SINGAPORE, May 28, 2015 - (ACN Newswire) - Singapore's Diversity Action Committee (DAC) announced that 6 more executive search firms have signed up to its Statement of Good Practice in Executive Search for Board Directors.
Global Search Partners, Harvey Nash, NQ International, Profile Search and Selection, Robert Walters and Straits Talent join the five leading executive search firms - Egon Zehnder, Heidrick & Struggles, Korn Ferry, Russell Reynolds Associates and Spencer Stuart - in committing to prescribe the best practices for board appointments supportive of gender diversity. Collectively, the 11 executive search firms bring with them their extensive network of candidates to serve companies ranging from large billion dollar institutions to companies listed on Catalist.
Magnus Bocker, Chairman of DAC, said, "I am pleased to see that more members from the Executive Search community will support greater boardroom diversity and participation of women. Using executive search services for recruiting board directors is not just for the large companies but those desiring to bring best talents to the top table in addition to the existing recruitment channels. These active partnerships between companies and search firms support an increased understanding of the business benefits of diversity. DAC looks forward to a continuous increase of women directors."
Summary on the Statement of Good Practice in Executive Search for Board Directors
The Statement was launched on 15 January 2015. The Statement of good practice sets out a comprehensive process from the start of the search assignment to appointment of director and post-appointment follow-up.
It advocates that search firms first consider the existing strengths of the board and define the complementary capabilities required to serve the corporate strategy. It encourages boards to widen candidate pool to include top calibre and diverse candidates (including women). Particular attention should be paid to candidates with relevant experience in emerging industries and areas of specialisation.
The Statement also emphasises the importance of comprehensive induction programmes for new directors and post-appointment follow-up with the whole board in order for companies to benefit more fully from board diversity.
The full Statement and more information about the Diversity Action Committee can be found at www.diversityaction.sg.
About Diversity Action Committee
The Diversity Action Committee (DAC) was formed in August 2014 with the objective of building up the representation of women directors on boards of companies in Singapore. Mr Chan Chun Sing, Minister for Social and Family Development, established the Committee on the recommendation of the Diversity Task Force regarding Women on Boards, as the key driver in a multi-stakeholder approach to addressing the under-representation of women directors.
Increased diversity on boards heightens the robustness of decision making and broadens the catchment of risk awareness and response, resulting in superior corporate governance. A larger number of women directors on corporate boards answers the economic reality of women increasingly deciding on business and consumer purchases. For the economy as a whole, underutilizing women at the apex of corporate decision making could hinder competitiveness. Hence the work of DAC addresses a business imperative.
Adopting a multi-stakeholder approach, the Committee will raise awareness of the importance and benefits of gender diverse boards, champion best practices that support gender diversity and inspire relevant stakeholders toward appointing women board directors. It is working with various institutions to expand the pool of board-ready women and will have regular communication with the business community.
The Diversity Action Committee is chaired by Mr Magnus Bocker, Chief Executive Officer Singapore Exchange Ltd, and its Adviser is Madam Halimah Yacob, Speaker of Parliament of Singapore. The Committee comprises 15 leaders from both large and small organisations, and professionals from the private, people and public sectors. To learn more, please visit www.diversityaction.sg.
Diversity Action Committee Secretariat
Ms Wendy Tan or Ms Cheryl Tan
T: +65 6713 6034
E: [email protected]