of Communications Co Ltd 交通銀行股份有限公司
Analysis
2 January 2021 There are five new female directors at five companies respectively in the past six months, namely...
Analysis
New Female Director Appointments

2 January 2021

There are five new female directors at five companies respectively in the past six months, namely Christina Gaw at CLP Holdings, Law Shuk Pui Rosanna at MTR Corporation, Yu Yang at CITIC and Chen Chunhua at Bank of China and Li Xiaohui at Bank of Communications.  

Key Data (Hong Kong)

Progress by Geography

Data obtained from official sources
Share

Norway

Mar 2020
41.8 %

United Kingdom

Jun 2020
34.5 %

Australia

Dec 2020
32.4 %

Canada

Jul 2020
31.5 %

United States

May 2020
28.0 %

Malaysia

End 2019
26.9 %

New Zealand

Mar 2020
30.1 %

Singapore

Dec 2019
16.2 %

India

Mar 2020
17.0 %

Hong Kong

Jan 2021
13.7 %

Japan

Jul 2019
5.2 %
Analysis
2 January 2021 As of the end of 2020, many key economies have made steady progress in gender diversity on boards. The...
Analysis
Progress by Geography

2 January 2021

As of the end of 2020, many key economies have made steady progress in gender diversity on boards. The representation of women has increased by 2.1% to 34.5% in the United Kingdom, by 1.3% to 31.5% in Canada, by 2% to 28% in the United States, by 1.5% to 32.4% in Australia and by 1.7% to 30.1% in New Zealand.

Analytical Summary
2020 ended on a disappointing note, even when it comes to gender diversity on Hang Seng Index (HSI). Compared to the previous year, there has been barely any progress.
2 January 2021

Highlights and lowlights include:
• Women make up 13.7% of the board seats on HSI – a percentage that has remained stagnant for more than two years.
• Twelve out of 50 boards are all-male boards, making up 24% of the total. This compares to 20% in the previous year.
• 11.8% of the new appointments were made to women, up from 6.8% a year earlier.

Among the developments, the good news is that more new appointments have been made to women in the past year. Notably, Hang Seng Bank has announced its decision to appoint independent director Irene Lee Yun as its chairman, to be effective in the second quarter.

While this positive development may offer a glimmer of hope, Hong Kong is by no means on par with other advanced economies. It is especially alarming that the city currently lags behind the rest of Asia except Japan.

To speed up progress in Hong Kong, imposing a mandated quota could be the way forward. Admittedly, this measure is no panacea as it may undermine meritocratic appointments. But as we continue to see stagnation despite years of advocacy, a stronger push might just be what the city needs.