SC: MAJOR LISTED COMPANIES MAKING POSITIVE PROGRESS ON GENDER DIVERSITY

19.2pc of board seats of top 100 listed firms occupied by women, says regulator

KUALA LUMPUR

MALAYSIA’S biggest listed companies have made positive progress on gender diversity, said the Securities Commission (SC) yesterday.

Under the Malaysian Code on Corporate Governance, companies must disclose their gender diversity policy, targets and measures. In addition, large companies are also expected to have at least 30 per cent women directors on their board.

SC said in a statement as at December 31 last year, 19.2 per cent of board seats of the top 100 listed companies on Bursa Malaysia were occupied by women, up from 16.6 per cent as at December 31 2016.

SC also set a target of “no allmale boards” for the top 100 companies by the end of this year. As at January 17, there are seven companies with all-male boards, a 65 per cent improvement from 20 companies as at December 31 2016.

“The seven companies are Affin Holdings Bhd, Alliance Bank Bhd, Batu Kawan Bhd, Fraser & Neave Holdings Bhd (F&N), Genting Plantations Bhd, Genting Malaysia Bhd and UOA Development Bhd,” it added.

Prime Minister Datuk Seri Najib Razak said last year the government would “name and shame” listed companies with no women on their boards.

He also warned that companies which did not embrace gender diversity could be at a disadvantage when bidding for government contracts.

The SC said some of the seven companies mentioned were taking steps to identify suitable women board members.

“F&N will be nominating two women candidates to be appointed as board members in their upcoming annual general meeting.

“SC will review and analyse corporate governance disclosures to monitor the level of implementation,” it said.