Women’s representation in South-East Asian corporate boardrooms has risen to 19.9% in 2023 from 17.1% in 2021, according to Deloitte’s 2024 Women in the Boardroom report, reflecting the growing momentum of gender diversity in corporate governance.
Singapore has made great strides, with women now holding 23% of board seats in SGX-listed firms, according to the 2025 Board Diversity Index by risk management consultant Willis Towers Watson, the Singapore Institute of Directors and James Cook University. The index finds that 17% of Singaporean boards have achieved women’s participation of between 30% and 70%.
‘The growing proportion of women directors suggests that board gender diversity is gaining traction’
‘A combination of soft targets, changes in disclosure rules, revision of the code of corporate governance and a nine-year hard cap have led to refreshments of boards and increased willingness to appoint women on boards in Singapore,’ says Angie Low, associate professor of finance at Nanyang Business School.
Triple-tier target
In 2019, Singapore’s Council for Board Diversity introduced a triple-tier target for SGX’s top 100 companies: 20% women directors by 2020, 25% by 2025 and 30% by 2030. Furthermore, the 2023 revisions to the Monetary Authority of Singapore’s Code of Corporate Governance limit independent directors to nine years of service – a move that’s opening up board seats and bringing fresh faces into corporate boardrooms.
The accounting sector, which has long been a pipeline for board talent, is also breaking new ground for women leaders. When KPMG Singapore appointed Lee Sze Yeng as its first female managing partner last November, it sent a clear signal about women’s advancement in the profession.
‘The growing proportion of women directors serving on the boards of large companies across Asia suggests that board gender diversity is gaining traction,’ says Gan Seow Kee, co-chair of Singapore’s Council for Board Diversity and deputy chair of Singapore LNG Corporation.
‘A diverse boardroom fosters richer discussions, improves problem-solving and reduces groupthink’
In 2022, Malaysia took a bold step by mandating all publicly listed companies to have at least one female director on their boards. The move has paid off: according to the 2024 Deloitte report, Malaysia now leads the region, with women holding 28.5% of board seats in 2023, putting them well ahead of their South-East Asian neighbours the Philippines (21.7%), Thailand (19.0%) and Indonesia (9.7%).
Better for business
Shai Ganu, managing director and global practice leader for executive compensation and board advisory at Willis Towers Watson, says that boards need to focus more on ‘cognitive diversity’.
‘A diverse boardroom fosters richer discussions, improves problem-solving and reduces groupthink, leading to better decision-making,’ Ganu says. ‘Boards that actively seek members with different professional backgrounds, industry experiences and cultural viewpoints are better positioned to drive innovation and long-term success.’
Across South-East Asia, women are making particularly strong inroads into audit committees, often exceeding their overall board representation rates. Malaysia leads the way, with women holding 37% of audit committee seats, in Thailand, women occupy 22.7% of audit committee seats, while in Indonesia, the figure stands at 18.7%. Singapore has also made significant headway, with women now holding 22.9% of audit committee positions – up from 17.9% in 2021, according to Deloitte.
‘Diverse audit committees strengthen governance and enhance financial oversight’
The growing presence of women in audit committees, particularly in Singapore, shows a real commitment to change, Ganu says. ‘Audit committees are typically considered to be more prominent with stronger connections to company financials and strategy,’ he says. ‘Diverse audit committees bring broader perspectives, strengthen governance and enhance financial oversight.’
‘While there is still room for improvement, this trend suggests that companies are making meaningful strides in fostering more inclusive leadership structures,’ Ganu adds.
No clear path
Despite companies beginning to see the financial benefits of having women on their boards, there is still no clear path to gender parity at the highest levels, such as for board chair and CEO positions, says the Deloitte report.
Female chairs remain scarce across South-East Asia. Singapore and the Philippines tie at just 8.3% of boards each. The figures are even lower elsewhere: 7.2% in Thailand, 6.9% in Indonesia and 6.2% in Malaysia.
Globally, the percentage of women serving as board chairs is nearly three times lower than those serving as board members, Deloitte finds. There is one key barrier: companies typically prefer board members with CEO experience, a requirement that automatically makes it more difficult for women to break the glass ceiling.
There are several ways companies can address this imbalance. Formal mentorship programmes, sponsorship initiatives and leadership training can give women the tools and connections they need to advance into senior positions, says Ganu.
Ultimately, there’s no one-size-fits-all solution to improving board diversity, says Gan. ‘Every country has to decide what will work best for them. We learn from each market’s efforts, but we consider our own culture and practices.
‘Introducing diversity into boardrooms is just the tip of the iceberg’
‘For Singapore, diversity is a fundamental social tenet. It’s also our leg up on the world stage and businesses recognise this,’ Gan adds.
‘Diversity offers access to a richer talent pool and perspectives. It would be rare for business leaders to ignore such an edge in today’s complex operating environment,’ says Goh Swee Chen, Council for Board Diversity co-chair and board director at JTC Corporation and Singapore Airlines.
‘Introducing diversity into boardrooms is just the tip of the iceberg,’ says Goh, adding that diversity goes well past gender to include different areas of expertise, identities and ways of thinking. ‘Brought together to suit the needs and ambitions of the organisation, diversity offers the edge to differentiate and excel.’
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