Date: 29 June 2018
Venue: Auditorium, SGX Centre 1
2, Shenton Way, Singapore 068804


Keynote Address:

Singapore Telecommunications Limited and Singapore Post Limited


Associate Professor Lawrence LOH
Director, CGIO
NUS Business School

Panel Discussion:

Chaired by Mr THAM Sai Choy, First Vice-Chairman, Singapore Institute of Directors


Mr Piyush GUPTA, CEO, DBS Group
Ms Diaan-Yi LIN, Senior Partner, McKinsey & Company
Professor Lawrence LOH, Director, CGIO
Ms Min Lan TAN, Head of APAC Investment Office, UBS Global Wealth Management

Event Summary

Close to 130 C-suites and senior management attended a seminar organised by the Diversity Action Committee with CGIO presenting key findings from its research on the link between board gender diversity and company’s financial performance.

In the study, CGIO investigated the relationship between board gender diversity and corporate governance score, and between these variables and financial performance, using ordinary least squares (OLS) regression models.

Prof Lawrence Loh, CGIO’s Director presented the research findings at the seminar. This was followed by a panel discussion with Mr Tham Sai Choy chairing the discussion.

The study by CGIO reveals the following aspects:

  • Board gender diversity was found to have a positive and statistically significant impact on corporate governance score.
  • Corporate governance score was found to have a positive and statistically significant impact on company financial performance.
  • No direct effect by board gender diversity on company financial performance was found.
  • There is a positive linear relationship between the number of women independent directors and company financial performance. That is, in general, financial performance of companies with more women independent directors would be better than those with fewer or no such women on the board.

Professor Lawrence Loh said, “Up to now, studies across the world have found that the impact of board gender diversity on financial performance is either non-existent or weakly positive. Through econometric techniques, our study is the first in the Singapore context to establish that such a relationship exists through corporate governance.”

The event drew much public attention as evidenced by the strong media coverage after the event.

If you missed the event or would like to find out more, the various resources are available:

Presentation (report)
Presentation (video)
Journal article
Media coverage
Panel discussion (video)