Singapore: DBS Bank, CDL make it to Bloomberg's Gender-Equality Index

Female traffic lights to promote gender equality in Australia
A woman walks past a pedestrian traffic light with a female figure during International Women's Day. Reuters

Singapore-listed DBS Bank and City Developments Ltd (CDL) were among the 104 companies recognized for their efforts to create work environments that support gender equality in the 2018 Bloomberg Gender-Equality Index.

Launched on Monday, the reference index measures gender equality across internal company statistics, employee policies, external community support and engagement, and gender-conscious product offerings.

Firms interested in participating in the index - which is not ranked - submitted a social survey created by Bloomberg in partnership with third-party experts Catalyst, Women's World Banking, Working Mother Media, National Women's Law Center, and National Partnership for Women & Families.

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Those included on this year's index scored at or above a global threshold established by Bloomberg to reflect disclosure and the achievement or adoption of best-in-class statistics and policies, the statement said.

In Singapore, women form 60 percent of DBS' overall workforce, and 40 percent of our senior management are women. The lender has established a Board Diversity Policy to promote diversity on its Board of Directors.

"We believe gender, generational and cultural diversity is our source of strength. We believe that when you achieve a critical mass of women across all levels, this will make a difference in an organization's ability to succeed and contributes to our ability to consistently punch above our weight," DBS CEO Piyush Gupta said in a statement on the bank's website.

CDL was the only real estate management and development company named in the index. Women form about 70 percent of CDL's workforce and 40 percent of its department heads.

"By harnessing the diversity of our talent pool represented by different genders, age groups, ethnicities, cultures, geographies, and backgrounds, it has given us a strong strategic advantage when it comes to decision-making and operations," Sherman Kwek, CEO of CDL said in a statement.

This article was first published on January 23, 2018