International Women’s Day provides an opportunity to reflect on how far women have come in leadership, and how much further there is to go. Nowhere is this evolution more visible than in the corporate boardroom.
For much of modern corporate governance history, boardrooms were overwhelmingly male-dominated. Leadership positions were shaped by longstanding professional networks, traditional corporate hierarchies, and societal expectations that limited women’s access to senior decision-making roles.
Over the past few decades, however, a steady shift has taken place. Regulatory reforms, corporate governance frameworks, and changing societal attitudes have opened the door for more women to participate in strategic leadership. Across emerging and developing economies, including Malaysia, Sri Lanka, South Africa, and India – this transition has followed different paths, shaped by national policies, governance structures, and cultural dynamics.
Examining the progress made in these markets offers valuable insight into the broader evolution of boardroom diversity.
Corporate boards historically reflected the broader structure of business leadership. Until the late twentieth century, board roles were overwhelmingly held by men, meaning the pipeline for board appointments was similarly limited.
Board membership traditionally relied on established professional networks and prior executive experience. As a result, women often faced structural barriers such as limited access to leadership positions, fewer mentorship opportunities, and entrenched expectations about gender roles in the workplace.
In recent decades, the conversation around corporate governance has expanded to include the importance of diversity. Many governance experts now view diversity, not only in gender but also in expertise, experience, and perspective, as essential for effective oversight and strategic decision-making.
This shift has led regulators and governance institutions across multiple countries to actively encourage greater representation of women in corporate leadership.
One of the earliest widely documented examples of a woman serving in a corporate boardroom was Lettie Pate Whitehead. In 1934, she was appointed to the board of The Coca‑Cola Company, making her the first woman to serve as a director of a major American corporation. Whitehead inherited a significant stake in Coca-Cola through her late husband’s business interests, which positioned her to participate in the company’s governance.
At a time when corporate leadership was almost entirely male-dominated, her appointment was highly unusual and symbolized one of the earliest instances of female representation in a modern corporate boardroom. Although such cases were rare for decades afterward, Whitehead’s presence demonstrated that women could play a role in strategic oversight at the highest level of corporate decision-making, foreshadowing the gradual shift toward broader gender diversity in board leadership.
Malaysia has taken a proactive policy approach to increasing female representation in corporate leadership.The government and regulatory authorities have introduced initiatives aimed at improving gender diversity on corporate boards, particularly among publicly listed companies. Organizations such as the Securities Commission Malaysia and the stock exchange Bursa Malaysia have supported initiatives encouraging companies to increase female representation.
A national target encouraging at least 30% women on boards has become a central benchmark in the country’s corporate governance landscape. Over the years, Malaysian companies have steadily increased female participation, particularly among independent directors and non-executive board members.
In August 2023, 30% Club Malaysia announced a significant milestone following data released on 1 June by the Securities Commission Malaysia. The figures revealed that women held 30.6% of board seats among the top 100 public listed companies in Malaysia, marking an important step forward in improving gender representation in corporate boardrooms.
Beyond regulatory encouragement, Malaysia’s strong professional sectors, including finance, law, and corporate advisory, have contributed to a growing pipeline of qualified women prepared to take on board leadership roles.
While challenges remain, Malaysia has become one of Southeast Asia’s more progressive markets in terms of boardroom gender diversity.
In Sri Lanka, progress toward gender diversity in corporate boardrooms has been gradual, shaped more by evolving corporate culture than by strict regulatory mandates. The country has long demonstrated strong female participation in education and professional fields such as law, medicine, academia, and finance. Despite this, the transition from professional leadership roles into boardroom representation has historically developed at a slower pace.
At the same time, Sri Lanka has made notable strides in female leadership at the national level. The country produced the world’s first female prime minister, Sirimavo Bandaranaike, in 1960, and later one of the world’s first female presidents, Chandrika Kumaratunga. These milestones highlight a long-standing capacity for women to lead at the highest levels of public life, even as representation within corporate governance structures has lagged behind.
According to the International Finance Corporation (IFC), women held only 9.5% of board seats in Sri Lanka’s listed companies in 2021. This placed Sri Lanka behind several South Asian peers, including India, where women accounted for approximately 17% of directors, and Bangladesh at 12%. These figures suggest that while progress is underway, there remains significant room for growth before Sri Lanka reaches its full potential in gender-balanced corporate leadership.
Awareness initiatives such as International Women’s Day play an important role in sustaining this momentum. By bringing global attention to gender equality and leadership representation, they provide an opportunity to highlight both the progress made and the work that still lies ahead. As conversations around governance, diversity, and inclusion continue to evolve, Sri Lanka’s corporate sector is gradually moving toward broader representation at the board level.
South Africa has made notable progress in advancing diversity in corporate board leadership, supported by a strong and widely respected corporate governance framework. The country’s governance guidelines, particularly the King IV Report on Corporate Governance, emphasize the importance of board diversity as a key component of effective governance. Companies are encouraged to adopt formal diversity policies and to disclose their progress toward achieving balanced representation at board level.
This governance-driven approach has helped position South Africa ahead of many global markets in terms of female board representation. Currently, women hold approximately 37% of large-cap board seats, placing the country around 10 percentage points above the global average of roughly 27%. The pace of change has also accelerated in recent years; just three years earlier, South Africa’s lead over the global average was about six percentage points.
Advocacy and professional bodies such as the Institute of Directors in South Africa have further reinforced the importance of diversity by promoting governance practices that emphasize inclusive leadership and balanced perspectives. As a result, many South African companies have placed greater focus on building boards that reflect a wider range of professional backgrounds, experiences, and viewpoints.
This focus has contributed to a steady rise in the number of female directors across both listed companies and large private enterprises. South Africa’s experience demonstrates how strong governance frameworks, combined with transparency, accountability, and disclosure, can encourage organizations to actively prioritize diversity in board leadership, as well as fundamentally managing strategic risks.
India has leveraged regulatory reform as a key driver of gender diversity in corporate boardrooms. A landmark initiative under the Securities and Exchange Board of India (SEBI) requires all listed companies to appoint at least one female director, a mandate introduced through the Companies Act (2013) and implemented in 2015. This regulation marked a turning point for the presence of women on corporate boards, compelling companies that previously had no female directors to expand their boards or recruit qualified candidates to ensure compliance.
Despite this progress, gender imbalance persists: research ahead of International Women’s Day shows that women hold only 17% of board seats across India’s private sector and small finance banks. Nevertheless, the regulatory requirement has not only accelerated female representation but also encouraged many companies to go beyond the minimum standard, appointing women as independent directors, committee chairs, and strategic advisors.
India’s large professional workforce, combined with a growing pool of women in finance, law, technology, and entrepreneurship, continues to strengthen the talent pipeline available for board appointments. The country’s experience illustrates how regulatory mandates, when combined with an expanding professional talent pool, can drive structural change and foster more inclusive corporate governance.
While progress in gender representation is often discussed in terms of equality and inclusion, there is also a strong governance argument for diversity in leadership. BoardPAC enables organizations to implement these diversity strategies efficiently, supporting collaboration among directors and improving oversight. Research increasingly suggests that diverse boards benefit from broader perspectives, improved risk oversight, and more balanced decision-making. Directors with different backgrounds and experiences can challenge assumptions, ask new questions, and contribute to more robust discussions around strategy and corporate governance.
In today’s complex global business environment, characterized by technological disruption, regulatory change, and evolving stakeholder expectations, these diverse viewpoints can strengthen an organization’s resilience and long-term performance. Using digital tools also enhances board of directors meetings efficiency and ensures accurate documentation of board decisions.
BoardPAC supports organizations in this transformation by providing secure, streamlined portals that enhance corporate governance and enable directors to participate effectively from anywhere. As organizations continue to modernize their governance practices and embrace digital transformation, the boardrooms of the future are likely to be more inclusive, more diverse, and better equipped to navigate the complexities of the global economy.
International Women’s Day serves as a reminder that progress in leadership representation is not simply about representation itself. It is about building stronger institutions, better governance, and more forward-looking organizations for the years ahead. Incorporating tools like BoardPAC ensures that strategic planning and board responsibilities are executed efficiently and transparently.
