The operator of the Hong Kong stock market has proposed that listed companies must have more diverse representation on their boards, because the present boards have too few women representatives and are mostly composed of middle-aged men.

Hong Kong Exchanges and Clearing yesterday issued a consultation paper to collect views on a proposal to require listed companies to ensure they have a diverse board composition. Companies not doing so would need to explain why.

It points out that this would be in line with similar requirements in Britain and Australia.