7:57 am | Thursday, October 2nd, 2014
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MANILA, Philippines–More and more women are joining the top management of Philippine-based companies, according to the research arm of global financial services giant Credit Suisse Group.
According to “The CS Gender 3000: Women in Senior Management” report of the Credit Suisse Research Institute published last September, the percentage of women seated on the boards of Philippine firms rose to 11.9 percent in 2013, up from 10.1 percent in 2012. In 2011, 9.8 percent of local board seats were occupied by women, while the ratio in 2010 was higher at 10.5 percent.
The global average of female board representation was 12.7 percent in 2013, up from 11.3 percent in 2012, 10.3 percent in 2011 and 9.6 percent in 2010.
“Between 2012 and 2013, we have seen a drop from 39 percent to 34 percent in the number of companies, globally, without any women on their boards, most notably in EMEA [Europe, Middle East and Africa], Latin America and Asia,” the report stated.
Among the 43 countries covered by the study, the biggest percentages of women seated on company boards in 2013 were recorded in the Scandinavian region—Norway posted the highest with 39.7 percent, followed by Sweden with 30.3 percent, and Finland with 29.5 percent. In the United States, female board representation was at 13.7 percent last year.
“Europe, with quota and target initiatives, is the furthest down the path of diversity with 19 percent of boards having 30 percent or more female directors and only 10 percent, having zero female representation. Over 50 percent of European companies have more than 20 percent women on their boards, almost double the level in North America. Again this probably stems from the European policy initiatives,” Credit Suisse noted.
In the Philippines, almost one out of every four senior management positions are held by women in 2013, it showed.
Credit Suisse said 24.6 percent of senior management positions in Philippine companies were held by women last year. The ratio in the Philippines was double the global total of 12.9 percent.
According to Credit Suisse, 3.6 percent of chief executive officers (CEOs) in Philippines firms are women. Also, 23.1 percent are on top of operations, 32.9 percent are chief financial officers (CFOs) or into strategic management, while 28.6 percent head shared services functions.
In terms of the number of women in senior management positions, “[t]he notable standouts are in Europe (Sweden and Norway) and in Emerging Asia (Malaysia, Philippines, Singapore, Taiwan and Thailand which are all clustered around 25 percent),” Credit Suisse noted.–Ben O. de Vera
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