30% Club Hong Kong Chapter’s Post

𝗦𝗲𝗶𝘇𝗶𝗻𝗴 𝘁𝗵𝗲 𝗠𝗼𝗺𝗲𝗻𝘁𝘂𝗺 – 𝗛𝗲𝗹𝗽 𝗨𝘀 𝗔𝗰𝗵𝗶𝗲𝘃𝗲 𝗚𝗲𝗻𝗱𝗲𝗿 𝗣𝗮𝗿𝗶𝘁𝘆 𝗼𝗻 𝗛𝗞 𝗕𝗼𝗮𝗿𝗱𝘀 TWF has been a staunch advocate for more diverse corporate boards since we launched the 30% Club Hong Kong Chapter in 2013. The board gender diversity percentage for the HSI is still at only 19% with only one issuer still to meet the no single gender board requirement. When all issuers meet the no single gender board requirement it will have a minimal impact on the overall percentage of women on boards in Hong Kong. 𝗪𝗲 𝗺𝘂𝘀𝘁 𝘀𝗲𝗶𝘇𝗲 𝘁𝗵𝗲 𝗺𝗼𝗺𝗲𝗻𝘁𝘂𝗺 𝗮𝗻𝗱 𝗮𝗶𝗺 𝗳𝗼𝗿 𝟱𝟬% 𝘄𝗼𝗺𝗲𝗻 𝗼𝗻 𝗯𝗼𝗮𝗿𝗱𝘀. 𝗧𝗼 𝗴𝗲𝘁 𝘁𝗵𝗲𝗿𝗲, 𝘄𝗲 𝗻𝗲𝗲𝗱 𝗯𝗼𝗹𝗱𝗲𝗿 𝗿𝘂𝗹𝗲𝘀 𝘁𝗼 𝗿𝗲𝗮𝗰𝗵 𝟯𝟬% 𝗯𝘆 𝟮𝟬𝟮𝟳. We warmly welcome Hong Kong Exchanges and Clearing Limited (HKEX)’s recent Consultation Paper on Corporate Governance Code covering a range of important corporate governance issues. However, we strongly urge HKEX to go further and include the following elements in the Code: 1. Extend the no single-gender boards rule to 30% representation of women on boards by 2027, with the aim of parity. 2. Require issuers to now set a target of at least 30% board gender diversity by 31 December, 2027 in preparation for the extension of the no single-gender board rule. 3. Clarify that the requirement to disclose workforce diversity policies must include measurable objectives and targets of 30% female representation at senior management level by 31 December, 2027. This is an essential means of building a pipeline for diverse board talent and to achieve overall diversity among issuers in Hong Kong, See the summary of our main points below. Please use any of our material if useful. We urge each of you to carefully read the Consultation (https://lnkd.in/gcsJ2bWA) and our guidance and submit your organisation’s and / or your individual responses on or before 𝗙𝗿𝗶𝗱𝗮𝘆, 𝗔𝘂𝗴𝘂𝘀𝘁 𝟭𝟲, 𝟮𝟬𝟮𝟰.  #twfhk #boarddiversity #genderequality #DEI #ESG

Today we celebrate International Women’s Day. A day dedicated to recognising and celebrating the intangible accomplishments of women in society. Women’s role has progressively evolved over the decades. These days, we are moving into more exciting times where everyone expects Diversity, Equity and Inclusion to be part of a company’s ethos. And I am proud to say that these are the very values that our company embraces in our corporate culture. This year’s theme, Inspire Inclusion, resonates well with what we embrace, emphasising on the importance of forging an inclusive behaviour. Inclusion is not about telling someone that they are included, but to make them feel they are valued, respected, and empowered. Together, let’s #InspireInclusion. Collectively we can forge a more inclusive world for everyone. Happy International Women’s Day! With gratitude and excitement, Azizah Mohd Yatim (CFP) CEO, CGS International Securities Malaysia #cgsi_my #IWD2024 #internationalwomensday #inspireinclusion #womenday #womenempowerment #womenpower

Boardrooms have the innate power to change the future of a company and diversity is an important driver of the board’s effectiveness. Many thanks to the Women in Society Association (WiSA) of the Hang Seng University of Hong Kong School of Business for inviting me to participate in a dialogue on "Moving Forward to No-Single-Gender Boards" during their recent symposium. HKEx began to campaign for no-single-gender boards since 2021 and listed companies have till end of the year to appoint at least one woman director on their board. When it comes to fully unlocking the power of a Board, diversity of opinion cannot be emphasized enough.   Gender diverse Boards have proven to drive organizations towards greater profitability, improve transparency and increase accountability, and bring in disruptive innovation. We need to take steps to remove structural barriers which keep women leaders from progressing, provide mentoring and networking opportunities to help them grow, and create personalized development journeys for them to progress.   I believe in maximizing the power of different perspectives and backgrounds for better business outcomes. Including varying points of view in our decision-making, operations and actions is fundamental to establishing long-term client, social and financial value.   To remain competitive, Hong Kong companies must take necessary measures to enhance gender diversity on their boards, as both emerging and developed markets now require mandatory representation of women. Antonia Yeung | Kelly Y.S. CHAN, FCCA, FCPA, FHKIoD | Roy Lo | Margaret Mak | The Hang Seng University of Hong Kong | Dr Pauline Wong #BetterWorkingWorld #Diversity #Boards

👉 👏 A warmly welcomed ESG-themed initiative from the Estonian Government! This week, the Ministry of Finance sent for approval the amendments to the law prepared in cooperation with the Ministry of Economic Affairs and Communications, which aims to promote gender balance in the management of large listed companies. In addition, the goal is to achieve a gender balance in state companies The bill adopts the corresponding European Union directive, according to which the general meeting of a listed company must approve one of two goals to promote gender balance: at least 40 percent of the members of the supervisory board are of an underrepresented gender or at least 33 percent of the members of the board and the council are of an underrepresented gender. According to many researches, the implementation of ESG principles has repeatedly proven that companies with both women and men in management approach solving problems from a broader and more diverse perspective, which is why these companies are more innovative, more adaptable to change, and more competitive. In addition to the affected organizations, the planned changes will also have a wider impact on society as a whole. Greater participation of women in top management than before can also contribute to the breaking down of existing cultural and societal gender biases. #ESG

Happy International Women's Day from the Institute of Corporate Directors Malaysia! Today, we proudly join the global community in celebrating the remarkable achievements and contributions of women worldwide. At ICDM, we are committed to championing diversity in boardrooms across the nation. We believe that every voice matters and that by creating inclusive environments, we can unlock the full potential of our organisations and drive progress. This year's theme, #InspireInclusion, it is not just a buzzword; it's a fundamental principle for effective governance. By embracing diverse perspectives and experiences, boards can make more informed decisions, drive innovation, and foster sustainable growth. Let us rededicate ourselves today to constructing inclusive boardrooms where women are empowered to lead and thrive alongside their male counterparts. Together, let's champion #InspireInclusion and forge a future where diversity and equity are embraced. #IWD2024 #March8 #GenderEquity #Diversity #Empowerment

"So, while we shine a light on women and celebrate their achievements, it’s also important to raise awareness about discrimination and other issues that relate to women. Today is a day to recognize but also to take action to drive gender parity." The theme for 2024's International Women's Day is "Inspire Inclusion", and yes, these 2 words speak depths in terms of where our society can be but it is also an action we can consciously take as individuals, so if there is one thing you take from this day forward , I hope its the words "Inspire Inclusion" and together we can implement it in our lives and take actions towards gender parity. https://lnkd.in/gzsuYT8M

This is a useful Annual Index , but if accurate, it continues to paint a bleak picture for the Governance journey in our marketplace. The disappointments are repetitive and critical, they are; #Diversity, in gender, race, age and expertise focus #Education standards as to Governance learnings and CPD #Skills mix as to formal training & business experience Yet when speaking to Boards about CPD and Reviews many seem to believe that they have it all under control and that it is a work in progress.......judging by comparison to previous years , one would have to say a very very slow WIP. Please let's get serious about "Good Governance on Boards" ........ #Based on this Index I may never retire... lol !!!!

We so badly need legislation similar to the EU (see below) that will bring gender parity on to the boards of publicly quoted companies, and government bodies in Nigeria. According to PWR Advisory’s Board gender Scorecard that reports on gender diversity on the NGX top 30, and which has been tracked since 2021 (previously tracking the top 20), the data tells the same story. The pace of change is slow and unsatisfactory and in my humble opinion, without legislation it will remain the same. It is not just for the sake of appointing women on boards, it is because of the value that women bring to boards as this HBR article highlights. Read on and be enlightened. “In November 2022, the European Union passed a regulation requiring that firms of EU member states strive towards a new goal: that women constitute 40% of non-executive directors on the boards of publicly traded firms by 2026. The EU’s objectives in passing the regulation were “to ensure that gender balance in corporate boards of large listed EU companies is established across the EU and appointments to board positions are transparent and that candidates to board positions are assessed objectively based on their individual merits, irrespective of gender.” #boarddiversity #gaiaafrica #business #womenonboards

European financial firms are not measuring up. There are just over two years to go on the E.U.’s mandate for women to make up either 40% of non-executive directors at large listed companies, or 33% of all directors. Recent data from EY – covering countries throughout Europe – shows that 31% of finance firms have not met the threshold. With the deadline approaching, firms are still choosing more men than women for new board appointments, with appointments falling from 51% in 2022 to 44% in 2023. Progress for women on all European boards has climbed above 30%, and in some segments closer to 40%, through mandates and stakeholder pressure. What is the holdup for financial firms? The research is clear – diverse leadership outperforms on financial, operational, and risk management metrics. Much more progress is needed to achieve gender equality in corporate leadership. Women’s representation at C-suite levels remains in the single digit percentages for several broad market indexes. Investing in women means hiring, promoting, retaining, and paying women. Investors and stakeholders stand to benefit. See here for our latest quarterly review of gender lens investing at bit.ly/GLIQ. Omar Ali Sarah Graham Anna Anthony Bloomberg News Conrad Quilty-Harper European Women on Boards (EWOB) Financial Conduct Authority #genderequality #womenonboards #genderparity #Europe

Food for thought regarding gender diversity 👀 HKEX banned all singe-gender boards and made this as a mandatory requirement for new applicants seeking listing. But it takes more than that. It's not just about “meeting numbers” and appointing females. It's about creating pathways and real chances so women can get into boards or even start a specific field of study. We need to look at the whole picture - from how we hire to how we act at work - to really include everyone.