Women on Boards

Hong Kong 2021
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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 July 2021
Share
14.3 %
Women on HSI boards
Analysis
2 July 2021 Women make up 14.3% of the HSI boards as of 1 July 2021. This represents a slight increase from 13.7% in...
Analysis
Percentage of Women on Hang Seng Index (HSI) Boards

2 July 2021

Women make up 14.3% of the HSI boards as of 1 July 2021. This represents a slight increase from 13.7% in January 2021. 

Key Data (Hong Kong)

Summary of Gender Diversity on HSI Boards

Data valid as of 1 July 2021
Share

Companies with at least one female director

39 (78 %)
38 (76 %)
39 (78 %)
40 (80.0 %)
  • Jul 2021
  • Jan 2021
  • Jan 2020
  • Jan 2019

Companies with multiple female directors

21 (42 %)
20 (40 %)
20 (40.0 %)
22 (44.0 %)
  • Jul 2021
  • Jan 2021
  • Jan 2020
  • Jan 2019

Companies with female executive directors

14 (28 %)
16 (32 %)
16 (32 %)
19 (38.0 %)
  • Jul 2021
  • Jan 2021
  • Jan 2020
  • Jan 2019

Companies with female CEOs

2 (4 %)
1 (2.0 %)
1 (2.0 %)
1 (2.0 %)
  • Jul 2021
  • Jan 2021
  • Jan 2020
  • Jan 2019

Companies with all-male boards

11 (22 %)
12 (24 %)
11 (22.0 %)
10 (20.0 %)
  • Jul 2021
  • Jan 2021
  • Jan 2020
  • Jan 2019
Analysis
22 July 2021 Across various indicators we have recorded some progress in gender diversity on HSI boards. Compared to...
Analysis
Summary of Gender Diversity on HSI Boards

22 July 2021

Across various indicators we have recorded some progress in gender diversity on HSI boards. Compared to the end of 2020, the number of companies with one female director has climbed from 38 to 39, and that with multiple female directors has also increased from 20 to 21. 

Key Data (Hong Kong)

Women on Boards League Table: HSI

Data valid as of 1 July 2021 | Currently 50 constituents on the HSI
Share

Most eventful

New HSI Constituent
Rank
2
( 7)
Hong Kong Exchanges and Clearing Ltd 香港交易及結算所有限公司
30.77%
2 ( Group 2 Created with Sketch. 7)
Hong Kong Exchanges and Clearing Ltd 香港交易及結算所有限公司
% Women
30.77%
Board Size
13
No. of Women
4
Stock Code
388
Chairperson
Cha Shih, Laura May Lung 史美倫
Female Directors
Cha Shih, Laura May Lung 史美倫;
Cheung, Anna Ming Ming 張明明;
Chow Woo, Susan Mo Fong 周胡慕芳;
Leung, Nisa Bernice Wing Yu 梁穎宇
9
( 14)
Shenzhou International Group Holdings Ltd 申洲國際集團控股有限公司
22.22%
9 ( Group 2 Created with Sketch. 14)
Shenzhou International Group Holdings Ltd 申洲國際集團控股有限公司
% Women
22.22%
Board Size
9
No. of Women
2
Stock Code
2313
Chairperson
Ma, Jianrong 馬建榮
Female Directors
Chen, Zhifen 陳芝芬;
Liu, Chunhong (1969) 劉春紅
13
( 18)
China Life Insurance Company Ltd 中國人壽保險股份有限公司
20%
13 ( Group 2 Created with Sketch. 18)
China Life Insurance Company Ltd 中國人壽保險股份有限公司
% Women
20%
Board Size
10
No. of Women
2
Stock Code
2628
Chairperson
Wang, Bin 王濱
Female Directors
Huang, Xiumei 黃秀美;
Leung, Elsie Oi Sie 梁愛詩
15
( 15)
AIA Group Ltd 友邦保險控股有限公司
18.18%
15 ( Group 2 Created with Sketch. 15)
AIA Group Ltd 友邦保險控股有限公司
% Women
18.18%
Board Size
11
No. of Women
2
Stock Code
1299
Chairperson
Tse, Edmund Sze Wing 謝仕榮
Female Directors
Teo, Swee Lian;
Sun, Jane Jie 孫潔
17
( 1)
China Construction Bank Corporation 中國建設銀行股份有限公司
15.38%
17 ( Group 2 Created with Sketch. 1)
China Construction Bank Corporation 中國建設銀行股份有限公司
% Women
15.38%
Board Size
13
No. of Women
2
Stock Code
939
Chairperson
Tian, Guoli 田國立
Female Directors
Liu, Fang 劉芳;
Shao, Min 邵敏
32
( 14)
China Petroleum & Chemical Corporation 中國石油化工股份有限公司
9.09%
32 ( Group 2 Created with Sketch. 14)
China Petroleum & Chemical Corporation 中國石油化工股份有限公司
% Women
9.09%
Board Size
11
No. of Women
1
Stock Code
386
Chairperson
Zhang, Yuzhuo 張玉卓
Female Directors
Shi, Dan 史丹
32
( 17)
Industrial and Commercial Bank of China Ltd 中國工商銀行股份有限公司
9.09%
32 ( Group 2 Created with Sketch. 17)
Industrial and Commercial Bank of China Ltd 中國工商銀行股份有限公司
% Women
9.09%
Board Size
11
No. of Women
1
Stock Code
1398
Chairperson
Chen, Siqing 陳四清
Female Directors
Cao, Liqun 曹利群
37
( 11)
Techtronic Industries Company Ltd 創科實業
8.33%
37 ( Group 2 Created with Sketch. 11)
Techtronic Industries Company Ltd 創科實業
% Women
8.33%
Board Size
12
No. of Women
1
Stock Code
669
Chairperson
Pudwill, Horst Julius
Female Directors
Wilmerding, Virginia Davis
37
( 9)
Power Assets Holdings Ltd 電能實業有限公司
7.69%
37 ( Group 2 Created with Sketch. 9)
Power Assets Holdings Ltd 電能實業有限公司
% Women
7.69%
Board Size
13
No. of Women
1
Stock Code
6
Chairperson
Fok, Canning Kin Ning 霍建寧
Female Directors
Koh, Poh Wah 高寶華

Top 10

Rank
Company
2021 New
Percent
1
(--)
Hang Seng Bank Ltd 恒生銀行有限公司
45.45%
1 (--)
Hang Seng Bank Ltd 恒生銀行有限公司
% Women
45.45%
Board Size
11
No. of Women
5
Stock Code
11
Chairperson
Lee, Irene Yun Lien 利蘊蓮
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)
Link Real Estate Investment Trust 領展房地產投資信託基金
30.77%
2 ( Group 2 Created with Sketch. 1)
Link Real Estate Investment Trust 領展房地產投資信託基金
% Women
30.77%
Board Size
13
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
2
( 7)
Hong Kong Exchanges and Clearing Ltd 香港交易及結算所有限公司
30.77%
2 ( Group 2 Created with Sketch. 7)
Hong Kong Exchanges and Clearing Ltd 香港交易及結算所有限公司
% Women
30.77%
Board Size
13
No. of Women
4
Stock Code
388
Chairperson
Cha Shih, Laura May Lung 史美倫
Female Directors
Cha Shih, Laura May Lung 史美倫;
Cheung, Anna Ming Ming 張明明;
Chow Woo, Susan Mo Fong 周胡慕芳;
Leung, Nisa Bernice Wing Yu 梁穎宇
4
(--)
CLP Holdings Ltd 中電控股有限公司
28.57%
4 (--)
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
Gaw, Christina 吳燕安;
Law Fan, Fanny Chiu Fun 羅范椒芬;
Mody, Zia 穆秀霞;
Tan, May Siew Boi 陳秀梅
4
(--)
Sino Biopharmaceutical Ltd 中國生物製藥有限公司
28.57%
4 (--)
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)
HSBC Holdings plc 滙豐控股有限公司
27.27%
6 ( Group 2 Created with Sketch. 4)
HSBC Holdings plc 滙豐控股有限公司
% Women
27.27%
Board Size
11
No. of Women
3
Stock Code
5
Chairperson
Tucker, Mark Edward 杜嘉祺
Female Directors
Lee, Irene Yun Lien 利蘊蓮;
Murray, Eileen 梅愛苓;
Van Der Meer Mohr, Pauline Francoise Marie 梅爾莫
7
( 1)
Bank of China Ltd 中國銀行股份有限公司
26.67%
7 ( Group 2 Created with Sketch. 1)
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
8
( 4)
CK Hutchison Holdings Ltd 長江和記實業有限公司
23.53%
8 ( Group 2 Created with Sketch. 4)
CK Hutchison Holdings Ltd 長江和記實業有限公司
% Women
23.53%
Board Size
17
No. of Women
4
Stock Code
1
Chairperson
Li, Victor Tzar Kuoi 李澤鉅
Female Directors
Chow Woo, Susan Mo Fong 周胡慕芳;
Lee, Rose Wai Mun 李慧敏;
Shih, Edith 施熙德;
Wong, Rosanna Yick Ming 譚王䓪鳴
9
( 14)
Shenzhou International Group Holdings Ltd 申洲國際集團控股有限公司
22.22%
9 ( Group 2 Created with Sketch. 14)
Shenzhou International Group Holdings Ltd 申洲國際集團控股有限公司
% Women
22.22%
Board Size
9
No. of Women
2
Stock Code
2313
Chairperson
Ma, Jianrong 馬建榮
Female Directors
Chen, Zhifen 陳芝芬;
Liu, Chunhong (1969) 劉春紅
9
(--)
Country Garden Services Holdings Company Limited 碧桂園服務控股有限公司
22.22%
9 (--)
Country Garden Services Holdings Company Limited 碧桂園服務控股有限公司
% Women
22.22%
Board Size
9
No. of Women
2
Stock Code
6098
Chairperson
Yang, Huiyan 楊惠妍
Female Directors
Wu, Bijun 伍碧君;
Yang, Huiyan 楊惠妍
Analysis
2 July 2021 Several changes in the rankings are observed. Notably, Hong Kong Exchanges and Clearing climbed six spots...
Analysis
Women on Boards League Table: HSI

2 July 2021

Several changes in the rankings are observed. Notably, Hong Kong Exchanges and Clearing climbed six spots to claim the third place, whereas Shenzhou International Group Holdings jumped to the nineth place. 

Key Data (Hong Kong)

All-Male Boards

Data valid as of 1 July 2021
Share
11 Companies with all-male boards
7 Companies which have never had female directors

Companies which do not have female directors

Companies which have never had female directors
Company
Industry
BYD COMPANY LIMITED 比亞迪股份有限公司
Automotive
China Mengniu Dairy Company Ltd 中國蒙牛乳業有限公司
Commerce & Industry
China Mobile Ltd (HK) 中國移動有限公司
Telecommunications
China Resources Land Ltd 華潤置地有限公司
Properties
CSPC Pharmaceutical Group Ltd 石藥集團有限公司
Pharmaceuticals
The Hong Kong and China Gas Company Ltd 香港中華煤氣有限公司
Utilities
Meituan 美團
Consumer Services
Sunny Optical Technology (Group) Company Ltd 舜宇光學科技(集團)有限公司
IT
WH Group Ltd (KY) 萬洲國際有限公司
Food
Xiaomi Corporation 小米集團
Consumer Electronics & Computer Hardware
Xinyi Solar Holdings Limited 信義光能控股有限公司
Utilities
Analysis
2 July 2021 The number of companies with all-male boards has declined from twelve to eleven as of July 2021. Four out...
Analysis
All-Male Boards

2 July 2021

The number of companies with all-male boards has declined from twelve to eleven as of July 2021. Four out of the eleven boards have not had a female director historically. It is also worth noting that among the companies with all-male boards, four are new to the Hang Seng Index constituents. 

Key Data (Hong Kong)

New Appointments by Gender

Data valid as of 1 July 2021
Share
12
32.4%
Women
25
67.6%
Men
Out of a total of37appointments
Analysis
2 July 2021 32.4% of the new appointments have been made to women in the past six months – a record high since we...
Analysis
New Appointments by Gender

2 July 2021

32.4% of the new appointments have been made to women in the past six months – a record high since we began tracking women’s representation on HSI in 2009.  

Key Data (Hong Kong)

New Female Director Appointments

Data valid as of 1 July 2021
Share
First time director on HSI board
First time appointed corporate director in Hong Kong

  • Liu, Fang 劉芳

    Appt: 11 Jan 2021
    NED, China Construction Bank Corporation 中國建設銀行股份有限公司

  • Shao, Min 邵敏

    Appt: 11 Jan 2021
    NED, China Construction Bank Corporation 中國建設銀行股份有限公司

  • Liu, Chunhong 劉春紅

    Appt: 21 Mar 2021
    INED, Shenzhou International Group Holdings Limited 申洲國際集團控股有限公司

  • Wilmerding, Virginia Davis

    Appt: 9 Apr 2021
    INED, Techtronic Industries Company Limited 創科實業有限公司
    Profile

  • Cheung, Anna Ming Ming 張明明

    Appt: 28 Apr 2021
    INED, Hong Kong Exchanges and Clearing Ltd 香港交易及結算所有限公司
    Profile

  • Leung, Nisa Bernice Wing Yu 梁穎宇

    Appt: 28 Apr 2021
    NED, Govt-apptd, Hong Kong Exchanges and Clearing Ltd 香港交易及結算所有限公司

  • Koh, Poh Wah 高寶華

    Appt: 13 May 2021
    INED, Power Assets Holdings Ltd 電能實業有限公司

  • Shi, Dan 史丹

    Appt: 25 May 2021
    INED, China Petroleum & Chemical Corporation 中國石油化工股份有限公司

  • Sun, Jane Jie 孫潔

    Appt: 1 Jun 2021
    INED, AIA Group Limited 友邦保險

  • Zhao, Ning 趙寧

    Appt: 16 Jun 2021
    NED, WuXi Biologics (Cayman) Inc. 藥明生物
    Profile

  • Wang, Jiaqian 王佳茜

    Appt: 1 Jul 2021
    INED, ANTA Sports Products Limited 安踏體育用品有限公司

  • Huang, Xiumei 黃秀美

    Appt: 1 Jul 2021
    ED, China Life Insurance Company Limited 中國人壽保險股份有限公司
Analysis
2 July 2021 There are twelve new female directors at ten companies in the past six months. 
Analysis
New Female Director Appointments

2 July 2021

There are twelve new female directors at ten companies in the past six months. 

Key Data (Hong Kong)

Progress by Geography

Data obtained from official sources
Share

Norway

Mar 2021
42.5 %

United Kingdom

Jan 2021
36.2 %

Australia

Jun 2021
33.6 %

Canada

Jul 2020
31.5 %

United States

May 2020
28.0 %

Malaysia

Mar 2021
25.8 %

New Zealand

Mar 2020
30.1 %

Singapore

Dec 2020
17.6 %

India

Mar 2020
17.0 %

Hong Kong

Jul 2021
14.3 %

Japan

Jul 2019
5.2 %
Analysis
2 July 2021 As of 1 July 2021, many key economies have made steady progress in gender diversity on boards. These...
Analysis
Progress by Geography

2 July 2021

As of 1 July 2021, many key economies have made steady progress in gender diversity on boards. These include Australia, Canada, Norway, Singapore, United Kingdom and United States.

Analytical Summary
The first half of 2021 has seen slight progress in the representation of women on Hang Seng Index. Among the 50 HSI Constituents, ten are new to this reporting period, which may in part explain the shift in numbers.
2 July 2021

Highlights and lowlights include:
• Women make up 14.3% of the board seats on HSI – representing a slight increase compared to 13.7% at the end of last year.
• 32.4% of the new appointments have been made to women in the past six months – a record high since we began tracking women’s representation on HSI in 2009.
• Eleven out of 50 boards are all-male, making up 22% of the total. This compares to 20% in the previous year.

While this positive development may offer a glimmer of hope, Hong Kong is by no means on par with other advanced economies. Most of the economies studied record a steady increase of at least 1% year-on-year, compared to the 5% increase recorded in HSI after two years of stagnation. It is especially alarming that Hong Kong 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.