Women hold 13.1% of CEO positions in Singapore, the highest in the world. But the city-state wants to raise the share even higher as it seeks to attract the best talent from overseas by showcasing gender equality.
Singapore's female CEO ratio in the corporate sector, based on a survey of roughly 70 countries and regions by Deloitte Global, is far above the proportions of other leading economies in Asia: 6.4% in China, 4.7% in India and a mere 0.3% in Japan.
"Throughout my years in banking, I was given many opportunities and did not feel disadvantaged" being a woman, said Pearlyn Phau, Group CEO of insurer Singlife with Aviva, noting that she has been "very fortunate."
Phau climbed the corporate ladder at top Singaporean bank DBS and was appointed in 2021 to lead the insurer, created through a megamerger the previous year.
But the male-centric power structure remains.
On the Singapore Exchange, just 15% of the top 100 companies by market capitalization have all-male boards, down from 50% in 2013. But half of the other publicly traded businesses have no female director -- just a tad down from 57% in 2013, according to Singapore's Council for Board Diversity.
A government white paper on women's development published in late March presented equal opportunities in the workplace as a crucial area of focus, proposing concrete steps such as career mentorship, training for those reentering the workforce, promotion of parental leave and flexible work arrangements.
"Some employers are still reluctant to hire, promote or groom female employees, particularly mothers or those planning to be mothers," Prime Minister Lee Hsien Loong said in September. "We must not let our prejudices become obstacles to women's progress."
Ending the gender divide is not only a social obligation, but also a critical corporate strategy. Singapore, where nearly 30% of the population consists of foreign nationals, is well aware that companies showing little regard for diversity will have difficulty luring talent.
Companies seem to be getting the message. Real estate giant Frasers Property has expanded its flexible work arrangements, letting employees who care for children or other family members work from home.
Elisa Mallis, the Asia-Pacific managing director at development organization Center for Creative Leadership, proposes going a step further than the career mentorship proposed by the government. "I believe that sponsorship is also key to lifting women to more senior levels in the organization."
"Mentors provide guidance and support, but sponsors actively advocate for the 'sponsoree,' including in off-the-record meetings," she said.
"We also need more flexible parental leave policies to support women in balancing the multiple roles they play," she added.
Singapore's female CEO ratio in the corporate sector, based on a survey of roughly 70 countries and regions by Deloitte Global, is far above the proportions of other leading economies in Asia: 6.4% in China, 4.7% in India and a mere 0.3% in Japan.
"Throughout my years in banking, I was given many opportunities and did not feel disadvantaged" being a woman, said Pearlyn Phau, Group CEO of insurer Singlife with Aviva, noting that she has been "very fortunate."
Phau climbed the corporate ladder at top Singaporean bank DBS and was appointed in 2021 to lead the insurer, created through a megamerger the previous year.
But the male-centric power structure remains.
On the Singapore Exchange, just 15% of the top 100 companies by market capitalization have all-male boards, down from 50% in 2013. But half of the other publicly traded businesses have no female director -- just a tad down from 57% in 2013, according to Singapore's Council for Board Diversity.
A government white paper on women's development published in late March presented equal opportunities in the workplace as a crucial area of focus, proposing concrete steps such as career mentorship, training for those reentering the workforce, promotion of parental leave and flexible work arrangements.
"Some employers are still reluctant to hire, promote or groom female employees, particularly mothers or those planning to be mothers," Prime Minister Lee Hsien Loong said in September. "We must not let our prejudices become obstacles to women's progress."
Ending the gender divide is not only a social obligation, but also a critical corporate strategy. Singapore, where nearly 30% of the population consists of foreign nationals, is well aware that companies showing little regard for diversity will have difficulty luring talent.
Companies seem to be getting the message. Real estate giant Frasers Property has expanded its flexible work arrangements, letting employees who care for children or other family members work from home.
Elisa Mallis, the Asia-Pacific managing director at development organization Center for Creative Leadership, proposes going a step further than the career mentorship proposed by the government. "I believe that sponsorship is also key to lifting women to more senior levels in the organization."
"Mentors provide guidance and support, but sponsors actively advocate for the 'sponsoree,' including in off-the-record meetings," she said.
"We also need more flexible parental leave policies to support women in balancing the multiple roles they play," she added.
