SECTION 3: NOMINATION AND APPOINTMENT PROCESS

68 | Nominating Committee Guide (b) Board diversity Provision 2.6 of the Code stipulates that the Board and its Board Committees should comprise directors who, as a group, possess an appropriate balance and diversity of skills, experience, gender and knowledge of the company. They should also possess core competencies such as accounting or finance, investment, risk management, business or management experience, human resource, industry knowledge, strategic planning experience, and customer- based experience or knowledge. Diversity is more than just about skills, gender, experience and knowledge. It has a broader dimension. Company ABC’s Board and NC should consider the following factors in their assessment of Board diversity. • Board is male-dominated Women bring different perspectives to the table, debate and decisions. Different leadership styles across both genders also produce a dynamic combination that benefits the company as a whole. Additionally, companies with gender-diverse Boards tend to encourage and embrace a diverse workplace culture. They are thus able to attract talent and compete more effectively in an increasingly globalised and diverse market. • Youngest director is 55 years old As a matter of course, firms embrace technology in their workplace across different platforms and it is probable that technology impacts business strategy. Younger Board members bring with them different generational perspectives and technological skills that help balance discussion and debate on the Board. • Single ethnic group represented In today’s global marketplace, companies are increasingly interacting with different cultures and clients. To succeed in a global business, companies need to gain a greater perspective about how different cultures operate. A Board that is culturally diverse can help maximise global and domestic opportunities for the company by leveraging on the members’ international connections, cultural competencies, and language skills. They are also able to lend insightful alternatives and engage in constructive debates.