KUALA LUMPUR, Aug 9 — Female representation on boards in the Top 100 publicly listed companies (PLCs) in Malaysia has nearly doubled since 2016, going from 16.6 per cent to 31.4 per cent in 2024, according to the latest data provided by the Securities Commission (SC).

As of July 1, the number of board positions currently held by women stood at 274 out of 872 total board positions for the top 100 PLCs.

The same SC data revealed that a total of 62 PLCs in the Top 100 currently held at least 30 per cent women on board as of July 1.

Separately, Bloomberg News said women hold only 16 per cent of board seats at Asia’s largest listed companies on average based on a World Bank-backed report; thus, ranking Malaysia as having the highest female representation on boards in the region.

The same news report also said women occupied only 18.4 per cent of top management — or C-suite — positions for financial services globally in 2023 according to Deloitte Insights.

To note, it stated that investment banking in Malaysia has a higher female representation than most places despite the lack of availability of comprehensive statistics.

Regional director and country head of recruitment agency Hays Natasha Ishak was quoted as saying an affinity for accounting, statistics and mathematics is one reason why many women in the country were drawn to the world of finance.

Quoting some of Malaysia’s top female financiers, Bloomberg News said all rose to the top of their position on merit and not because of a diversity push.

One of them, Tan Ai Chin from OCBC Malaysia, said it was just a coincidence that some industries tend to attract and retain more women.

"I’ve never truly felt there is any stereotype. Everyone is given equal opportunity in the workplace, and from my observations throughout my banking career — which spanned from local to global and regional banks — there is good gender diversity across all business segments.

"I frankly don’t feel there is a necessity to impose a 30 per cent rule for women representation in banking. We all grew in our careers through meritocracy.

"An organisation shouldn’t be compelled to hire a lady just to meet the 30 per cent requirement,” she was quoted as saying.