Malaysia breaks gender ceiling in boardrooms 

KUALA LUMPUR: Diversity and gender parity are subjects that have gained a lot of traction over the last decade and rightly so.

The 30% Club Malaysia co-founder Anne Abraham said conversations surrounding this should be constantly discussed or else it risks being forgotten.

As of April 1, 2025, women held 33.1% of board seats in Malaysia’s top 100 public-listed companies (PLCs) on Bursa Malaysia, up from 14% in 2015.

Women currently make up 28% of board members across all PLCs.

“To fully drive that value, it needs to be discussed.

“The conversation should be around how we can measure that diversity and look at what impact it brings.

“And then, of course, how we can grow it,” she told StarBiz at the 10th anniversary of the 30% Club Malaysia celebration here yesterday.

The 30% Club is a global business-led campaign founded in the United Kingdom to advocate for gender parity in boardrooms and senior leadership.

The 30% Club Malaysia’s primary focus has been to facilitate at least 30% women representation on the boards of companies listed on Bursa Malaysia, and also welcomes non-listed entities and global multinational companies to join as a corporate advocate.

Abraham said in the earlier days, women who became members of this club had to be of a certain age or retirees, but today, the game has truly changed.

“We have so many of the younger generations and those with entrepreneurial mindsets that are a part of us.

“Leaders must drive it, we cannot have a 30% target forever because then tokenism becomes a risk.

“There should never be a question of merit when it comes to women, but we are not there yet,” she said.

For this year, Abraham said they have put in a new model where corporates take the lead and the baton is passed on.

“The idea is how we can continue sustaining this because we need corporations to believe in this and drive those numbers.

“If it is left to only volunteers, it will fizzle out,” she opined.

Meanwhile, Securities Commission (SC) chairman Datuk Mohammad Faiz Azmi said as of October 2023, 41.2% of large and mid-cap listed companies in developed and emerging markets met the threshold of 30% female directors.

However, only a third of this managed to sustain this level for at least three consecutive years.

In 2011, he said 56% of locally listed companies had all-male boards.

Women only held 7% of board positions.

“A soft touch approach was initially employed to raise female participation.

“Since 2012, the Malaysian Code on Corporate Governance recommended the target of 30% women on board for large PLCs.

“In 2021, this was extended to all listed companies.

“Subsequently, the mandatory one-woman director listing requirement was introduced by Bursa Malaysia in 2022 and fully enforced from June 2023,” he said.

Now, to move the needle, Faiz said empirical evidence connecting gender diversity to corporate performance at the local level is needed but is lacking.

“To address the gap in our evidence base, the SC is working with the 30% Club Malaysia and academic partners to conduct a comprehensive, data-driven study.

“We want to gather data evidence to show that the participation of women in the corporate world matters – not just in financial matters, but also their impact on other areas like corporate strategy, risk management and environmental, social and governance.”

On another note, the 30% Club Malaysia celebrated its 10th anniversary this year and also subsequently launched the Men Allies for Parity initiative, with the aim of engaging male leaders in boardrooms, C-suites, and policymaking roles to drive systemic change for women’s representation in leadership.

The 30% Club Malaysia chair Nurul A’in Abdul Latif said the initiative shifts from advocacy to action, with male allies making a pledge to show their commitment to advancing women’s representation in top decision-making roles.

“The 30% Club believes that balanced leadership is a strategic advantage for businesses and leads to better business outcomes.”

The event was supported by the SC, with partners including Astro, Berjaya Corp Bhd, Bursa Malaysia Bhd, the Malaysian Institute for Development of Professionals, Nespresso Malaysia, Star Media Group Bhd, Sunway Bhd, Tropicana Corp Bhd, TBWA Malaysia and Velesto Energy Bhd.

Star Media Group was represented by its chief operating officer Lydia Wang.