MANILA, Philippines– A recent study by the research arm of global financial services giant Credit Suisse Group reveals that the number of women in top management of Philippine-based companies is on the rise.
“The CS Gender 3000: Women in Senior Management” report of the Credit Suisse Research Institute published in September shows that:
• The percentage of women with positions on the boards of Philippine firms climbed to 11.9 percent in 2013, compared to 10.1 percent in 2012, and 9.8 percent in 2011, while it was at 10.5 percent in 2010.
• The global average of female board representation reached 12.7 percent in 2013, as against 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.
Forty-three countries were covered by the study, with the Scandinavian territories registering the highest percentages of women seated on company boards in 2013: Norway ranked highest (39.7 percent), with Sweden coming in next (30.3 percent), followed by Finland (29.5 percent).
Meanwhile, in the United States, the percentage of women in company boards was at 13.7 percent in 2013.
“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,” the study pointed out.
The study also looked into the number of women holding senior management positions.
In this area, the Philippines rated as follows:
• In 2013, nearly one out of four senior management positions in companies were held by women; ranking in at 24.6 percent of senior management positions in Philippine companies held by women last year
• This ratio is double the global total of 12.9 percent of senior management positions held by women in 2013
• 3.6 percent of chief executive officers (CEOs) in Philippine companies are women
• 23.1 percent are in charge of operations, 32.9 percent are chief financial officers (CFOs) or strategic managers; and 28.6 percent are on top of shared services functions
Credit Suisse said, in this regard: “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).”