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.

Creating a more diverse and inclusive workplace underlines our company’s commitment to creating shared value for all stakeholders in our communities. Elevating more women to the board and leadership positions not only enables us to generate new ideas and foster creative solutions, but also is essential to our long-term business success. As a responsible corporate, we will continue to take the lead in supporting board diversity as we look towards the new future of work.

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.

A main factor that has driven Board composition at Hang Seng Bank in recent years is demographic mirroring, with respect to customers and staff. That, overlaid by a meritocratic culture, have served and aligned the varied interests of the Bank's principal stakeholders well. Board level diversity demonstrably enhances institutional empathy towards people that matter, hence sustainability.

We ask every business leader to demand support from government, regulators and companies to urgently make meaningful progress, not just in increasing the percentage of women on Hong Kong boards but also to call out those companies which still have all-male boards. There is a rich field of female talent in Hong Kong but we need to identify and coach potential candidates, as well as build and collect quality data in order to connect and mobilise that talent. Let's set ourselves ambitious and measurable targets.

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.