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Boards with at least 30% women also report a 1.4% higher return on assets, according to a report by the International Finance Corporation (IFC) which analysed more than 1,000 companies in 6 countries in ASEAN (Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam).
It also found that 2 out of 5 ASEAN companies had no female board members. Thailand is the most gender-diverse, with women holding about 20% of board seats among the listed companies, followed by Indonesia and Vietnam, both at 15%. Malaysia performed below the ASEAN average of 14.9%, at 13.5%.
The report found that in Malaysia, regulators had the strongest push for board diversity in ASEAN, having established an ambitious gender target of 30% female board representation to be achieved by 2020. Malaysia is also one of only two places in Asia (alongside Hong Kong) where the 30% Club operates - an international campaign of board chairs and business leaders that promotes a voluntary target of 30% female board representation.
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International Finance Corporation (IFC)