In a groundbreaking move, CLP Holdings, one of Hong Kong's oldest companies, has made significant strides towards gender diversity by appointing two female directors to its board. This decision not only surpasses the 30per cent threshold advocated by activists but also sets an inspiring example for other businesses. Out of the 14 board members at CLP, five are now women, making it a standout company in the Hang Seng Index, where gender representation remains low.

With an impressive 36per cent female representation on the board, CLP Holdings has surpassed the target set by the 30per cent Club, a global campaign encouraging corporate gender diversity. Betty Yuen, a board member at CLP, highlights the invaluable contributions of diverse perspectives in decision-making, emphasizing the unique skills and insights that women bring to the table. Demonstrating their commitment to gender equality, CLP aims to achieve a 50per cent representation of women in senior management positions by 2030, demonstrating their dedication to fostering an inclusive and balanced leadership team.

Geely Automobile Holdings, another prominent company, is also taking steps to improve gender diversity by setting a target of reaching a 30per cent or higher level of female representation on its board by the end of 2025. This commitment reflects the growing recognition that diverse perspectives and experiences lead to enhanced outcomes and better business performance.

Mandate for Gender Equality

To promote gender equality, the Hong Kong stock exchange has mandated that all listed companies include at least one director of a different gender from the board majority within three years. While progress is being made, there is still considerable room for improvement, as ten members of the Hang Seng Index have yet to include women on their boards. This slow progress highlights the urgent need for more companies to prioritize gender diversity and create equal opportunities for women to assume leadership positions.

Betty Yuen, the chairman of CLP, urges other companies to follow their lead and set more ambitious targets for gender diversity. She firmly acknowledges that Hong Kong, as a foremost international financial centre, has the prospect to set a higher standard and serve as a role model for others to emulate.

Recognizing the importance of gender diversity, BYD, a company with an all-male board, intends to rectify the situation by appointing a female director by the end of the forthcoming year. Their commitment to promoting gender diversity extends beyond the boardroom, encompassing initiatives aimed at fostering inclusivity throughout their entire workforce.

Baidu, a leading search giant, places great importance on workplace diversity and boasts a management team where women occupy around 44per cent of positions. This level of representation exceeds the industry average and underscores the company's dedication to creating a gender-inclusive work environment.

Slow & Steady Progress

While improvement has been completed, with female directorships in Hong Kong rising to 18.5per cent, it still drops after other major markets such as Australia's S&P/ASX 200, the U.S.'s S&P 500, and Europe's Stoxx 600, which show higher percentages of women on boards.

While CLP Holdings sets a new standard for gender diversity in Hong Kong, the overall state of women's participation in the workforce still requires attention. Women face persistent challenges in accessing leadership roles and breaking the glass ceiling. However, the appointment of two female directors by CLP sends a powerful message of women's empowerment and highlights the immense value that women bring to decision-making processes. It serves as a catalyst for change, inspiring other companies to prioritize gender diversity and create equal opportunities for women to thrive in leadership positions.

With CLP leading the way, Hong Kong has the potential to become a beacon of women empowerment in the corporate world. By championing inclusive practices, fostering diversity, and implementing initiatives that support the advancement of women, businesses can unlock the full potential of their workforce. Through collaborative efforts, both within the private sector and in partnership with the government, Hong Kong can pave the path towards a future where women's participation in leadership roles is not only encouraged but also celebrated. CLP's groundbreaking move serves as a reminder that gender diversity is not just a moral imperative but also a strategic advantage for businesses in Hong Kong and beyond.