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 1 April 2020
Share
13.4 %
Women on HSI boards
Analysis
1 April 2020 Women made up only 13.40% of the HSI boards in the first quarter of 2020, a new low since 2018. It is...
Analysis
Percentage of Women on Hang Seng Index (HSI) Boards

1 April 2020

Women made up only 13.40% of the HSI boards in the first quarter of 2020, a new low since 2018. It is disappointing to see that this percentage has remained at a similar level in the past two years.

Key Data (Hong Kong)

Summary of Gender Diversity on HSI Boards

Data valid as of 1 April 2020
Share

Companies with at least one female director

39 (78 %)
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

11 (22 %)
10 (20.0 %)
10 (19.6 %)
11 (22.0 %)
  • Jan 2020
  • Jan 2019
  • Jan 2018
  • Jan 2017
Analysis
1 April 2020 Statistics across all diversity markers have remained unchanged compared with the last quarter. There...
Analysis
Summary of Gender Diversity on HSI Boards

1 April 2020

Statistics across all diversity markers have remained unchanged compared with the last quarter. There has been no change in the female representation of directors, executive directors and CEOs on the HSI Boards overall.

Key Data (Hong Kong)

Women on Boards League Table: HSI

Data valid as of 1 April 2020 | Currently 50 constituents on the HSI
Share

Most eventful

New HSI Constituent
Rank

Top 10

Rank
Company
2020 New
Percent
1
(--)
HSBC Holdings plc 滙豐控股有限公司
41.67%
1 (--)
HSBC Holdings plc 滙豐控股有限公司
% Women
41.67%
Board Size
12
No. of Women
5
Stock Code
5
Chairperson
Tucker, Mark Edward 杜嘉祺
Female Directors
Casey, Kathleen Louise 祈嘉蓮; Cha Shih, Laura May Lung 史美倫; Francoise Marie 梅爾莫; Lee, Irene Yun Lien 利蘊蓮; Miller, Heidi 苗凱婷; Van Der Meer Mohr, Pauline
2
(--)
Hang Seng Bank Ltd 恒生銀行有限公司
38.46%
2 (--)
Hang Seng Bank Ltd 恒生銀行有限公司
% Women
38.46%
Board Size
13
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
3
( 1)
China Shenhua Energy Company Ltd 中國神華能源股份有限公司
37.5%
3 ( Group 2 Created with Sketch. 1)
China Shenhua Energy Company Ltd 中國神華能源股份有限公司
% Women
37.5%
Board Size
8
No. of Women
3
Stock Code
1088
Chairperson
Wang, Xiangxi 王祥喜
Female Directors
Jiang, Bo 姜波; Tam, Maria Wai Chu 譚惠珠; Zhong, Christina Yingjie 鍾穎潔
4
( 1)
Link Real Estate Investment Trust 領展房地產投資信託基金
33.33%
4 ( 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
4
(--)
Sino Biopharmaceutical Ltd 中國生物製藥有限公司
33.33%
4 (--)
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
6
(--)
Bank of China Ltd 中國銀行股份有限公司
27.27%
6 (--)
Bank of China Ltd 中國銀行股份有限公司
% Women
27.27%
Board Size
11
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
7
( 1)
MTR Corporation Ltd 香港鐵路有限公司
25%
7 ( Group 2 Created with Sketch. 1)
MTR Corporation Ltd 香港鐵路有限公司
% Women
25%
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
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
( 1)
CK Asset Holdings Ltd (KY) 長江實業集團有限公司
23.08%
9 ( Group 2 Created with Sketch. 1)
CK Asset Holdings Ltd (KY) 長江實業集團有限公司
% Women
23.08%
Board Size
13
No. of Women
3
Stock Code
1113
Chairperson
Li, Victor Tzar Kuoi 李澤鉅
Female Directors
Hung, Katherine Siu Lin 洪小蓮; Pau, Ezra Yee Wan 鮑綺雲; Woo, Grace Chia Ching 吳佳慶
10
( 1)
CLP Holdings Ltd 中電控股有限公司
21.43%
10 ( Group 2 Created with Sketch. 1)
CLP Holdings Ltd 中電控股有限公司
% Women
21.43%
Board Size
14
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
Analysis
1 April 2020 There have been minimal changes in the Women on Boards League Table in the first quarter of 2020. China...
Analysis
Women on Boards League Table: HSI

1 April 2020

There have been minimal changes in the Women on Boards League Table in the first quarter of 2020. China Shenhua Energy climbed one spot to third place with women making up 37.50% of the board. MTR Corporation dropped one spot to seventh place with 25.00% female representation. As Swire Pacific departed from the League Table in this quarter, CLP, CK Asset and CK Infrastructure each advanced one spot, with female representation ranging from 21.43% to 23.53%.

Key Data (Hong Kong)

All-Male Boards

Data valid as of 1 April 2020
Share
11 Companies with all-male boards
6 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
CNOOC Ltd 中國海洋石油有限公司
Commerce & Industry
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
Analysis
1 April 2020 Among the 50 HSI constituent companies, 11 have all-male boards, and six have never had a female...
Analysis
All-Male Boards

1 April 2020

Among the 50 HSI constituent companies, 11 have all-male boards, and six have never had a female director. These numbers have remained unchanged since the third quarter last year.

Key Data (Hong Kong)

New Appointments by Gender

Data valid as of 1 April 2020
Share
1
3.4%
Women
28
96.6%
Men
Out of a total of29appointments
Analysis
1 April 2020 Gender imbalance in new appointments continues to be an issue. Even though the number of new...
Analysis
New Appointments by Gender

1 April 2020

Gender imbalance in new appointments continues to be an issue. Even though the number of new appointments has more than doubled year-on-year, among them is only one woman.

Key Data (Hong Kong)

New Female Director Appointments

Data valid as of 1 April 2020
Share
First time director on HSI board
First time appointed corporate director in Hong Kong
  • Cao, Liqun 曹利群

    Appt: 11 Feb 2020
    NED, Industrial and Commercial Bank of China Ltd
Analysis
1 April 2020 Cao Liqun was the only new female director in the first quarter of 2020. She was appointed to the board...
Analysis
New Female Director Appointments

1 April 2020

Cao Liqun was the only new female director in the first quarter of 2020. She was appointed to the board of Industrial and Commercial Bank of China as a non-executive director.

Key Data (Hong Kong)

Progress by Geography

Data obtained from official sources
Share

Norway

Mar 2020
41.8 %

United Kingdom

Nov 2019
33.4 %

Australia

Jan 2020
30.7 %

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 2019
15.0 %

Hong Kong

Jan 2020
13.6 %

Japan

Jul 2018
4.1 %
Analysis
With its slow progress, Hong Kong is lagging even further as other economies continue to advance in board gender ...
Analysis
Progress by Geography

With its slow progress, Hong Kong is lagging even further as other economies continue to advance in board gender diversity. In Asia, India and Singapore have seen an increase in female representation to 14.0% and 16.2% respectively in this quarter.  

Analytical Summary
The stagnation of board gender diversity represents a missed opportunity for Hong Kong.
1 April 2020

The stagnation of board gender diversity represents a missed opportunity for Hong Kong. While other economies have progressed to increasingly gender-diverse boards, Hong Kong is falling behind in Asia and globally. To live up to its reputation as an international financial hub, Hong Kong must move the needle on board gender diversity.

There is no shortage of board-ready female candidates. When numerous training programmes and board search services can come to assistance, building a robust talent pipeline should not be a challenge. What matters then is perhaps not so much the capabilities, but the attitudes of the business community.

We do observe a few enlightened companies including most recently New World Development (24 April) taking action to appoint more women. However, the majority have only paid lip service to the issue. Among the 50 HSI constituent companies, 30 have only one female director or none, a steady trend in the past three years. We hope this mid-quarter appointment will reflect a more positive change in the numbers in our next analysis, due for release July 2020.

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 when awareness fails to translate into action, a stronger push might just be what Hong Kong needs.