The highlights of 2023
02 highlights
2023
Tap each item
25%
30%
35%
20%
15%
10%
05%
93.8%
%
78.2
%
17.9
Board Monitor South Africa
Our third annual report on incoming directors at JSE Top 40 companies shows a growing preference for directors who are still active in their executive roles and directors with previous public company board experience.
2023
01 Overview
The 2022 board appointments at South Africa’s leading public companies show a desire to bolster both executive and board experience while keeping a focus on gender diversity. An increasing share of seats went to directors with CEO and previous board experience, and a much larger percentage of the seats went to directors with current executive roles when compared with previous years. These shifts may be the result of a perception that CEO and executive expertise in particular are helpful as society and businesses navigate the aftermath of the events of the past three years and manage ongoing economic and political uncertainty. Companies also continue to face an unprecedented level of expectation that they will assist in addressing socioeconomic needs.
So, how have the JSE Top 40 boards adjusted their board composition to better navigate the socioeconomic and regulatory demands?
01 Overview
Navigating new and old challenges
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
back to top
back to top
Acknowledgments
Thanks to the following Heidrick & Struggles colleagues for their contributions to this report: Véronique Parkin and Refilwe Malete.
The share of seats going to South African directors remained relatively stable compared to previous years (64% in 2022, compared to 61% in 2021).
Of these, 64% went to Black, 8% to Indian, and 4% to Coloured South Africans, whereas in 2021, 63% went to Black, 5% to Indian, and 3% to Coloured South Africans.
For detailed market data and comparisons, please visit our interactive Board Monitor 2023 dashboard.
back to top
64%
05 View PDF
View full PDF
There was a steep increase in the share of seats going to individuals with previous public company board experience.
20%
2019
63%
2020
73%
2021
87%
2022
References
¹ "Gender Data Portal," The World Bank, accessed October 12, 2023, genderdata.worldbank.org.
Note: The analysis in this report includes 35 companies from the BMV IPC and an additional 6 companies from the BIVA.
8%
Black
White
There was slight dip in the share of seats that went to women, 59% in 2022, compared to 61% in 2021.
71%
2019
33%
2020
61%
2021
59%
2022
The number of new board appointments to JSE Top 40 listed companies decreased significantly, from 62 in 2021 to 39 in 2022.
39
62
2022
2021
2
54%
47%
39%
37%
2022
2021
2020
2019
17%
14%
15%
6%
CFO experience
CEO experience
There was an increase in the share of appointments of directors with CEO experience, 54% in 2022, up from 47% in 2021 and 39% in 2020.
Indian
Coloured
4%
24%
Ethnicity, South African Nationals only