, Singapore
Heidrick & Struggles

Singapore firms prefer experienced directors on their boards: study 

Male directors accounted for 57% of the new seats filled in 2022.

Singaporean boards have shown a strong preference for hiring directors with previous public board experience and those still active in their executive functions, according to the annual Heidrick & Struggles Board Monitor report. 

The report found that there were 35 new seats filled on the boards of the largest publicly listed companies in the Lion City in 2022, 69% of which had previous public board experience and only 31% taking seats for the first time. 

69% of these directors remained active in their executive roles, slightly higher than the 66% share in its regional rival, Hong Kong.

Nearly two-fifths of the new directors in Singapore have experience as CEOs, while 11% were formerly CFOs, 17% were formerly COOs, and the remainder (20%) had experience in other C-level positions.

Data showed all appointees had achieved at least a bachelor’s degree, while 43% had advanced degrees. Nearly 30% had master’s degrees and nearly 20% were juris doctors. Close to a third had MBAs.

As for demographics, male executives continued to dominate boardrooms after accounting for 57% of the new appointments in 2022, while female directors make up the remaining 43%. 

READ MORE: New women directors in Singapore dips to 28% in 2021

The average age of these new directors stood at 60, with 43 being the youngest and 72 the oldest. Nationality-wise, foreigners occupy 23% of these seats.

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!