Russell Reynolds Associates analyzed the changes in the CFO community of SGX100 companies during 2019. We found the following:
9 SGX100 companies announced new group CFOs
56% were promoted internally
77% of these appointments were men
44% external appointments
At the end of 2019, our analysis showed that:
Companies in Singapore have the highest percentage of externally hired CFOs in the region (54%), as compared to Australia (48%), India (32%) and Hong Kong (27%).
SGX100 Hires |
ASX100 Hires |
HKSE100 Hires |
BSE100 Hires |
54% external |
48% external |
27% external |
32% external |
46% internal |
52% internal |
73% internal |
68% internal
|
Singapore also has the highest percentage (38%) of women CFOs in the region among the top 100 companies listed on the Singapore stock exchange. It is significantly higher than the other 3 economies under our study, Australia (19%), Hong Kong (12%), India (9%). This shows the city-state is doing well in terms of diversity and women leaders have been given many opportunities for career progression to the C-suite level.
SGX100 Hires |
ASX100 Hires |
HKSE100 Hires |
BSE100 Hires |
38% female |
19% female |
12% female |
9% female |
62% male |
81% male |
88% male |
91% male
|
CFOs in Singapore have an average tenure of 5.5 years, which is comparable to their peers in India but less than CFOs in Hong Kong (6.4 years) but more than the average in Australia.
SGX100 Hires |
ASX100 Hires |
HKSE100 Hires |
BSE100 Hires |
5.5 years |
4.6 years |
6.4 years |
5.5 years |
Lucas Ni is a Knowledge Associate of Russell Reynolds’ Corporate Officers Practice Knowledge Team. He is based in Singapore.