SGX forms Diversity Action Committee to spur women decision-makers

Underutilising women could hinder competitiveness.

Representation is key, the SGX believes, as it announced the official formation of the Committee and introduction of its members concluding a few months of meticulous search.

In the announcement, SGX said that increased diversity on boards heightens the robustness of decision‑making and broadens the catchment of risk awareness and response, resulting in superior corporate governance.

A larger number of women directors on corporate boards answers the economic reality of women increasingly deciding on business and consumer purchases.

The DAC is expected to study how best to achieve its objectives, working with organisations which are already in the business of supporting or intermediating the preparation and appointment of board directors. The Committee may also have to look into the expectations and norms of directors, management, investors and other related matters.

Here’s more from SGX:

The Committee will prioritize among various goals and action points. It will have the ten recommendations proposed by the Diversity Task Force to advance its work. The recommendations range from training to awards, to disclosure about the nomination process, matching of suitable directorial candidates to companies, without having quotas for women on boards.

Madam Halimah Yacob said, “This is another important phase of the work in getting more women on boards. There is still a lot to do and I am very heartened by the composition of the DAC. With the leadership of Magnus and the support of leaders from the various fields, I’m confident the Committee will achieve its objectives.”

“Despite progress on many fronts in corporate governance, we are still lacking in the representation of women on boards. We need to do more to encourage the development of a supporting infrastructure for this process and a mindset change. Our marketplace is still “young” and progressing. I am very privileged to work with such an illustrious committee and look forward to their ideas, energy and insights” said Magnus Böcker, CEO, SGX.