“Connecting our female leaders with the world to work in harmony (“gung-ho”),
Establish a sustainable spirit of female leadership and governance,
Build a model of female leadership and the legacy of experience,
And Empower Women for a Better World!”
New gender equality requirements were passed by the European Commission in June this year (2022) requiring all listed companies in the European Union to move toward 40% female representative in non-executive director positions, or 33% female representation on their board of directors as a whole by the end of June 2026. In August 2021, NASDAQ required companies listed in the US to appoint at least one female board member and one board member representing ethnic minorities or LGBTQ+. Female participation in the decision-making of listed companies is therefore becoming a new trend.
The Taiwan Women on Board Association (WOB) is therefore pulling out all stops to promote female corporate leadership. Now in its third year, “Empowering Women for a Better World” was launched in 2020 and is the only annual report on governance at listed companies with women as their board chairperson or CEO (hereafter referred to as “listed companies with female governance”). For this study, information published on the Market Observation Post System website of Taiwan Stock Exchange is studied and analyzed based on feedback from questionnaire surveys. This year’s report was another joint effort between WOB and the accounting firm Ernst & Young.
There was a total of 140 listed companies with female governance in Taiwan during 2021. The proportion of female board chairpersons grew by 6% and the proportion of female CEOs grew by 10%; the total market value of listed companies with female governance that took part in this study was approximately 2.75 Trillion TWD, and represented 61% of the total market value of all listed companies with female governance (approximately 4.48 Trillion TWD). 62 valid survey responses were collected, a 29% increase in number of survey responses compared to last year. Female leaders of listed companies in Taiwan were evidently more willing to take part in the “Empowering Women for a Better World” survey and identify with the service philosophy of WOB. Women power is now developing in a positive direction.
Businesses around the world have been hard hit by the COVID-19 pandemic, US-China trade war and other factors in recent years. According to the findings from the latest study, Taiwanese listed companies with female governance are continuing to grow at a steady pace. More than 60% of the companies saw revenue/EPS growth better than last year, and some even outperformed the industry as a whole. Female leaders were able to quickly adapt to changing circumstances, overcome external crises through soft power, and still meet their targets, demonstrating the ability of women to balance strength and flexibility. There was much in common between this study and the Ernst & Young Global 200 500 Directors survey from 2021. All agreed that greater risks represented greater opportunities for businesses and the continued pursuit of excellence. This happened to also be one of WOB’s founding goals and philosophy.
WOB was founded in 2018 and is composed of female board chairpersons, board members, and presidents of domestically listed companies spanning more than 15 industries, as well as the president, directors, general managers and CEOs of Multinational Companies (MNCs) in Taiwan. WOB seeks to enhance the international connections and visibility of female leaders in Taiwan. We participate in many global activities and collaborate with industry, academic, government and research organizations in Canada, New Zealand, USA, Japan, Singapore and Vietnam to co-host international forums and visits that provide Taiwan’s female leaders with a platform for international exchange.
We hope that more businesses with increase the amount of female input in their decision-making. Female leadership will help businesses excel through greater diversity!