The highlights of 2023
02 highlights
2023
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25%
30%
35%
20%
15%
10%
05%
93.8%
%
78.2
%
17.9
Board Monitor Singapore
In 2022, the new appointees to STI 30 boards continued to be the oldest across the 30 markets in which we analyze board appointments. The year also saw the highest share of seats go to women since we started tracking these boards in 2016.
2023
01 Overview
The past three years have thrown challenge after challenge at companies and leadership teams around the world, requiring them to navigate a pandemic and its economically challenging aftermath as well as an increasingly more charged geopolitical landscape. At the same time, organizations and their boards have stayed the course on longer-term issues including growth, sustainability, and diversity.
01 Overview
In the midst of challenges, boards stay the course
02 highlights
04 Methodology
This report is part of Heidrick & Struggles’ long-standing study of trends in board composition in markets 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 (BOVESPA), 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), Japan (TOPIX Core 30), Kenya (NSE Top 40), Mexico (BMV IPC), the Netherlands (AEX), New Zealand
(NZX 10), Norway (OBX), Poland (WIG 20), Portugal (PSI 20), Saudi Arabia (Tadawul), Singapore (STI 30), South Africa (JSE Top 40),
South Korea (KOSPI 50), Spain (IBEX 35), Sweden (OMX 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 REPORT
03 References
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Acknowledgments
Thanks to the following Heidrick & Struggles colleague for her contributions to this report: Jiat-Hui Wu, Tonny Loh, and Hnn-Hui Hi.
For detailed market data and comparisons, please visit our interactive Board Monitor 2023 dashboard.
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The highest share of seats went to women since we started tracking these boards in 2016.
60
63
59
58
2022
2021
2020
2019
While there was a two-year decrease in the average age of directors compared to 2021, the 2022 cohort of STI 30 directors continues to be the oldest across the 30 markets in which we analyze board appointments.
Singaporean boards showed a preference for directors who are active in their executive roles.
50%
2019
60%
2020
49%
2021
66%
2022
23%
2019
34%
2020
28%
2021
43%
2022
8%
2016
24%
2017
32%
2018
Average age of 2022 appointments to STI 30 boards
Hong Kong: 58
Singapore: 60
United Kingdom: 57
United States: 59
Average age of 2022 appointments, by market
The increase in demand for active directors is a trend that we saw in most markets, as boards are keen to tap into the experience of executives who are dealing with similar challenges in real time. The progress in gender balance is encouraging for STI 30 boards, but companies must ensure they keep diversity at the top of their agendas, because more must be done. Considering the full board composition for these companies, our analysis shows that currently only 23% of board seats are occupied by women—this as compared to the 31% of US Fortune 500 board seats held by women and 41% of UK FTSE 350 board seats held by women.