End to male monopoly

HKEx proposes mandatory board diversity policy
In an attempt to try and end the largely male monopoly that exists on the Boards of Hong Kong companies, the Hong Kong Exchanges and Clearing Ltd (HKEx) recently proposed a change to its Corporate Governance Code, that would require all companies listed on its Exchange to have a policy on Board diversity and to report on this in their corporate governance and interim reports.

The latest research by Community Business shows minimal improvement in the representation of women in the boardrooms of Hong Kong’s top 48 companies, creeping up from 8.9% in 2009 to 9% in 2012, as listed on the Hang Seng Index (HSI). Shalini Mahtani, Founder and Board Director of Community Business, said, “We wholeheartedly support this move by the Hong Kong Stock Exchange. Their proposal is in line with changes that are being made in other countries and we are delighted that Hong Kong is responding to calls for companies to take diversity more seriously.”

The Hon Cyd HO Sau-lan in the Legislative Council recently moved a motion urging the Government “to expeditiously launch public consultation on enacting legislation to safeguard equal opportunities for and the basic rights of people of different sexual orientations.” Community Business has been advocating inclusive workplaces for lesbian, gay, bisexual and transgender (LGBT) employees in Hong Kong and the wider Asia region since 2009. Its latest research, the Hong Kong LGBT Climate Study 2011-12, shows that almost 80% of the Hong Kong working population said they continue to see discrimination against LGBT individuals taking place both in the community and in the workplace. Over 85% also said there is a need for greater inclusiveness of LGBT individuals in Hong Kong, and 59% said the Government should take the lead on building inclusiveness.

Fern Ngai, CEO, Community Business explained, “Discrimination may take the form of verbal insult or mockery, social stigma or exclusion, being ignored or disregarded or bullying and violence. Based on our research, we strongly believe that the Government should conduct consultation on legislating for equal opportunities for LGBT individuals in Hong Kong.”