Five years ago Community Business reported that just 8.9% of board roles on Hang Seng Index companies were held women. So what progress has been made to date? Almost none—five years on and the figure has still only just managed to creep up to 9.4%. This compares pathetically with the UK and Australia, where substantial increases in gender diversity has been achieved on boards—the countries now boasting female representation of 20.4% and 17.3%, respectively.So why has progress been so slow in Hong Kong? Are HIS companies ruled by male dinosaurs? Is there huge inertia in terms of more-of-the-same mentality with male executives hiring more males, are women simply not putting themselves forward for executive positions? Are cultural traditions leading to women getting stereotypically stuck in stay-at-home roles rather than career-orientated ones—and with childcare being comparatively cheap in Hong Kong, compared to the UK and Australia, why would this be so?
Find out at the Women Extraordinaire Forum (WEF) 2014 where Paul Arkwright will chair a lunchtime panel looking at the reasons behind (and hopefully some solutions to fix) Hong Kong’s atrocious levels of gender diversity at executive levels.
The event brings together over 30 speakers from across the world to shine a spotlight on leadership, entrepreneurship and philanthropy. Through interactive conversations on thought-provoking topics, women (and men) will share their triumphs and challenges. The forum's panels and speakers will share their experiences and insights to stimulate and motivate delegates in these 5 Key Pillars of Life: Health, Wealth, Family, Career and Lifestyle. Attendees will also learn how they can enhance these 5 Key Pillars of their lives.
With men continuing to dominate the top ranks of nearly every firm across the globe and women currently representing only 8% of all board-level positions[1], it seems the issue of gender imbalance at senior level remains a hot topic.
Add to that the fact that men continue to earn an average of HKD 100,000 more than women in the digital, creative and marketing industries[2] and it is evident that inequality among the sexes is still very much alive. It is, however, an issue that is becoming increasingly recognised by businesses across the globe as new initiatives are being launched with the aim of restoring balance.
Another initiative has been the Women’s Directorship Programme (WDP), which drives to enable female executives to be more effective at managing boards and increase the supply of board-ready women across Hong Kong. The programme, launched by executive search firm Harvey Nash and The University of Hong Kong in early 2013, has already met with success seeing 30% of participants achieving a promotion or holding board positions since completing it. The programme consists of two core components: world class teaching by international faculty members of Hong Kong University and real life case studies and thought leadership delivered by senior business leaders.
Nick Marsh, Managing Director, Harvey Nash APAC explained, “Board diversity is an essential ingredient for continued growth and business success. WDP has proved to be a positive catalyst in empowering the next generation of women leaders to gain the confidence and skills needed to secure a board position.”
Professor Amy H. Lau, Director of Executive Education, Faculty of Business and Economics, The University of Hong Kong added, “We have seen some outstanding results from our 2013 participants and we are very pleased with the increased visibility of the alumni. The programme highlights the keys to success in a woman’s career and we are committed to creating lasting change and developing the top female talent of the future.”
[1] McKinsey’s studies from the series Women Matter[2] Market Pulse, June 2013
Paul Arkwright
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