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13% of CEOs surveyed in Singapore are women, followed by 8% in Hong Kong.
The onset of pandemics in recent years has undoubtedly forced organizations to adapt and redefine their leadership strategies to stay ahead of the curve.
Companies in the Asia-Pacific region are considered leaders in gender diversity and support CEOs’ cross-border engagement, according to a Heidrick & Struggles survey released on Thursday (February 29, 2024).
The annual research is titled Road to the Summit in 2023analyzed 1,221 CEOs of the world’s largest listed companies, 225 of whom were appointed in the Asia-Pacific region between 2022 and 2023, including CEOs from the Australian, New Zealand, Hong Kong and Singapore markets.
The demographics of the respondents were as follows:
Demographics
- There are 110 CEOs in Australia.
- There are 85 CEOs in the Hong Kong market.
- The United Arab Emirates (UAE) has 38 CEOs.
- 30 CEOs are based in Saudi Arabia.
- Similar to Saudi Arabia, Singapore also has 30 CEOs.
The data collected by the survey is divided into five factors – demographics, diversity, education, executive experience and appointment type.
Key findings for each category in Asia Pacific and the Middle East are as follows:
Diversity
- 15% of Australian women are CEOs.
- 13% of female CEOs are from Singapore.
- The proportion of female CEOs in Hong Kong is 8%.
- 5% of female CEOs are from the UAE.
The data shows a slight increase in CEO gender diversity compared with the previous year, with 8% of global appointments going to women. The survey results show that Asia Pacific continues to make progress on gender equality, with 12% of CEO appointments being women. Australia and New Zealand (15%) remains at the top, ahead of the Americas, Europe and Africa, and Asia-Pacific, and is almost double the global average (8%).Singapore maintains its previous
Compared with last year’s data, the proportion of female CEOs is 13%.
Hong Kong, on the other hand, is growing at a slower pace, lagging behind other markets in the Asia-Pacific region. As the findings point out, given that a large proportion of companies in the Hang Seng Index come from traditionally male-dominated industries such as finance and real estate, only 8% of CEOs appointed in Hong Kong are women – underscoring the need to promote gender diversity We need to continue our efforts and create a more inclusive business environment.
educate
- 63% of CEOs in Hong Kong hold advanced degrees, of which 32% have a bachelor’s degree or equivalent and 5% have no degree.
- Fifty percent of CEOs in the UAE have advanced degrees, 42% have a bachelor’s degree or equivalent, and 8% have no degree.
- 47% of CEOs in Saudi Arabia have advanced degrees, 33% have a bachelor’s degree or equivalent, and 20% have no degree.
- In Australia/New Zealand, 45% of CEOs hold an advanced degree and 50% hold a bachelor’s degree or equivalent.
- 44% of CEOs in Singapore hold advanced degrees and 43% hold a bachelor’s degree or equivalent.
C-suite experience
- The UAE has the highest number of CEOs who have held some type of C-suite position at some point in their careers (95%)
- Singapore ranks second with 90%.
- 86% of CEOs in Australia/New Zealand have executive level experience.
- Saudi Arabia follows closely behind with 83%.
- 66% of CEOs in Hong Kong have experience in some type of C-suite position.
Appointment type
- 39% of CEOs in the UAE had been with the company for a year or less before being appointed.
- Australia/New Zealand has 35% external appointments.
- In Singapore, only 23% of CEOs are appointed to people with one year or less experience.
- Hong Kong ranks slightly lower than Singapore (21%)
Overall, the survey results show that Hong Kong companies are more willing to hire CEOs without senior executive experience (34%) than other Asia-Pacific markets (21%).
However, Singapore prefers experienced CEOs, with 90% having senior executive experience and 83% having served as CEO.
Companies in Australia and New Zealand reflect this pattern, with the highest proportion of CEOs having experience as chief financial officer (32%) and chief operating officer (28%), thus exceeding the regional averages of 20% and 23% respectively.
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