China’s State Firms Cling to All-Male Boards Despite HKEX Rule
- One in five Hong Kong companies have male directors only
- Board diversity rule announced in 2021, takes effect in 2025
HKEX Chief Executive Officer Bonnie Chan began the campaign to root out single-gender boards when she was head of listing in 2021.
Photographer: Paul Yeung/BloombergThis article is for subscribers only.
The Hong Kong stock exchange has given listed companies until the end of this year to ensure that each board includes at least one woman, and while the majority of firms have complied, nearly 500 are still overseen by all-male cohorts.
Among the laggards, the largest are Chinese state-owned companies or their affiliates, including lenders Bank of China Ltd. and China Merchants Bank Co., setting up a showdown with the exchange, which declined to say what the consequences will be for firms that don’t comply.