Not one of Hong Kong’s top listed companies has achieved gender parity in the boardroom, with the Asian financial hub so far behind global peers that as many white men sit on the boards of its biggest listed groups as women of all backgrounds.

A Financial Times analysis of directorship data tracked by activist investor David Webb shows that at the end of 2020, just 74 women served as board members at the 52 companies in the Hang Seng index. White men, who account for some 0.5 per cent of the Hong Kong population, also made up 74 of the total. More than one-quarter of companies had all-male boards.

Global funds increasingly prioritise board diversity in investment decisions, and some have started voting against the appointment of all-male boards in the city. But as the Hang Seng prepares to welcome more mainland Chinese companies into its ranks, the balance is likely to tip even further in favour of men.