Women on Boards

Hong Kong 2020
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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 July 2020
Share
13.7 %
Women on HSI boards
Analysis
2 July 2020 Women make up 13.7% of the HSI boards in the second quarter of 2020. Despite a slight increase by 0.3%...
Analysis
Percentage of Women on Hang Seng Index (HSI) Boards

2 July 2020

Women make up 13.7% of the HSI boards in the second quarter of 2020. Despite a slight increase by 0.3% since the last update, 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 July 2020
Share

Companies with at least one female director

38 (76 %)
40 (80.0 %)
41 (80.4 %)
39 (78.0 %)
  • Jan 2020
  • Jan 2019
  • Jan 2018
  • Jan 2017

Companies with multiple female directors

20 (40 %)
22 (44.0 %)
24 (47.1 %)
20 (40.0 %)
  • Jan 2020
  • Jan 2019
  • Jan 2018
  • Jan 2017

Companies with female executive directors

16 (32 %)
19 (38.0 %)
19 (37.3 %)
15 (30.0 %)
  • Jan 2020
  • Jan 2019
  • Jan 2018
  • Jan 2017

Companies with female CEOs

1 (2 %)
1 (2.0 %)
1 (2.0 %)
1 (2.0 %)
  • Jan 2020
  • Jan 2019
  • Jan 2018
  • Jan 2017

Companies with all-male boards

12 (24 %)
10 (20.0 %)
10 (19.6 %)
11 (22.0 %)
  • Jan 2020
  • Jan 2019
  • Jan 2018
  • Jan 2017
Analysis
2 July 2020 There has been no change in the overall female representation of directors, executive directors and CEOs...
Analysis
Summary of Gender Diversity on HSI Boards

2 July 2020

There has been no change in the overall female representation of directors, executive directors and CEOs on the HSI Boards. On the other hand, the number of companies with all-male boards has increased from eleven to twelve.  

Key Data (Hong Kong)

Women on Boards League Table: HSI

Data valid as of 2 July 2020 | Currently 50 constituents on the HSI
Share

Most eventful

New HSI Constituent
Rank
5
( 9)
Hong Kong Exchanges and Clearing Ltd 香港交易及結算所有限公司
25.00%
5 ( Group 2 Created with Sketch. 9)
Hong Kong Exchanges and Clearing Ltd 香港交易及結算所有限公司
% Women
25.00%
Board Size
12
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
5
( 12)
New World Development Company Ltd 新世界發展有限公司
25.00%
5 ( Group 2 Created with Sketch. 12)
New World Development Company Ltd 新世界發展有限公司
% Women
25.00%
Board Size
16
No. of Women
4
Stock Code
17
Chairperson
Cheng, Henry Kar Shun 鄭家純
Female Directors
Cheng, Sonia Chi Man 鄭志雯;
Ki, Leonie Man Fung 紀文鳳;
Huang, Echo Shaomei 黃少媚;
Chiu, Jenny Wai Han 趙慧嫻
16
( 17)
Ping An Insurance (Group) Company of China Ltd 中國平安保險(集團)股份有限公司
15.38%
16 ( Group 2 Created with Sketch. 17)
Ping An Insurance (Group) Company of China Ltd 中國平安保險(集團)股份有限公司
% Women
15.38%
Board Size
13
No. of Women
2
Stock Code
2318
Chairperson
Ma, Mingzhe 馬明哲
Female Directors
Cai, Fangfang 蔡方方;
Tan, Jessica Sin Yin 陳心穎
21
( 19)
CNOOC Ltd 中國海洋石油有限公司
12.50%
21 ( Group 2 Created with Sketch. 19)
CNOOC Ltd 中國海洋石油有限公司
% Women
12.50%
Board Size
8
No. of Women
1
Stock Code
883
Chairperson
Wang; Dongjin 汪東進
Female Directors
Wen, Dongfen 溫冬芬
42
( 39)
China Shenhua Energy Company Ltd 中國神華能源股份有限公司
0.00%
42 ( Group 2 Created with Sketch. 39)
China Shenhua Energy Company Ltd 中國神華能源股份有限公司
% Women
0.00%
Board Size
9
No. of Women
0
Stock Code
1088
Chairperson
Wang, Xiangxi 王祥喜
Female Directors
46
( 13)
Sino Land Company Ltd 信和置業有限公司
0.00%
46 ( Group 2 Created with Sketch. 13)
Sino Land Company Ltd 信和置業有限公司
% Women
0.00%
Board Size
11
No. of Women
0
Stock Code
83
Chairperson
Ng, Robert Chee Siong 黃志祥
Female Directors

Top 10

Rank
Company
2020 New
Percent
1
( 1)
Hang Seng Bank Ltd 恒生銀行有限公司
41.67%
1 ( Group 2 Created with Sketch. 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
( 1)
HSBC Holdings plc 滙豐控股有限公司
35.71%
2 ( Group 2 Created with Sketch. 1)
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;
Van Der Meer Mohr, Pauline Francoise Marie 梅爾莫;
Murray, Eileen 梅愛苓
3
( 1)
Link Real Estate Investment Trust 領展房地產投資信託基金
33.33%
3 ( Group 2 Created with Sketch. 1)
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
3
( 1)
Sino Biopharmaceutical Ltd 中國生物製藥有限公司
33.33%
3 ( Group 2 Created with Sketch. 1)
Sino Biopharmaceutical Ltd 中國生物製藥有限公司
% Women
33.33%
Board Size
12
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
5
( 2)
MTR Corporation Ltd 香港鐵路有限公司
25.00%
5 ( 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;
Chan, Mable 陳美寶;
Chan, Pamela Wong Shui 陳黃穗;
Lee, Rose Wai Mun 李慧敏;
Li Li, Lucia Ka Lai 李李嘉麗
5
( 5)
CLP Holdings Ltd 中電控股有限公司
25.00%
5 ( Group 2 Created with Sketch. 5)
CLP Holdings Ltd 中電控股有限公司
% Women
25.00%
Board Size
12
No. of Women
3
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
5
( 9)
Hong Kong Exchanges and Clearing Ltd 香港交易及結算所有限公司
25.00%
5 ( Group 2 Created with Sketch. 9)
Hong Kong Exchanges and Clearing Ltd 香港交易及結算所有限公司
% Women
25.00%
Board Size
12
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
5
( 12)
New World Development Company Ltd 新世界發展有限公司
25.00%
5 ( Group 2 Created with Sketch. 12)
New World Development Company Ltd 新世界發展有限公司
% Women
25.00%
Board Size
16
No. of Women
4
Stock Code
17
Chairperson
Cheng, Henry Kar Shun 鄭家純
Female Directors
Cheng, Sonia Chi Man 鄭志雯;
Ki, Leonie Man Fung 紀文鳳;
Huang, Echo Shaomei 黃少媚;
Chiu, Jenny Wai Han 趙慧嫻
9
( 1)
CK Infrastructure Holdings LTD (BM) 長江基建集團有限公司
23.53%
9 ( 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
10
( 1)
Bank of China Ltd 中國銀行股份有限公司
23.08%
10 ( Group 2 Created with Sketch. 1)
Bank of China Ltd 中國銀行股份有限公司
% Women
23.08%
Board Size
13
No. of Women
3
Stock Code
3988
Chairperson
Liu, Liange 劉連舸
Female Directors
Chao, Angela A 趙安吉;
Wang, Xiaoya 汪小亞;
Xiao, Lihong 肖立紅
Analysis
2 July 2020 The league table sees significant changes in this quarter. With the departure of China Shenhua Energy...
Analysis
Women on Boards League Table: HSI

2 July 2020

The league table sees significant changes in this quarter. With the departure of China Shenhua Energy from the chart, the top three companies as of this quarter are Hang Seng Bank, HSBC and Link Real Estate Investment Trust. Among the newcomers to the league table are Hong Kong Exchanges and Clearing and New World Development, which have advanced nine and twelve spots respectively to jointly claim fifth place.

Ping An Insurance moved up 17 spots from 33rd to 16th after appointing one more woman to its board. Following the end of all female directors’ tenure, China Shenhua Energy has slid down the ranking from third to 42nd place. Similarly, Sino Land slipped from 33rd to 46th place, joining the ranks of the all-male boards after its only female board director ended her tenure.

Key Data (Hong Kong)

All-Male Boards

Data valid as of 2 July 2020
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
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
Sino Land Company Ltd 信和置業有限公司
Properties
Analysis
2 July 2020 The number of companies with all-male boards has climbed from eleven to twelve this quarter. China...
Analysis
All-Male Boards

2 July 2020

The number of companies with all-male boards has climbed from eleven to twelve this quarter. China Shenhua Energy and Sino Land Development joined the ranks of the all-male boards after all female directors on their boards completed their tenure without new female replacements. On a positive note, CNOOC has appointed a female director for the first time in this quarter, bringing the number of companies which have never had a female director down from six to five.   

Key Data (Hong Kong)

New Appointments by Gender

Data valid as of 2 July 2020
Share
6
19.4%
Women
25
80.6%
Men
Out of a total of31appointments
Analysis
2 July 2020 Women make up almost one-fifth of the new appointments, a record high in our past eleven years of...
Analysis
New Appointments by Gender

2 July 2020

Women make up almost one-fifth of the new appointments, a record high in our past eleven years of research.  

Key Data (Hong Kong)

New Female Director Appointments

Data valid as of 2 July 2020
Share
First time director on HSI board
First time appointed corporate director in Hong Kong
  • Tan, Jessica Sin Yin 陳心穎

    Appt: 3 Apr 2020
    ED, Ping An Insurance (Group) Company of China Ltd 中國平安保險(集團)股份有限公司
    Profile
  • Wen, Dongfen 溫冬芬

    Appt: 27 Apr 2020
    NED, CNOOC Ltd 中國海洋石油有限公司
  • Huang, Echo Shaomei 黃少媚

    Appt: 1 May 2020
    ED, New World Development Company Ltd 新世界發展有限公司
  • Chiu, Jenny Wai Han 趙慧嫻

    Appt: 1 May 2020
    ED, New World Development Company Ltd 新世界發展有限公司
  • Chow Woo, Susan Mo Fong 周胡慕芳

    Appt: 7 May 2020
    NED, govt-apptd, Hong Kong Exchanges and Clearing Ltd 香港交易及結算所有限公司
  • Murray, Eileen 梅愛苓

    Appt: 1 Jul 2020
    INED, HSBC Holdings plc 滙豐控股有限公司
Analysis
2 July 2020 There are six new female directors at five companies in this quarter, namely Tan Sin Yin, Jessica at Ping...
Analysis
New Female Director Appointments

2 July 2020

There are six new female directors at five companies in this quarter, namely Tan Sin Yin, Jessica at Ping An Insurance, Wen Dongfen at CNOOC, Huang Shaomei, Echo and Chiu Wai Han, Jenny at New World Development, Chow Woo Mo Fong, Susan at Hong Kong Exchanges and Clearing and Eileen Murray at HSBC.  

Key Data (Hong Kong)

Progress by Geography

Data obtained from official sources
Share

Norway

Mar 2020
41.8 %

United Kingdom

Nov 2019
32.4 %

Australia

May 2020
30.9 %

Canada

Sep 2019
30.2 %

United States

May 2019
26.0 %

Malaysia

May 2019
23.7 %

New Zealand

Sep 2019
29.0 %

Singapore

Dec 2019
16.2 %

India

Mar 2020
17.0 %

Hong Kong

Jan 2020
13.6 %

Japan

Jul 2019
5.2 %
Analysis
2 July 2020 As of this quarter, there has been a year-on-year increase in female representation on boards by 2% to 17...
Analysis
Progress by Geography

2 July 2020

As of this quarter, there has been a year-on-year increase in female representation on boards by 2% to 17.0% in India and by 1.1% to 5.2% in Japan. In Hong Kong, however, female representation has not increased by more than one per cent since 2018. 

Analytical Summary
This quarter brings good and bad news. Notably, women make up almost one-fifth of the new board director appointments, a record high since the start of this research in 2009. These new appointments have contributed to a slight increase in the overall percentage of women on boards from 13.4% to 13.7%, restoring female representation to the level recorded at the beginning of 2020.
2 July 2020

Despite the increase in female representation, the number of companies with multiple female directors or with female executive directors remains at the same level. This implies a widening gap between HSI companies: those already with at least one female director are appointing more women, whereas many of those without any are stagnant, if not regress. Indeed, this quarter recorded an increase of companies with all-male boards from eleven to twelve, making up almost a quarter of the HSI boards.

With the widening gap between companies, gender diversity on boards will further set companies apart from their peers. In fact, those that embrace the cause are reaping the benefits of a gender-diverse board. Based on six years of gender reporting among Australian companies, a recent study found that companies with a female CEO increased their market value by 5%, worth nearly $80 million to an ASX200 company on average.

Hong Kong should set a higher bar on board gender diversity. To speed up progress, 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.