Parity in Progress: Five Takeaways from the 30% Club Hong Kong Boardroom Annual Event 2025

On June 5, nearly 200 senior business leaders, directors, CEOs, regulators and advocates convened at the 12th Annual 30% Club Hong Kong Boardroom Event, hosted at HKEX Connect Hall, to examine the state of boardroom gender diversity in Hong Kong and the region.

TWF has long advocated for greater board gender diversity because it promotes effective decision-making and higher financial returns as well as enhances corporate governance. It is also an increasingly important factor when investors make their investment decisions.

Centred on the theme “Asia’s Pathway to Parity”, the event explored a critical question for Hong Kong’s business landscape: how can we accelerate gender inclusion at the highest levels of leadership—and why?

Here are five key takeaways from the event and what they mean for the path ahead.

1. From Compliance to Inclusion: One Woman is Not Enough

In December 2024, Hong Kong marked a significant milestone: the end of single-gender boards, following the HKEX Listing Rule changes requiring at least one board director of a different gender. But, as several speakers emphasised, the work is far from done.

With women now holding just 19.9% of directorships on Hang Seng Index (HSI) listed boards, the risk is that companies may believe one female appointment per board is enough.

At the event, many voices called for a shift from “one and done” to intentional inclusion. Two to three qualified women per board would show a commitment to developing an inclusive governance culture and recognition of diversity as a value-driver. Research has found that 30% diversity is the required critical mass for boards to stop thinking about having a “minority” of women and instead think inclusively about the board as a whole, operating together regardless of gender, helping to erode homogeneity and ultimately promoting better governance.

2. Mindsets Shape Momentum. Leadership Sets the Tone

A consistent thread throughout the evening was this: policy sets the stage, but mindset sets the pace.

Under the efforts of former Hang Seng Bank Chair Irene Lee (Chair, Hysan Development; Chair, 30% Club Hong Kong), the bank’s board now boasts over 70% female representation — proving that intentional leadership drives cultural transformation. As she highlighted at the event, while structural measures like HKEX's 'no single gender boards' rule are a helpful foundation for diversity, without shifts in leadership mindsets, gender parity at board level across Hong Kong is not possible.

To accelerate progress, director training, succession planning, and mentorship must work in tandem to create sustainable practices for board gender diversity over the long term.

3. Target 30%: Aim for Parity

Throughout the event, speakers reinforced the importance of goal-setting as a tool for progress. Attendees were encouraged to aim for 30% board representation by 2027 as a near-term goal. Companies and leaders were urged to take action—mentoring first-time female talent, demanding diverse candidate slates, and setting 30% targets—as a step toward parity by 2030.

Goal-setting also matters for IPOs. New listings offer a “clean sheet” opportunity to design board structures that reflect modern leadership. As more companies prepare to list in Hong Kong, now is the time to embed gender diversity from the start.

4. Hong Kong Has the Talent. We Must Elevate It

The event was testament to the fact that Hong Kong is not lacking highly qualified women leaders; it is underutilising them.

Through TWF’s Women to Watch Platform, more than 300 highly qualified female leaders are already visible and being considered for appointments. Programmes such as the Boardroom & C-Suite Leadership Programme are also building a robust, scalable pipeline of board-aspiring women leaders.

Despite this talent pool, many boards still default to traditional male networks. There was strong consensus that search firms, corporate boards, and other actors must collectively dismantle the informal barriers that still limit women’s access to boardrooms and ensure that nomination processes prioritise inclusion, not expedience.

5. DEI Is Under Pressure Globally. But Hong Kong Must Stay the Course

In a world where DEI is facing pushback in some markets, Hong Kong’s leaders have an opportunity to frame diversity not as a trend but as a core driver of business resilience.

From AI and ESG to geopolitical uncertainty, boards are navigating a future that demands adaptability, innovation and bold decision-making. The conversations at the event affirmed that gender-diverse boards are better equipped to meet these challenges and Hong Kong has an opportunity to refine the purpose and value of diversity within a local context.

TWF CEO Fiona Nott concluded the evening with a powerful reminder: “Every conversation, connection, and commitment... has the potential to catalyse meaningful change. Let’s keep pushing forward because 30% is within reach.”

Through advocacy, partnerships and visibility platforms, TWF will continue building momentum toward a future where gender parity is not an aspiration but a shared standard of leadership.

Let’s keep going. Because when boardrooms become gender balanced, the entire business landscape follows.