Boards across Singapore are taking deliberate steps to move from aspiration to action on diversity. Over the last decade, they have prioritized recruiting board directors with different perspectives, broader industry expertise, functional backgrounds and professional experience, and this focus has intensified in the past five years.
A clear example is gender diversity. Singapore crossing its milestone for 25% women-held directorships by 2025 in the Top 100 SGX-listed companies a year early. This was bolstered by a surge in new appointments of first-time directors, which strengthened the diversity of the talent pool.
Although boards are increasing diversity, many directors remain unconvinced of its impact on board dynamics and performance. In Beyond Compliance, Toward Conviction, conducted by the Council for Board Diversity Singapore in partnership with Egon Zehnder, we examine this gap between intent and impact. The study finds that boardrooms in Singapore show uneven levels of inclusion, psychological safety, and openness to challenge. Our findings draw on a quantitative survey of 170 board members from listed companies in Singapore, alongside in-depth interviews with board Chairs.
The board composition landscape in Singapore shows both momentum and hesitation. Boards see diversity advancing but have more neutral views on its benefits than their global* counterparts.
*Global comparisons are based on data from Egon Zehnder’s 2025 Global Board Inclusion Study.
Together, these shifts reflect a strong and collective commitment to diversity across organizations, individuals, and boards nationwide.
But when it comes to inclusion, a critical question emerges: What happens when diversity is pursued in board structure but is not supported by inclusive practices or shared beliefs that diversity improves board and company performance? We set out to explore this gap between conviction and action—and most importantly how to close it—drawing on survey data and interviews with board chairs.
