Singapore companies see 5-year progress in board diversity

The index tracks changes in board composition across 553 companies listed on SGX.

Singapore-listed companies have made notable progress in board diversity over the past five years, according to the newly released 2025 Board Diversity Index (BDI).

The index, developed by WTW, in partnership with the Singapore Institute of Directors (SID) and James Cook University (Singapore Campus) (JCU), tracked changes in board composition across 553 companies listed on the Singapore Exchange (SGX).

The 2025 BDI, based on data as of 30 September 2024, reflected improvements in key areas such as gender, board independence, and industry and domain expertise. The index analysed public disclosures from Large-Cap, Mid-Cap, Small-Cap companies, REITs, Business Trusts, and Catalist-listed firms.

“The nine-year rule seems to have helped improve diversity on Singapore boards, which is heartening to see, but there is still room for improvement particularly for small-cap and Catalist companies,” said Shai Ganu, managing director and global practice leader of Executive Compensation and Board Advisory at WTW.

She noted that cognitive diversity remains crucial to enhancing board decision-making.

The findings also highlighted a growing focus on gender diversity and multidisciplinary expertise.

“The findings of the Board Diversity Index 2025 show both our progress and the challenges that remain,” added Terence Quek, CEO of SID. “They underscore the undeniable value that diversity brings to boardrooms: enhanced decision-making, innovation and resilience in the face of complexity.”