Reshaping ASEAN’s Boardrooms: A Look at the Rise of Female Leadership
Southeast Asia is witnessing a quiet but profound transformation in its corporate boardrooms. A steady rise in female representation is reshaping the leadership landscape, driven by a growing recognition that diverse perspectives are not just a matter of fairness but a strategic imperative for long-term success. While progress is undeniable, a closer look at the numbers reveals a complex journey with both significant victories and persistent challenges.
The latest reports show heartening momentum. The average proportion of women on corporate boards across ASEAN climbed to nearly 20% in 2023, a notable increase from just over 17% two years prior. This upward trend reflects a global shift and a deeper commitment within the region’s top firms to embrace gender diversity. At the forefront of this movement is Malaysia, which has emerged as a regional leader. Its bold mandate requiring at least one female director on the boards of all publicly listed companies has paid off, with women now occupying 28.5% of board seats. Other nations, like the Philippines and Singapore, are also making significant headway, with their own proactive initiatives and corporate governance reforms fueling the change.
Beyond simple numbers, these women are also making deeper inroads into crucial functions. In a promising sign of their growing influence, women’s presence on audit committees often surpasses their overall representation on the board, with Malaysia again leading the way at 37%. This demonstrates that female leaders are increasingly being trusted with critical oversight roles, bringing their skills in governance and financial strategy to the forefront.
Despite these advances, the path to true gender parity remains long and difficult. The “glass ceiling” is still very much a reality. While women are joining boards in greater numbers, their representation in the most powerful positions—as board chairs or CEOs—is lagging far behind. In fact, a few countries have even seen a slight decline in the percentage of female CEOs, reminding us that progress isn’t a one-way street. The lack of a clear pipeline of women with prior CEO experience is often cited as a major barrier to reaching the very top.
Moving forward, the business case for diversity is clearer than ever. Studies consistently show that companies with diverse boards tend to outperform their less-diverse counterparts. The message is simple: a mix of backgrounds, experiences, and viewpoints leads to better problem-solving, reduced groupthink, and more innovative decision-making. To accelerate this progress, experts suggest that organizations must go beyond mandates. Fostering strong mentorship programs, providing leadership training for high-potential female employees, and deliberately challenging traditional hiring criteria are all crucial steps. It’s an ecosystem-wide effort that requires governments, businesses, and individuals to work together to build a more inclusive future.
