China's State Firms Cling to All-Male Boards Despite HKEX Rule [BNN Bloomberg (Canada)]
BANK OF CHINA UNSP/ADR (BACHY)
NASDAQ:AMEX Investor Relations:
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Source: BNN Bloomberg
woman, and while the majority of firms have complied, nearly 500 are still overseen by all-male cohorts. Among the laggards, the largest are Chinese state-owned companies or their affiliates, including lenders Bank of China Ltd. and China Merchants Bank Co., setting up a showdown with the exchange, which declined to say what the consequences will be for firms that don't comply. “We would hope that HKEX takes a zero-tolerance approach” to companies that insist on maintiaining an all-male board, said Jane Moir, head of research for the Asian Corporate Governance Association. “It will be interesting to see whether HKEX gives leeway for SOEs if they can show there are plans afoot to make an appointment within a reasonable time. It really has not been a big ask.” Roughly 18% of directors of Hong Kong-listed companies are women, well behind the averages in global financial hubs like London and New York. Advocates for gender diversity at the board level cite several arguments, includin
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