Almost 40 top firms in Malaysia fail to meet 30% women board participation target: reports

Prime Minister Datuk Seri Anwar Ibrahim is demanding an explanation from several top 100 companies listed on Bursa Malaysia regarding their failure to meet the 30% women participation target on their boards.

A total of 39 firms in the top 100 have yet to meet the target of having 30% of women participation in their board of directors, Bernama reported.

"The government is calling, urging, and demanding an explanation as to why this target has not been achieved by the said companies," Anwar said, as quoted by the news outlet.

"[They] are given another year to consider increasing the participation of women in the board of directors."

As of October 10, the average percentage of women holding board positions in the top 100 listed companies was 32.2%.

The initiative stems from the 30% Club, a global business-led campaign founded in the United Kingdom and launched in Malaysia in 2015.

The goal of the initiative is to facilitate at least 30% of women's representation on the boards of companies listed on Bursa Malaysia. It also welcomes non-listed entities and global multinational companies to join as a Corporate Advocate.

Last year, 30% Club Malaysia achieved its goal in Corporate Malaysia, with women holding 30.6% of board seats in the top 100 publicly listed companies (PLCs), and close to 25% of all PLCs on Bursa Malaysia.

Bolstering women in leadership

To improve the percentage of women in board positions, Anwar said the government will launch a new Returnship Programme that will encourage women to return to work in the financial sector.

"This programme, organised by Bank Negara Malaysia and the Securities Commission Malaysia, will provide training facilities and then connect participants with suitable potential employers for reemployment," Anwar said, as quoted by Bernama.

Another RM470 million in financing funds has also been allocated by various banks in order to support women-owned micro, small, and medium enterprises in obtaining working capital, purchasing assets, and increasing their business capacity.

These efforts complement various government initiatives aimed at increasing women's participation in the workforce, including a proposal to offer employers an additional 50% tax deduction on wages paid for up to 12 months for hiring women returning to work.

Under the Ministry of Women, the Women's Leadership Apprenticeship Programme has also been enhanced to produce more corporate figures among women, according to Anwar.