Hong Kong’s financial sector has seen strong growth in the number of women taking up senior positions and board directorships in recent years, driven by regulatory changes and corporate initiatives promoting gender diversity, according to a survey released on Tuesday.
Women held 45 per cent of senior leadership roles – namely CEO, managing director and executives within three reporting levels below – in banks, asset management firms, insurance companies and fintech firms in the city, according to a joint report by the Women Chief Executive Network, KPMG and the Women’s Foundation. This marked an increase of 11 percentage points from 34 per cent in 2018.
The report also found that 37 per cent of board of directors in Hong Kong’s financial sector were women, jumping 16 percentage points from 21 per cent in 2018. The findings were based on employment data of 24 member firms of the Women Chief Executive Network and a survey of 532 financial professionals in the city from April to July.
The network includes 60 female executives from leading firms like UBS, Standard Chartered and Citigroup. Three Hong Kong women CEOs – UBS’ Amy Lo Choi-wan, Standard Chartered’s Mary Huen Wai-yi and Citi’s Aveline San Pau-len – as well as Hong Kong Exchanges and Clearing (HKEX) CEO Bonnie Chan Yiting, are active members of the network.
Respondents ranked Hong Kong as the top international financial centre for societal acceptance of women breaking the glass ceiling. Additionally, 76 per cent of respondents highlighted Hong Kong’s safety as a key factor supporting women’s career progression, the report said.
“One of Hong Kong’s strengths lies in the supportive environment it fosters – one that encourages entrepreneurship and pragmatism,” said Lo, chairman of UBS Global Wealth Management Asia. “Diversity here feels organic, not imposed, and women benefit from a broad culture of encouragement that empowers them to lead with confidence and authenticity.”
