Southeast Asian and Chinese companies with more women on their boards delivered better financial results than those dominated by men, according to a study by the International Finance Corp (IFC) in partnership with the Women’s Empowerment Working Group and the Indonesia Stock Exchange. Boards where more than 30 percent of members are women reported an average return on assets of 3.8 percent, compared with 2.4 percent for those without female representatives. The return on equity for companies with more than 30 percent female board representation was 6.2 percent, beating the 4.2 percent rate at those with all-male boards. Among Southeast Asian nations covered in the survey, Thailand is the most gender-diverse with women holding around 20% of board seats in listed companies. Almost 40% of surveyed companies in Southeast Asia had no female board members. Director of finance and human resources at the Indonesian Stock Exchange, Risa E. Rustam, said the study proves the “business case for board gender diversity is strong and relates not just to performance but also to corporate governance, reputation, and fairness.”

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