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Magnus Böcker, Chairman of the Diversity Action Committee (DAC), today announced the official formation of the Committee and introduction of its members concluding a few months of meticulous search. The DAC is appointed to build up the representation of women directors on boards of companies.
The DAC is chaired by Mr Magnus Böcker, CEO of Singapore Exchange, and Madam Halimah Yacob, Speaker of Parliament of Singapore, has agreed to be its adviser. The Committee comprises business leaders from both large and small organisations and professionals from the private, people and public sectors. They are :-
| Mr Simon Israel | Chairman | Singapore Telecommunications Ltd | |
| Ms Cheng Woei Fen | Executive Chairman | Mun Siong Engineering Ltd | |
| Mr Philip Ng | Chief Executive Officer | Far East Organisaton Ltd | |
| Mr Ciliandra Fangiono | Chief Executive Officer | First Resources Ltd | |
| Mr Tang Kin Fei | Group President & Chief Executive Officer | Sembcorp Industries Ltd | |
| Ms Claire Chiang | Senior Vice President | Banyan Tree Holdings Ltd | |
| Mrs Lee Suet Fern | Senior Director | Stamford Law Corporation | |
| Ms Yeo Lian Sim | Special Adviser | Singapore Exchange Ltd | |
| Ms Lim Soo Hoon | Permanent Secretary (Finance)(Performance) | Ministry of Finance | |
| Ms Ong Toon Hui | Deputy Secretary | Ministry of Social and Family Development | |
| Ms Teo Swee Lian | Special Advisor | Monetary Authority of Singapore | |
| Ms Junie Foo | Co-Chair | BoardAgender | |
| Mr Teo Siong Seng | Chairman | Singapore Business Federation | |
| Mr Willie Cheng | Chairman | Singapore Institute of Directors |
Increased diversity on boards heightens the robustness of decision‑making and broadens the catchment of risk awareness and response, resulting in superior corporate governance. A larger number of women directors on corporate boards answers the economic reality of women increasingly deciding on business and consumer purchases. For the economy as a whole, under-utilizing women at the apex of corporate decision making could hinder competitiveness. Hence, the work of the DAC will address a business imperative.
The DAC is expected to study how best to achieve its objectives, working with organisations which are already in the business of supporting or intermediating the preparation and appointment of board directors. The Committee may also have to look into the expectations and norms of directors, management, investors and other related matters.
The Committee will prioritize among various goals and action points. It will have the ten recommendations proposed by the Diversity Task Force[1] to advance its work. The recommendations range from training to awards, to disclosure about the nomination process, matching of suitable directorial candidates to companies, without having quotas for women on boards.
Madam Halimah Yacob said, “This is another important phase of the work in getting more women on boards. There is still a lot to do and I am very heartened by the composition of the DAC. With the leadership of Magnus and the support of leaders from the various fields, I’m confident the Committee will achieve its objectives.”
“Despite progress on many fronts in corporate governance, we are still lacking in the representation of women on boards. We need to do more to encourage the development of a supporting infrastructure for this process and a mindset change. Our marketplace is still “young” and progressing. I am very privileged to work with such an illustrious committee and look forward to their ideas, energy and insights” said Magnus Böcker, CEO, SGX.
