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There are only seven companies with an all-male board among the top 100 companies in Malaysia as of 17 January this year, according to a statement from the Securities Commission Malaysia (SC). This is a 65% improvement from the 20 companies with all-male boards at the end of 2016.
These seven companies are Affin Holdings, Alliance Bank, Batu Kawan, Fraser & Neave Holdings, Genting Plantations, Genting Malaysia, and UOA Development.
The SC understands that these companies are taking steps to identify suitable women candidates to ensure more female involvement on their boards.
The top 100 listed companies on Bursa Malaysia have also seen an increase of 2.6% of board seats occupied by women, rising from 16.6% to 19.2% between 31 December 2017 to 31 December 2017.
The Malaysian Code on Corporate Governance (MCCG), released in 26 April 2017, required companies to reveal their gender diversity policies, targets and measures. Under the MCCG, large companies were also expected to have at least 30% women directors on their board.
A target has been set by the SC during the MCCG launch have no all-male boards on the top 100 companies by the end of 2018.
The SC affirmed that promoting gender diversity on the boards of listed companies are a priority, stating that they will review and analyse corporate governance disclosures to monitor corporate governance practices involving gender diversity.
The observations will be published in periodic corporate governance thematic reports by the SC.
Photo / 123RF