While the clock is running down for companies listed on the Hong Kong Stock Exchange to introduce at least one woman board member before the end of 2024, the Special Administrative Region (SAR) also lags behind in several other areas of gender-related metrics.
International Women’s Day on 8 March served as a timely reminder that Hong Kong needs to continue to be progressive in redressing the gender imbalance. For instance, when it comes to the prevalence of female directorships among listed issuers, according to Hong Kong Exchanges and Clearing figures, the percentage of female directors increased from 14.6% in 2020 to 16.6% in 2023. However, the figure remains below the 25% to 46% seen in Western countries and Singapore’s 21.6%.
Women’s wages and workforce participation have dropped since the start of the Covid-19 pandemic
Pandemic fallout
Despite accounting for more than half of Hong Kong’s total population and 53.6% of the workforce, women’s representation on executive teams is only 17%, below the global average, which has increased from 34% in 2021, 37% in 2022 to 41% this year according to gender research institute, Equileap’s Gender Equality Global Report and Ranking. Meanwhile, women in Hong Kong on average earn 15% less than men.
Research also shows that women’s wages and workforce participation have dropped since the start of the Covid-19 pandemic while their unpaid duties have increased. With more than 400 days of school closures and pandemic measures in place, in many cases the responsibility of caring for family members – including the elderly or sick – fell to women.
According to advocates for a more equal distribution of family responsibilities, there is an urgent need to discard gender labels that specify what a man or a woman is supposed to be or do.
Levelling at the top
Speaking at a reception to celebrate International Women’s Day 2023, Hong Kong’s chief executive John Lee, made the point that women play a leading role in all walks of life and have made significant contributions to social development. Without going into specifics, the chief executive noted that the government has set aside HK$100m in this year’s Budget to promote women’s development. He also highlighted how the efforts of women are crucial in helping to revive Hong Kong’s Covid-battered economy.
Attracting and retaining skilled women in the workforce and expanding opportunities for them is crucial
After posting recessions in three of the past four years, as the government focuses on resuscitating the Hong Kong’s fortunes, women are vital to solving the multiple challenges including the development of emerging sectors or ‘growth pillars’ such as growing Hong Kong’s digital economy, building a smart city and developing AI technology. For example, in spite of widespread STEM (science, technology, engineering and maths) teaching in schools, only 10% of all engineers in Hong Kong are female.
Better for society
Attracting and retaining skilled women in the workforce and expanding opportunities for them is crucial. While some improvements have been made, rigorously supporting women’s participation and advancement by closing pay disparities and improving quality of life measures could encourage more women to play a bigger role in Hong Kong’s future development.
As the call for greater gender equality grows louder, there is also the growing recognition that gender equality means a more balanced representation of views, increased innovation and ultimately better societal outcomes.
