Genting Singapore among seven new Asean firms on gender-equality index; DBS leads Asean region

GENTING Singapore is among the seven new Asean companies to be included in Bloomberg's 2021 Gender-Equality Index (GEI).

The GEI recognises publicly-listed companies in the region that bring transparency to gender-related practices and policies, thereby increasing the breadth of environmental, social and governance (ESG) data available to investors.

This year, the GEI comprises 380 companies across 44 countries and regions, and 11 sectors including automotive, banking, consumer services, engineering and construction, and retail, up from 325 companies last year.

Firms on the 2021 index have a combined market capitalisation of US$14 trillion, up from US$12 trillion last year.

With the addition of Genting, Singapore now has six firms in the index. The other companies are City Developments Limited, DBS, Singapore Exchange, Singtel and UOB.

DBS leads the Asean region as a member of the GEI in the top global quartile this year.

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Said Piyush Gupta, the bank's chief executive: "To be in the GEI's top global quartile and recognised as best-in-class for gender equality is an important achievement for us.

"It attests to our firm commitment to advancing parity across DBS, and our efforts in building a respectful and inclusive workplace that embraces gender, generational and cultural diversity."

Apart from Genting, the six other firms are from Malaysia, Thailand, the Philippines and Indonesia.

The inclusion of Indonesian hospital operator PT Mitra Keluarga Karyasehat in the index marks the first time an Indonesian-headquartered firm has participated and made it to the list for reporting gender-related data.

Engineering conglomerate DMCI Holdings Inc and integrated-energy company Semirara Mining and Power Corp were the new entrants from the Philippines, while telecommunications company DiGi.Com Bhd is Malaysia's newest and third firm on the index.

Thailand had two new inclusions this year, namely renewable-energy player Energy Absolute, and home-improvement retailer Home Product Center.

Chairman of Bloomberg Peter Grauer said: "As we continue to grapple with the pandemic, we've seen companies put increased emphasis on the 'S' in ESG. The companies included in this year's Gender-Equality Index are committed to providing an inclusive work environment, supporting work-life balance and flexible work arrangements to retain a talented workforce and create a competitive advantage in this changing business environment." (ESG refers to environmental, social and corporate governance.)

He noted that although GEI companies had an average disclosure score of 94 per cent this year, the average data-excellence score was 55 per cent, meaning there is still some room for improvement.

The data excellence score is broken down into scores across five pillars: female leadership and talent pipeline, equal pay and gender pay parity, inclusive culture, sexual harassment policies, and pro-women brand.

The key findings from companies in the 2021 GEI showed that 87 per cent of companies provide flexible working hours and 85 per cent offer flexible working locations.

On average, GEI members' boards comprise 29 per cent women; 61 per cent of companies on the index have a chief diversity officer or an executive with primary responsibility of diversity and inclusion.

The index also showed that index member companies are hiring more women than they are losing; 69 per cent of them have a strategy for recruiting women, and 59 per cent conduct a global gender-based compensation review.

The index revealed that the average disclosure of the 15 companies in Asean outperformed the average disclosure score of the index as a whole.

Patricia Torres, global head of sustainable finance solutions at Bloomberg, said: "Disclosure is an important component in the GEI, as it is the first step towards accountability. The decisions companies make today can drive progress on equality for years to come."

She added that GEI data gives investors a comprehensive view of how practices that support gender equality can drive increased employee engagement and productivity, which in turn brings higher market value to companies and creates positive change in local communities.