Malaysia is close to achieving its target of getting women on the boards of all of its top 100 companies its Securities Commission (SC) has announced.

When the Malaysian code on corporate governance (MCCG) was published in April last year the SC said it wanted to have no all-male boards on the top 100 companies by the end of 2018. As at 17 January 2018 there were only seven companies with all-male boards, a 65% improvement from 20 companies as at 31 December 2016, the SC reported.

The seven companies that still need to appoint women to their boards are Affin, Alliance Bank, Batu Kawan, Fraser & Neave, Genting Plantations, Genting Malaysia, and UOA Development. The SC said it and the 30% Club Malaysia had actively engaged with these companies and it understands that some of these firms are taking steps to identify suitable candidates to secure women participation on their boards. Fraser & Neave will be nominating two women candidates to be appointed as board members in their forthcoming annual general meeting.

Under the corporate governance code companies are required to disclose their gender diversity policy, targets and measures. In addition, larger companies are also expected to have at least 30% women directors on their board. As at 31 December 2017, 19.2% of board seats on the top 100 listed companies on Bursa Malaysia were occupied by women; up from 16.6% as at 31 December 2016, SC said.

Promoting gender diversity on the boards of listed companies would remain a priority of the SC it said. This work comes as the Malaysian government declared 2018 as Women Empowerment Year in the country.

Speaking at the annual Invest Malaysia conference recently the country's prime minister, Dato' Sri Mohd Najib, said: "We take this very seriously, as this government has always recognised not only the contributions of women at home and at work but also the role of women in leadership. In 2011 we initiated a national policy for at least 30% percent of decision-making roles to be held by women. We have met this target, both among civil servants and also the top management of listed companies.

"Next, we aim for at least 30% of boards to be made up of women by 2020. Progress is being made. Commendably, 15 of the Top 100 PLCs such as PETRONAS Gas, Sime Darby Property, AMMB, Top Glove and Gamuda, exceed the 30 percent quota. And I hope she won’t mind me pointing out that Malaysia’s largest public listed company – Maybank – has a female chairman. And Prasarana – our biggest public transport service operator – has a female CEO."