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Bonnie Y. Chan

Over the past few decades, there has been significant progress in gender equality globally, with more women holding parliamentary seats, fewer women living in extreme poverty and more legal reforms enacted to close the gender gap.
But, despite the progress in some areas, the World Economic Forum’s Global Gender Gap Index predicts it will take the world 134 years to reach gender parity. Clearly, there is still much work to be done.
At the same time, we are seeing some markets and companies in parts of the world that had led the way in gender representation seeming to stall or even push back on their diversity commitments. But while global politics are constantly shifting, gender diversity will always make good business sense. And that is the story we are seeing emerge in Hong Kong, as we celebrate International Women’s Day this year.
Taking capital markets as an example, Hong Kong started this year with an overwhelmingly positive response to a ban on single-gender boards, with almost total compliance by the city’s more than 2,600 listed companies.
It may seem like a small requirement: just one woman per board. However, we believe this small catalyst will set the right conditions for companies in Hong Kong to experience the benefits of gender diversity first-hand. This will start them on a diversity journey, creating more directorship opportunities for women. And from the boardrooms, gender diversity will permeate the organisation and become a workplace norm.
Most importantly, these diversity journeys, though spurred by the ban, must be pursued by the companies themselves, which we believe will lead to a more sustainable and enduring, market-generated change.




It’s early days but the signs are promising. When we first announced this ban in 2022, about one-third of the companies on our market had all-male boards. Now, not only have we had almost total compliance on the ban, but more than 40 per cent of our listed companies are exceeding the minimum requirement. When it comes to gender diversity, I am positive Hong Kong’s listed issuers are going to get there. Most importantly, they are going to stay there.
What’s behind this positive direction in Hong Kong’s markets? We shouldn’t be that surprised. Just looking around, we see women in many leadership positions in the city.
For example, I am honoured to be a member of the Women Chief Executive Network, which includes almost 60 women who hold or have held CEO positions in Hong Kong’s financial industry. The financial industry was traditionally one that was difficult for women to penetrate. In Hong Kong, it now has a significant number of women shaping it.
I believe there is a widespread understanding among the Hong Kong business community that gender diversity makes good business sense. More businesses here recognise that having diverse perspectives naturally improves decision-making and risk management, and women’s participation is one of the most obvious ways to diversify the perspectives of management teams and boards.
Gender is not the only lens through which to view diversity, however. Other types of diversity include national, ethnic and cultural backgrounds, age, socio-economic backgrounds and more. Ultimately, the point is to increase the diversity of perspectives available to boardrooms and other business decision-makers.


This is a critical mission for businesses in today’s increasingly complex world. Shifting geopolitics, climate risk, cyber risk, political polarisation, disruptive technologies, radically changing consumption and work patterns – all of these are creating challenges and opportunities for businesses in equal measure.
Companies empowered by diverse perspectives and united by shared visions and goals will be better able to navigate the challenges and capture the opportunities. Companies that fall into the trap of groupthink will fail.
In the long run, fostering diversity will define the long-term sustainable success of businesses, markets and economies. And sustainable and resilient markets are the critical core of a strong, attractive and globally relevant international financial centre such as Hong Kong.
But where to now for Hong Kong? The ban on single-gender boards immediately created around 800 new directorship roles for women in the city. There is the potential for many more and now is the time for the market to ramp up efforts to develop a talent pipeline of board-ready candidates. We need to keep identifying, recruiting and nurturing suitable women, of which there is no shortage in Hong Kong.
At the same time, we should celebrate the progress Hong Kong’s market has made in driving gender diversity. And we should also celebrate that we are making this progress together as a market ecosystem. There is still much work to be done. But Hong Kong’s businesses increasingly understand the need for greater gender diversity at the corporate level and beyond, and the path forward is clear.


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Opinion

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In this increasingly complex world, it is vital for businesses to embrace gender diversity, and diversity more broadly, for long-term success


In this increasingly complex world, it is vital for businesses to embrace gender diversity, and diversity more broadly, for long-term success.


Women and gender

Gender

Diversity and inclusion

International Women's Day

World Economic Forum (WEF) in Davos

Technology

Diversity and inclusion: all stories

Lunar

Tech CEOs

Luxury CEOs

Banking & finance

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Racism and other prejudice

Expresses the views, ideas and conclusions of the author. (Eg. Enough of Crazy Rich Asians, think of crazy poor Hongkongers.)


Having more women on boards makes business sense. Hong Kong gets it

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}In this increasingly complex world, it is vital for businesses to embrace gender diversity, and diversity more broadly, for long-term success

In this increasingly complex world, it is vital for businesses to embrace gender diversity, and diversity more broadly, for long-term success