Gender diversity on boards is not about optics, but about solidifying your business. A board made up of different perspectives encourages a culture of questioning a robust discussion. We know from a growing body of research that this will help to mitigate risks and ensure a higher probability of business success.

Given the acceleration we have seen across the region and the continued momentum of many markets globally even without mandated quotas, it is vital that Hong Kong take steps to diversify its boards or risk losing its competitive edge. Having a gender diverse board is not about optics, but about solidifying your business. A board made up of different, even conflicting, perspectives and life experiences encourages a culture of questioning and robust discussion. This will not only help to mitigate risks and strengthen governance, but ensure a higher probability of business success - which are backed by a growing body of research. In these VUCA times, companies should demand a strong, diverse board that futureproofs their existence. We urge all companies to take steps to ensure that women are given equal opportunity to participate and serve in leadership roles in the boardroom and executive suite – this is not only good for business but good for Hong Kong.

If Hong Kong is going to thrive as a financial centre, it is going to need to have a reputation for strong governance, with board diversity as one of its hallmarks. When one in seven of the directors on the entire market are women, we stretch our credibility thin. It is time for us all to make progress on this issue, before our competitive advantage slides away.

There is no logical reason for women to still be a minority on so many boards in Hong Kong. Regulators should introduce quotas and a greater sense of urgency to reset the imbalance.