Singapore companies show 5-year progress in diversity and expertise

According to the 2025 Board Diversity Index (BDI), Singapore-listed companies have made remarkable advancements in board diversity over the past five years. The study, developed by the Singapore Institute of Directors (SID) in collaboration with WTW and James Cook University, analyzed 553 companies listed on the Singapore Exchange (SGX) as of September 2024.

The data reveals notable improvements in key areas, particularly gender diversity and expertise. The proportion of companies with boards comprising 30% to 70% women has more than doubled, rising from 8% in 2020 to 17% in 2025. Furthermore, boards with no female representation have dropped from 49% to 36% over the same period.

Boards also demonstrated greater industry expertise and domain knowledge. Companies with directors representing five or more different areas of expertise increased significantly, from 14% in 2020 to 29% in 2025. Similarly, the proportion of boards with directors spanning five or more industries grew from 15% to 33%.

Board independence saw gains as well. Thirteen percent of companies now have boards where at least 75% of directors are independent, up from 9% in 2020. This progress aligns with a 2024 listing rule requiring directors serving over nine years to forfeit their independent status, leading to refreshed board compositions.

Despite these advancements, some challenges remain. Cultural diversity on boards has declined, with the proportion of boards featuring at least one-third of non-majority directors falling from 18% in 2020 to 14% in 2025. Age diversity also remains limited, as the average age of directors rose from 58 in 2020 to 60 in 2025, and only 28% of boards include two or more directors under 50.

These advancements reflect Singapore’s broader push for modern and inclusive governance. The Council for Board Diversity has set ambitious targets, such as achieving 25% female representation on the boards of the top 100 listed companies by 2025 and increasing this figure to 30% by 2030.