Hong Kong’s boardroom problem: 85 companies still exclude women
Despite having two years to make their board more gender-diverse, some companies in Hong Kong have still yet to make any progress.
When the Hong Kong Stock Exchange (HKEX) banned single-gender boards in 2022, with the deadline at the end of 2024, it was a rallying cry for corporate accountability.
The message was clear: Diversity is fundamental.
Fast forward to 2025, and while significant progress has been made, 85 companies still haven’t complied with the rule. Their excuses are tired, their reasoning thin:
“We couldn’t find suitable candidates”
“We’ve been focused on restructuring”
“We plan to address this in the next six months”
But behind every excuse is an uncomfortable truth: Diversity is a cultural issue.
Diversity is a competitive advantage
Bonnie Y Chan, CEO of HKEX, has said it loud and clear: diversity prevents groupthink, fosters better decision-making, and drives innovation. The research backs her up:
A McKinsey report found that companies with diverse executive teams are 33% more likely to outperform their peers financially.
A Credit Suisse study showed that boards with at least one female director see higher return on equity and better corporate governance.
So, why are some companies still dragging their feet?
Here’s a theory: Change feels uncomfortable when it challenges entrenched power structures.
The truth is, too many boards remain old boys’ clubs. And until companies confront this reality, the needle will continue to move painfully slow.
The myth of the ‘pipeline problem’
One of the most common excuses we hear is, “There aren’t enough qualified women for these roles.”
But here’s the reality:
Women make up nearly half of the global workforce.
Female leadership programmes are thriving across industries.
Women are founding and leading successful startups at unprecedented rates.
The problem isn’t a lack of talent; it’s a lack of imagination in how companies approach recruitment.
Actionable suggestions:
Expand recruitment channels beyond traditional networks.
Partner with organisations focused on female leadership development.
Create mentorship programmes pairing senior leaders with emerging female talent.
Culture eats policy for breakfast
Policies and regulations can nudge behaviour, but they can’t change mindsets overnight.
Let’s face it: Some companies met the HKEX requirement begrudgingly, treating it like another box to tick. And when women appointed to boards don’t feel included, empowered, or supported, they leave or are sidelined into token roles.
Real change requires:
Buy-in from the top.
Inclusive cultures where diverse voices aren’t just heard but valued.
Accountability for progress, not just compliance.
Actionable suggestions:
Make diversity targets part of executive KPIs.
Conduct regular board culture audits.
Invest in ongoing training on unconscious bias and inclusive leadership.
Beyond one woman: The risk of tokenism
Here’s something we need to talk about: One woman on a board is tokenism.
Research shows that critical mass matters. When women make up at least 30% of a board, their influence grows, their voices carry weight, and real change begins to take shape.
If companies are appointing a single woman to a board simply to meet regulatory requirements, they’ve missed the point.
Actionable suggestions
Set targets for multiple female board appointments, not just one.
Ensure female directors are given meaningful roles and responsibilities.
Create pathways for women to step into leadership roles, not just symbolic positions.
The accountability gap
While HKEX’s rule is commendable, what happens to companies that still don’t comply?
Currently, there are no severe consequences beyond public filings and mild public pressure. But here’s the thing: without meaningful repercussions, some companies will continue to view diversity as optional.
Actionable suggestions:
Introduce financial penalties for non-compliance.
Publish annual ‘Diversity Compliance Reports’ for greater transparency.
Empower shareholders to hold boards accountable for diversity targets.
What’s at stake for the next generation?
As a father to a two-year-old daughter, this issue hits close to home.
When I think about her future, I wonder:
Will she grow up seeing leaders who look like her at the top of organisations?
Will she feel like boardrooms are spaces she belongs in?
Will she inherit a world that talks about diversity but still makes excuses when it’s time to act?
This is a societal issue, not just a business one
Every missed deadline, every excuse, every empty board seat reserved for a woman who was never appointed—it all sends a message.
And right now, that message isn’t good enough.
A challenge to business leaders
To the 85 companies that missed the deadline: What’s your plan?
Not your PR-approved, carefully worded filing. Your real plan.
How are you identifying candidates?
How are you changing your board culture?
How are you holding yourselves accountable?
Because diversity is about changing the system, not just about filling a seat.
The road ahead
The HKEX has done something bold and necessary by banning single-gender boards. But this milestone is just the beginning.
Real progress will require:
Intentional hiring practices.
A shift in corporate culture.
Transparent accountability measures.
And it will require leaders—CEOs, board members, shareholders—to stop viewing diversity as an obligation and start seeing it as an opportunity.
Let’s keep the conversation going:
What accountability measures do you believe will work best for non-compliant companies?
How can organisations prevent tokenism and create meaningful change?
Drop your thoughts in the comments.
This is not just a HK issue. It is a cultural issue almost everywhere. Australia. UK. USA. It is not a race issue. It is a gender issue. A power issue.