{"id":11768,"date":"2023-04-20T09:27:34","date_gmt":"2023-04-20T01:27:34","guid":{"rendered":"https:\/\/www.tejwin.com\/?post_type=insight&#038;p=11768"},"modified":"2026-02-25T13:43:28","modified_gmt":"2026-02-25T05:43:28","slug":"women-in-boardroom-in-2023","status":"publish","type":"insight","link":"https:\/\/www.tejwin.com\/en\/insight\/women-in-boardroom-in-2023\/","title":{"rendered":"Women in Boardroom in 2023: From Critical Minority to Majority"},"content":{"rendered":"\n<figure id=\"1faa\" class=\"graf graf--figure graf-after--blockquote\">\n<\/figure>\n\n\n\n<figure class=\"wp-block-image alignfull caption-align-center graf-image\"><img decoding=\"async\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/1se02epTUsk2-8czwHfAShA-3.jpeg\" alt=\"Women in boardroom: 2023 trend\"\/><figcaption class=\"wp-element-caption\">Source\uff1aAdobe stock<\/figcaption><\/figure>\n\n\n\n\n\n<p><\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69f63a0116ebf\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"ez-toc-cssicon\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69f63a0116ebf\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.tejwin.com\/en\/insight\/women-in-boardroom-in-2023\/#Preface\" >Preface<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.tejwin.com\/en\/insight\/women-in-boardroom-in-2023\/#The_Emerging_Female_Empowerment\" >The Emerging Female Empowerment<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.tejwin.com\/en\/insight\/women-in-boardroom-in-2023\/#The_Increase_of_Female_Directors_in_boardroom_Worldwide\" >The Increase of Female Directors in boardroom Worldwide<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.tejwin.com\/en\/insight\/women-in-boardroom-in-2023\/#Why_is_This_Trend\" >Why is This Trend?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.tejwin.com\/en\/insight\/women-in-boardroom-in-2023\/#Norway\" >Norway<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.tejwin.com\/en\/insight\/women-in-boardroom-in-2023\/#France\" >France<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.tejwin.com\/en\/insight\/women-in-boardroom-in-2023\/#Germany\" >Germany<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.tejwin.com\/en\/insight\/women-in-boardroom-in-2023\/#Canada\" >Canada<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.tejwin.com\/en\/insight\/women-in-boardroom-in-2023\/#European_Union\" >European Union<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.tejwin.com\/en\/insight\/women-in-boardroom-in-2023\/#Taiwan\" >Taiwan<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.tejwin.com\/en\/insight\/women-in-boardroom-in-2023\/#Female_Directors_and_Corporate_Governance\" >Female Directors and Corporate Governance<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.tejwin.com\/en\/insight\/women-in-boardroom-in-2023\/#Market_Performance\" >Market Performance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.tejwin.com\/en\/insight\/women-in-boardroom-in-2023\/#ESG_Effectiveness\" >ESG Effectiveness<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.tejwin.com\/en\/insight\/women-in-boardroom-in-2023\/#Conclusion\" >Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/www.tejwin.com\/en\/insight\/women-in-boardroom-in-2023\/#Extended_reading\" >Extended reading<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\" id=\"acff\"><span class=\"ez-toc-section\" id=\"Preface\"><\/span>Preface<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p id=\"3e48\">The current trend emphasizes gender equality, and the role of women in the corporate world is increasingly important. This article will explore the changes in the global proportion of female directors, the enactment and implementation of laws in various countries, and the impact of female directors on corporate performance. Through this research, we aim to raise awareness and attention to women in the corporate field, promote more outstanding women to step onto the stage of corporate decision-making and bring more value to enterprises.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"9d3e\"><span class=\"ez-toc-section\" id=\"The_Emerging_Female_Empowerment\"><\/span>The Emerging Female Empowerment<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure id=\"ead4\" class=\"graf graf--figure graf-after--h3\">\n<\/figure>\n\n\n\n<figure class=\"wp-block-image alignfull size-large caption-align-center\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/\/image-154-1024x576.png\" alt=\"The proportion of female directors\" class=\"wp-image-11754\" srcset=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/image-154-1024x576.png 1024w, https:\/\/www.tejwin.com\/wp-content\/uploads\/image-154-300x169.png 300w, https:\/\/www.tejwin.com\/wp-content\/uploads\/image-154-150x84.png 150w, https:\/\/www.tejwin.com\/wp-content\/uploads\/image-154-768x432.png 768w, https:\/\/www.tejwin.com\/wp-content\/uploads\/image-154-1536x864.png 1536w, https:\/\/www.tejwin.com\/wp-content\/uploads\/image-154.png 1920w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Source: Integrated from MSCI World Index<\/figcaption><\/figure>\n\n\n\n<p id=\"2405\">According to the latest statistics from the MSCI World Index, the proportion of women on boards of directors globally has steadily increased by 45% in the past five years. As of 2022, the global proportion of women in the boardroom has reached a historic high of 31.3%, indicating that society is increasingly valuing the role of women in the boardroom amidst a global movement towards gender equality awareness and legislation.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"6fd7\"><span class=\"ez-toc-section\" id=\"The_Increase_of_Female_Directors_in_boardroom_Worldwide\"><\/span>The Increase of Female Directors in boardroom Worldwide<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure id=\"8ca5\" class=\"graf graf--figure graf-after--h3\">\n<\/figure>\n\n\n\n<figure class=\"wp-block-image alignfull size-full caption-align-center\"><img decoding=\"async\" width=\"720\" height=\"405\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/image-155.png\" alt=\"worldwide change in female directors in MSCI Index\" class=\"wp-image-11756\" srcset=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/image-155.png 720w, https:\/\/www.tejwin.com\/wp-content\/uploads\/image-155-300x169.png 300w, https:\/\/www.tejwin.com\/wp-content\/uploads\/image-155-150x84.png 150w\" sizes=\"(max-width: 720px) 100vw, 720px\" \/><figcaption class=\"wp-element-caption\">Source: Integrated from MSCI<\/figcaption><\/figure>\n\n\n\n<p id=\"1280\">The \u201cWomen on Boards Progress in 2022\u201d report released by MSCI shows that France has the highest proportion of women on boards of directors, reaching 46.1%. The report also indicates that the proportion of women on board directors in Europe is the highest, with most European countries exceeding the global average. However, the situation in Asia is far below the global average, indicating that Asian businesses still have a long way to go in promoting gender diversity and equality. Nevertheless, it is worth noting that South Korea has seen a sharp increase in the past five years, growing by as much as four times.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"a84b\"><span class=\"ez-toc-section\" id=\"Why_is_This_Trend\"><\/span>Why is This Trend?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p id=\"c0e5\">Many countries have enacted laws and regulations requiring listed companies to meet certain quotas for female board members to promote gender equality and diversity in the workplace. The following are examples of some countries\u2019 regulations and implementation regarding the proportion of female board members.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"3deb\"><span class=\"ez-toc-section\" id=\"Norway\"><\/span><strong>Norway<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p id=\"52ca\">In 2003, a law was passed requiring all listed companies to have a female board member proportion of at least 40% by 2008.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"0559\"><span class=\"ez-toc-section\" id=\"France\"><\/span><strong>France<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p id=\"8a90\">In 2011, a law was passed requiring all listed companies to have a female board member proportion of at least 40% by 2017.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"b0fc\"><span class=\"ez-toc-section\" id=\"Germany\"><\/span><strong>Germany<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p id=\"1ee6\">In 2015, a law was passed requiring all listed companies to have a female board member proportion of at least 30% by 2016.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"b606\"><span class=\"ez-toc-section\" id=\"Canada\"><\/span><strong>Canada<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p id=\"d724\">In 2018, a law was passed requiring all listed companies to have a female board member proportion of at least 30% by 2019.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"7eca\"><span class=\"ez-toc-section\" id=\"European_Union\"><\/span><strong>European Union<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p id=\"1847\">In early June 2022, an important agreement was passed, requiring EU-listed companies to achieve a target of 33% female board members by June 2026.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"c454\"><span class=\"ez-toc-section\" id=\"Taiwan\"><\/span><strong>Taiwan<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p id=\"f494\">In March 2023, the Financial Supervisory Commission (FSC) released the \u201cCorporate Governance 4.0 \u2014 Sustainable Development Action Plan\u201d, which requires listed and OTC companies to have a female board member proportion of at least one-third by 2025. If the standard is not met, the reasons must be disclosed in the annual report.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"f9ff\"><span class=\"ez-toc-section\" id=\"Female_Directors_and_Corporate_Governance\"><\/span>Female Directors and Corporate Governance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Market_Performance\"><\/span>Market Performance<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p id=\"fecc\">According to a study by&nbsp;<em>The Academy of Management Journal<\/em>, a positive correlation exists between the proportion of female directors and market performance in countries with relatively equal gender representation. Conversely, in countries with greater gender inequality, the proportion of female directors is negatively correlated with market performance. The study also found a positive correlation between female board representation and the two main responsibilities of corporate governance and strategic participation.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"5926\"><span class=\"ez-toc-section\" id=\"ESG_Effectiveness\"><\/span>ESG Effectiveness<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p id=\"bdc3\">According to a report by MSCI, companies with higher proportions of female directors demonstrate better performance across the three ESG (Environmental, Social, and Governance) dimensions. These data indicate a positive impact of increasing female board representation. Specifically, comparing situations with \u201cNo female director\u201d versus \u201cFemale directors account for more than 30% of the board\u201d, female directors have the best effect on the \u201cG\u201d dimension, which increased by 77.14%, followed by the \u201cE\u201d dimension, which increased by 40%; and finally, the \u201cS\u201d dimension, which increased by 21.4%.<\/p>\n\n\n\n<figure id=\"88b5\" class=\"graf graf--figure graf-after--pullquote\">\n<\/figure>\n\n\n\n<figure class=\"wp-block-image alignfull size-large caption-align-center\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/\/image-157-1024x576.png\" alt=\"The relation between female directors and the performance of the ESG\" class=\"wp-image-11760\" srcset=\"https:\/\/www.tejwin.com\/wp-content\/uploads\/image-157-1024x576.png 1024w, https:\/\/www.tejwin.com\/wp-content\/uploads\/image-157-300x169.png 300w, https:\/\/www.tejwin.com\/wp-content\/uploads\/image-157-150x84.png 150w, https:\/\/www.tejwin.com\/wp-content\/uploads\/image-157-768x432.png 768w, https:\/\/www.tejwin.com\/wp-content\/uploads\/image-157-1536x864.png 1536w, https:\/\/www.tejwin.com\/wp-content\/uploads\/image-157.png 1920w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Source: Integrated from MSCI<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p id=\"a33d\">Promoting gender diversity and equality is a moral responsibility and a critical factor for sustainable corporate development. Adding female directors can positively affect the company, enhance diversity in strategic decision-making and regulatory performance, most importantly, enhance ESG scores.<\/p>\n\n\n\n<p id=\"45fc\">However, there is room for improvement in the proportion of female directors in Taiwanese companies. In the following article, we will share women\u2019s performance in the case of Taiwan companies and further analyze their impact.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button has-custom-width wp-block-button__width-100 has-custom-font-size\" style=\"font-size:21px\"><a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/www.tejwin.com\/en\/solution\/esg-sustainability-solution-2\/\" style=\"border-radius:12px;background:linear-gradient(135deg,rgb(255,206,236) 0%,rgb(38,85,205) 100%)\"><strong>Expand Your Corporate Performance with Director Proportion.<br>Start Bringing more Value to Enterprises Today!<\/strong><\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Extended_reading\"><\/span>Extended reading<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-tej wp-block-embed-tej\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"KW7H4SxeNT\"><a href=\"https:\/\/www.tejwin.com\/en\/insight\/women-in-boardroom\/\">Women in Boardroom: Are They Driving Growth in Taiwanese Companies?<\/a><\/blockquote><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;Women in Boardroom: Are They Driving Growth in Taiwanese Companies?&#8221; &#8212; TEJ\" src=\"https:\/\/www.tejwin.com\/en\/insight\/women-in-boardroom\/embed\/#?secret=J7CVeYOWOj#?secret=KW7H4SxeNT\" data-secret=\"KW7H4SxeNT\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><\/div>\n<\/div>\n\n\n\n<p style=\"font-size:25px\"><strong>About us<\/strong><\/p>\n\n\n\n<p>\u2b50\ufe0f <a aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.tejwin.com\/en\/\" target=\"_blank\" rel=\"noreferrer noopener\" class=\"ek-link\">TEJ Website<\/a><br>\u2b50\ufe0f <a href=\"https:\/\/www.linkedin.com\/company\/taiwan-economic-journal-co-ltd-\/\" target=\"_blank\" rel=\"noreferrer noopener\">LinkedIn<\/a><\/p>\n\n\n\n<p>\u2709\ufe0f E-mail\uff1a <a href=\"mailto:%20tej@tej.com.tw\" target=\"_blank\" rel=\"noreferrer noopener\" class=\"ek-link\"><\/a><a href=\"mailto:tejservice@tej.com.tw\" class=\"ek-link\"><em>tejservice@tej.com.tw<\/em><\/a><br>\u260e\ufe0f Phone\uff1a<em> <\/em>+886-2-87681088<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The current trend emphasizes gender equality, and the role of women in the corporate world is increasingly important. This article will explore the changes in the global proportion of female directors, the enactment and implementation of laws in various countries, and the impact of female directors on corporate performance. Through this research, we aim to raise awareness and attention to women in the corporate field, promote more outstanding women to step onto the stage of corporate decision-making and bring more value to enterprises.<\/p>\n","protected":false},"featured_media":11766,"template":"","tags":[2906,2913,3204],"insight-category":[689],"class_list":["post-11768","insight","type-insight","status-publish","has-post-thumbnail","hentry","tag-board-of-director","tag-corporate-governance","tag-esg-2","insight-category-market-research"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight\/11768","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight"}],"about":[{"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/types\/insight"}],"version-history":[{"count":14,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight\/11768\/revisions"}],"predecessor-version":[{"id":43575,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight\/11768\/revisions\/43575"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/media\/11766"}],"wp:attachment":[{"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/media?parent=11768"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/tags?post=11768"},{"taxonomy":"insight-category","embeddable":true,"href":"https:\/\/www.tejwin.com\/en\/wp-json\/wp\/v2\/insight-category?post=11768"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}