Singapore Boards Make Strides in Diversity, But Gaps Remain: WTW’s 2025 Board Diversity Index

Jan 28 2025

Singapore Boards Make Strides in Diversity, But Gaps Remain: WTW’s 2025 Board Diversity Index

by WIN Team GDI News

SINGAPORE – Listed companies in Singapore have made significant progress in board diversity over the past five years, according to the latest 2025 Board Diversity Index (BDI), launched today by WTW in partnership with the Singapore Institute of Directors (SID) and James Cook University (Singapore Campus) (JCU).

The study analysed 553 companies listed on the Singapore Exchange (SGX), including large-cap, mid-cap, small-cap, real estate investment trusts (REITs), business trusts, and Catalist-listed firms. It measured diversity across eight key attributes: age, gender, industry experience, domain expertise, international experience, cultural ethnicity, board independence, and director tenure.

Progress, but Room for Improvement

The findings show notable improvements in gender diversity, tenure spread, board independence, and industry expertise. However, challenges remain, particularly among small-cap and Catalist companies.

“The nine-year rule has contributed to greater diversity on Singapore boards, which is encouraging,” said Shai Ganu, Managing Director and Global Practice Leader, Executive Compensation and Board Advisory at WTW. “But cognitive diversity—ensuring a mix of thought, perspectives, and experiences—remains critical for enhancing boardroom discussions.”

The Value of Diversity in Governance

The report highlights a growing emphasis on multi-disciplinary expertise and diverse industry experience. However, Ganu emphasised that beyond skills-based nominations, companies must foster inclusive board cultures where differing opinions can thrive.

Terence Quek, CEO of the Singapore Institute of Directors, echoed these sentiments, noting that while progress has been made since the 2020 Index, challenges remain. “The 2025 findings underscore the undeniable value that diversity brings to boardrooms: better decision-making, innovation, and resilience in a complex business environment.”

Companies that have demonstrated exemplary diversity standards across multiple attributes are highlighted in the full report, which is available online.

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