Explore the latest data and trends in JSE Top 40 appointments
2024
Board Monitor
South Africa
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CEO & Board Practice
Heidrick & Struggles’ CEO & Board Practice has been built on our ability to execute top-level assignments and counsel CEOs and board members on the complex issues directly affecting their businesses.
Europe CEO & Board of Directors Practice
Kit Bingham
London
kbingham@heidrick.com
Alice Breeden
London
abreeden@heidrick.com
2023 DATA
TRENDS DATA
Snapshot
2023 JSE Top 40 board appointments at-a-glance
PROFESSIONAL EXPERIENCE
DIVERSITY
APPOINTMENTS OVERVIEW
Number and share of appointments
board appointments were made in 2023
51
of JSE Top 40 companies brought on at least one new director
65%
of seats went to first-time public board directors
24%
Professional experience
of seats went to retired executives
67%
went to those active in executive roles
33%
61%
of appointments went to directors with cross-sector experience
35%
of seats went to directors with international experience
Most common type of C-suite experience (Share of appointments)
CEO
CFO
COO
35%
24%
18%
White
4%
African Coloured
54%
African Black
Ethnicity, South African Nationals only
of seats went to women
53%
Diversity
South African Chinese
African Indian
27%
4%
12%
AGE AT APPOINTMENT
ETHNICITY
GENDER
CEO & CFO
BOARD EXPERIENCE
ACTIVE VS RETIRED
NUMBER OF SEATS
Trends, 2020–2023
2020
2021
2023
Black
Indian
Coloured
Ethnicity diversity trends
The share of seats going to Black and white directors decreased, while there was a significant increase of Indian directors
Gender diversity trends: Women (%)
The share of seats that went to women continued to decrease in 2023
CEO
CFO
CEO & CFO experience (%)
The share of appointments for directors with CEO experienced was at the lowest level since 2020, while those with CFO experience rose to a new record
First time board members (%)
The share of seats that went to first-time public board directors bounced back compared to 2022
41
50
64
33
Active executives (%)
The share of seats going to directors who are active in executive roles dipped in 2023 to the lowest level since we started tracking in 2020
2020
2021
2022
2023
49
62
39
51
Number of seats filled
The appetite for board refreshments saw a resurgence in 2023
White
100%
75%
50%
25%
0%
Average age at appointment
The average age of people who gained board seats in 2023 remained similar to previous years
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This analysis is part of Heidrick & Struggles’ long-standing study of trends in board composition in countries around the world. Produced by our global CEO & Board Practice, these reports track and analyze trends in non-executive director appointments to the boards of the largest publicly listed companies in Australia (ASX 200), Belgium (BEL 20), Brazil (B3), Canada (TSX 60), Colombia (COLCAP), Denmark (OMX Copenhagen 25), Finland (OMX Helsinki 25), France (CAC 40), Germany (DAX and MDAX), Hong Kong (Hang Seng), Ireland (ISEQ), Italy (FTSE MIB), India (Nifty Top 200), Japan (TOPIX Core 30), Kenya (NSE Top 40), Mexico (BMV IPC), the Netherlands (AEX), New Zealand (NZX 10), Norway (OBX), Poland (WIG20), Portugal (PSI 20), Saudi Arabia (Tadawul), Singapore (STI 30), South Africa (JSE Top 40), South Korea (KOSPI 50), Spain (IBEX 35), Sweden (OMX Stockholm 30), Switzerland (SMI Expanded), the United Arab Emirates (ADX and DFM), the United Kingdom (FTSE 350), and the United States (Fortune 500). Information about executives is gathered from publicly available sources, BoardEx, and a Heidrick & Struggles proprietary database.
About the research
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2020
2021
2022
2023
22
18
13
24
39
47
54
35
43
61
59
53
South African Chinese
57
57
57
57
2020
2021
2022
2023
37
27
13
24
2020
2021
2022
2023
2020
2021
2022
2023
2022
2020
2021
2022
2023
The average age was
Min
Max
57
43
70
57
49%
51%
Non-national
National
Nationality
Explore the latest data and trends in OMX Copenhagen 25 appointments
2023 DATA
TRENDS DATA
Board Monitor
Denmark
2024
Leadership Agenda:
stay connected
Subscribe to our monthly newsletter for the latest expert insights and trends.
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Heidrick Insights
Explore the latest thought leadership from Heidrick & Struggles
LEARN MORE
CEO & Board of Directors Practice
Helping organizations lead with purpose to be the best they can be now and in the future
LEARN MORE
This analysis is part of Heidrick & Struggles’ long-standing study of trends in board composition in countries around the world. Produced by our global CEO & Board Practice, these reports track and analyze trends in non-executive director appointments to the boards of the largest publicly listed companies in Australia (ASX 200), Belgium (BEL 20), Brazil (B3), Canada (TSX 60), Colombia (COLCAP), Denmark (OMX Copenhagen 25), Finland (OMX Helsinki 25), France (CAC 40), Germany (DAX and MDAX), Hong Kong (Hang Seng), Ireland (ISEQ), Italy (FTSE MIB), India (Nifty Top 200), Japan (TOPIX Core 30), Kenya (NSE Top 40), Mexico (BMV IPC), the Netherlands (AEX), New Zealand (NZX 10), Norway (OBX), Poland (WIG20), Portugal (PSI 20), Saudi Arabia (Tadawul), Singapore (STI 30), South Africa (JSE Top 40), South Korea (KOSPI 50), Spain (IBEX 35), Sweden (OMX Stockholm 30), Switzerland (SMI Expanded), the United Arab Emirates (ADX and DFM), the United Kingdom (FTSE 350), and the United States (Fortune 500). Information about executives is gathered from publicly available sources, BoardEx, and a Heidrick & Struggles proprietary database.
About the research
of OMX Copenhagen 25
companies brought on at least one new director
46%
board appointments were made in 2023
17
Number and share of appointments
0%
COO
12%
CFO
59%
CEO
Most common type of C-suite experience (Share of appointments)
76%
of appointments went to directors with cross-sector experience
94%
of seats went to directors with international experience
of seats went to retired executives
41%
went to those active in executive roles
59%
of seats went to first-time public board directors
35%
Professional experience
The average age was
Min
Max
56
42
66
56
of seats went to women
47%
65%
35%
Nationality
Non-national
National
Diversity
DIVERSITY
PROFESSIONAL EXPERIENCE
APPOINTMENTS OVERVIEW
2023 OMX Copenhagen 25 board appointments at-a-glance
Snapshot
2020
2021
2022
2023
53
56
56
56
Average age at appointment
2020
2021
2022
2023
National
Non-national
N/A
Nationality (%)
2020
2021
2022
2023
61
37
60
47
Gender diversity trends: Women (%)
2020
2021
2022
2023
32
20
28
12
57
43
60
59
CEO
CFO
CEO & CFO experience (%)
39
40
32
35
2020
2021
2022
2023
First-time board members (%)
2020
2021
2022
2023
57
57
48
59
Active executives (%)
2020
2021
2022
2023
28
30
25
17
Number of seats filled
AGE AT APPOINTMENT
NATIONALITY
GENDER
CEO & CFO
BOARD EXPERIENCE
ACTIVE VS RETIRED
NUMBER OF SEATS
Trends, 2020–2023
49%
51%
Nationality
Non-national
National
Non-national
National
Non-national
51%
51%
51%
2020
Indian
Coloured