Key findings of the study include gender diversity and business sustainability
The Philippine Business Coalition for Women Empowerment (PBCWE) today unveiled the findings of the “Census on Women in Leadership Roles in Philippine Publicly Listed Companies” at the Securities and Exchange Commission (SEC) Headquarters. This detailed study, carried out in collaboration with WR Numero Research (WRN) and supported by Investing in Women and the Philippine Securities and Exchange Commission, underscores the vital role of gender diversity in the corporate leadership landscape of the Philippines.
The Census is a key component of PBCWE’s ongoing efforts to advocate for gender equality, diversity, and women’s economic empowerment (WEE). The study provides compelling evidence that greater representation of women in leadership roles correlates with enhanced business performance and sustainability among Philippine Publicly Listed Companies (PLCs).
Key Findings of the Study:
• Glass Ceilings Cracking: The number of women in executive leadership teams (ELTs) has shown a marked increase from 2020 to 2022. Women now comprise 40% of ELTs in Philippine PLCs, with the number of female CEOs also seeing a gradual rise.
• Functional Roles Still Dominate: While there has been progress, many women in ELTs continue to occupy functional or support roles. However, the data indicates an improvement in the representation of women in line or operational roles, which are critical for career advancement to top leadership positions.
• Board Representation Rising: The percentage of women on boards of directors has continued to grow, reaching 21% in 2022, although female CEOs remain underrepresented at just 13%.
• Need for Concrete Gender Targets: Despite some progress, only 2% of large firms and none of the small and medium-sized firms have set specific gender diversity targets.
• Most PLCs have broad diversity policies; however, these need to be complemented by concrete targets in order to be measured and ultimately achieved.
Policy Implications
The release of the Census is timely as the SEC updates its guidelines to shift from a “comply-or-explain” model to a mandatory reporting system for sustainability and gender data. The SEC’s current reporting framework, which follows the Global Reporting Initiative (GRI) standards, requires disclosure of gender-related information across various categories, including employee data, benefits, and diversity.
This move aims to integrate gender reporting into the business culture of Philippine Publicly Listed Companies (PLCs), making it a fundamental component of their sustainability strategies. The Census underscores the importance of including gender data in sustainability reporting, advocating for fair and equitable gender representation and recruitment practices.
Today’s launch event provides an opportunity for PBCWE and its partners to highlight regional best practices in advancing women into leadership roles across Southeast Asia through data-driven approaches. Philippine Women’s Economic Network (PhilWEN) Founding Chairperson and President, and PBCWE Governing Council Chairperson Ma.
Aurora “Boots” Geotina-Garcia conveyed her excitement about the study, stating, “The Census on Women in Leadership Roles in Philippine Publicly Listed Companies is more than just a report; it’s a call to action for the Philippine business community to embrace gender equality as a catalyst for sustainable growth. This study serves as a crucial resource for organizations dedicated to advancing gender equality in the workplace.”
The event brought together key stakeholders, including representatives from PBCWE member companies, partners, government agencies, and multilateral organizations. Following the presentation of the results, a panel discussion delved into the challenges and opportunities related to gender diversity in leadership roles within major Philippine companies. Panelists addressed strategies for overcoming obstacles, such as ‘glass walls,’ and shared insights on creating inclusive leadership teams. The session concluded with a discussion on the socio-economic implications of the Census findings, with panelists offering their views on promoting gender equality within their industries and beyond.
