‘The talent is there’: Is Singapore’s push for board diversity turning a corner?

Progress has been made, but questions remain over whether inclusion is now structural or still symbolic

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Ranamita Chakraborty

Published Fri, Oct 10, 2025 · 03:00 PM

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Singapore has boosted women’s presence in boardrooms without resorting to quotas – an achievement built on persuasion instead of prescription. ILLUSTRATION: MARIO MONREAL, BT
Globally, including in Singapore, companies are grappling with how to reshape their boards and increase women’s representation. ILLUSTRATION: KEW KEAT BOON, BT

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[SINGAPORE] With women occupying barely a quarter of board positions in the largest Singapore-listed firms, Carol Fong is among the few female directors who have made it to the top.

The 64-year-old independent non-executive director at City Developments Ltd and group chief executive officer of CGS International Securities has spent more than three decades navigating the male-dominated world of finance.

Carol Fong, independent non-executive director at City Developments Ltd and group CEO of CGS International Securities, is encouraged by Singapore’s progress in board diversity. PHOTO: CGS INTERNATIONAL

Fong says that she is encouraged by the progress made so far, with Singapore making “commendable strides” in board diversity, particularly in raising awareness and increasing female representation.

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