Women’s Share as Leaders in Indonesian Digital and Technology-Savvy SOEs

. Technological advancement encourages people to adapt, this is also the case in the business sector including those State-Owned Enterprises (SOEs). One form of adaptation by the Ministry of SOEs to technology is through the addition of a new set of Key Performance Index (KPI) which mainly promotes leadership in technology. In addition to focusing on technology development, the Ministry of SOEs also has set a target to increase gender equality in the workplace. With the existence of these two targets, this paper seeks to examine gender diversity in 7 SOEs clusters deemed as digital and technology savvy companies. In particular, we are interested in answering the question: how do women fare as leaders in Indonesian digital and technology savvy SOEs? The findings suggest that women’s representation in the Financial Services cluster has outperformed other clusters in terms of gender diversity as the proportion of female president director, commissioner and president commissioner is higher than any other clusters. This paper contributes to the conversation on women’s representation in SOEs, particularly in companies known with its commitment with digital and technology adaptation.


Introduction
Studies have found that women face greater obstacles than men when it comes to climbing the corporate ladder.Bilimoria (2006) found that the presence of women on corporate boards of directors (WCBD) has a beneficial impact on women on the company's top management team (TMT): the number of WCBD has a positive relationship with the number of female officers, female officers in line positions, a large number of female officers (more than 25%), women who have higher income, and women who hold the title of 'power'.While others stated that female directors are reluctant to take on a role in fighting for women's interests when in meetings for reasons of fear of being perceived as having feminist interests or as being a sole issue or constituency issue and are discredited because of that.The glass cliff research that has been examined by Ryan andHaslam (2005, 2007) lays out a contemporary twist in the glass ceiling phenomenon, where instead of being systematically blocked on the way to the top of the company, women are appointed to corporate boards or TMTs when companies are in a critical period.More empirical research on glass cliffs is needed to create the antecedents, dynamics and consequences of this phenomenon, and has theorized that institutional conditions are conducive to the increase of women's corporations.
Furthermore, it is completely obvious that even if they reach the top, women are more likely to face scrutiny and criticism than men and to receive less favourable evaluations, even when performing identical leadership roles (Eagly et al. 1992).There are still concerns about women's disadvantage in the workplace and underrepresentation in leadership roles (Adler 2000; Davidson and Burke 2000; Nieva and Gutek 1980).According to the glass cliff theory, women are chosen over men when an institution is in trouble, is in crisis, or is at risk of failure.According to the saviour effect, when women are appointed to the top management level, confidence in their leadership will be unstable.As a result, women's leadership has a short duration compared to men's and is more likely to be replaced by men if their companies experience declining growth under women's leadership.Finally, a prior study on institutional demography indicates that when women are incorporated into decision-making ranks, they are more likely to be promoted to leadership positions and retain those positions for a longer period (Ryan and Haslam 2005).
The rest of this paper is structured as follows.Firstly, this paper will explore previous studies about the journey of women's leadership in technology and digital.Second, this paper will analyse the number of leaders on the board of commissioners and directors in SOEs using the dataset created by the authors.Third, this paper will examine the development of the Ministry of SOE in achieving women's leadership and increasing gender diversity in all BUMN companies.After analysing and examining all SOEs news on technology and digital developments and women's leadership in SOEs, we will conclude and show how women fare in 7 SOE clusters that have adapted to the digital and technology.

Objectives
This paper aims to examine gender diversity in 7 SOE clusters deemed as digital and technology savvy companies.It seeks to answer the following question: how do women fare as leaders in Indonesian digital and technology-savvy SOEs?This paper contributes to the conversation on women's representation in SOEs, particularly in companies known with its commitment with digital and technology adaptation.

2.
Literature Review However, not all industries with a higher percentage of women's representation in the role of corporate officers also have a higher proportion of women as directors.
Only Transportation and Healthcare has a greater-thanaverage female representation of corporate executives and female boards of directors.This suggests that gender inequalities in the workplace and top management do not fully reflect the underrepresentation of women on the board (Joy 2008).Singh (2008) examined only seven (14%) of Jordan's top 50 publicly traded companies that have female directors on their corporate boards.Arab International for Education and Investment distinguishes itself by appointing three female directors (23%), two of whom are daughters of the companies' owners.While the average board size of Jordan's top 50 companies is just under ten members, the boards of companies with female directors average ten members and range from seven to thirteen.As a result, there is no evidence that women have been appointed as additional directors.The correlations are similar, though smaller, to findings in other countries such as the UK (Singh and Vinnicombe 2006).The size of a company's workforce is an indication of the range of jobs available to women and men.While the average workforce of the top 50 companies is 870, it is higher (1,118) for companies with female directors and only 826 for those with allmale boards.Women became directors in only two sectors: Banking and Services, and Service Sector companies were mostly involved in investment.Women comprise 3 percent of directors in the Banking industry and 4 percent of the 148 seats in the Services sector.Women do not occupy positions of authority in industry or other sectors.In 2006, a quarter of the leading banks and a third of the service sector companies in the Fortune 500 had a woman on their board of directors.
Whereas in Tunisia, women hold 17 executive director positions in the top 30 companies, representing 10 percent of the total 167 executive director positions in the top 30 companies.This may suggest that women will have limited opportunities in the near future unless the board's opportunity size is expanded to accommodate more women as they gain experience and qualified competence for the director position.However, the size of the board is regulated by the law.With only four businesses having women on their boards, it appears that women face greater barriers to non-executive roles.Almost all female directors start a career in banking or assurance.Banking encompasses all other industries, and under the system of representation of Tunisian banks on boards of commissioners, there may be prospects for current executive directors to switch to board members in the future.
The Tunisian experience is particularly interesting as they show significant progress in the role of women executives.When looking at previous business statistics, Tunisia (13%) and Jordan (14%) both have the same percentage of top companies with non-executive directors.Yet, 37 percent of Tunisia's top companies have female executive directors, compared to only 2 percent of Jordan's top companies, and only 13 percent of FTSE 100 companies in 2006, despite the fact that 77 percent of FTSE 100 companies have at least one female director (mainly non-executive director).The most interesting finding of Singh's chapter (2008) is that compared to Jordan, where women occupy 4 percent of executive positions, 17 Tunisian women executives hold 10 percent of the available executive director positions in a number of sectors.The European Union database (European Commission 2006) on the presence of women on the boards of the top 50 corporate directors (executive and non-executive directors combined) indicates that the proportion of female directors in Jordan (2%) is similar to that in Italy and Malta.
Studies in western countries suggest that women are lacking in the Information and Communication Technology (ICT) industry and the number of women taking ICT courses at the university level continues to decline.Barbara et al. (2017) conclude that most women in New Zealand do not actively seek to be employed in ICT, their entrance to the industry is rather serendipitous.Furthermore, the statistics from New Zealand (2001) show that the participation rate of women is still low in this industry and usually women are working in data entry positions.Crump and Logan (2000) conducted a study in the Wellington area and found that women are reluctant to work in the ICT industry because of the attributes of a computing culture that has intense competition, high pressure, and industry stereotypes that are considered aggressive, and long working hours.The majority of older women started their IT careers on mainframes and saw fewer women working in the industry once personal computers and local area networks became commonplace.In the last 30 years, many reasons have been found for the low level of representation of women in computing.This includes sex-role conditioning and the stereotype that computing is dominated by 'nerds' and 'geeks'.
Over the past few decades, feminist scholarship in the field of Science and Technology Studies (STS) has highlighted the relationship between gender and technology.A recurring theme in this tradition is the concept that technological innovation is shaped by the social context in which it occurs.In particular, the assumption that technology is merely the result of logical technical necessity has been displaced.In terms of gender and Information and Communication Technology (ICTs), STS feminist studies have examined the implications of gender power relations on design and innovation, as well as gender responses to technological developments.Significantly, this gender and technology co-production process does not end in the innovation and design phase.Feminist research has been at the forefront of efforts to deconstruct the divide between designer/user and production/consumption, emphasizing the interconnectedness of all stages of technological development (Cockburn and Ormrod 1993).
At the professional level, gender disparities become increasingly pronounced, a phenomenon that is evident in both academia and industry (Tower and Dilks 2015).STEM women make less progress and are more inclined to leave their positions than their male colleagues (Valian 1999).Overall, the higher the rank in STEM, the less probable it is that a woman will occupy it, resulting in women being disproportionately underrepresented in leadership roles.Similarly, Amon (2017) argues women's underrepresentation in science, technology, engineering, and mathematics (STEM) research frequently focuses on top-down issues affecting recruitment, retention, and promotion.These top-down influences frequently disregard women's distinct perspectives and strategies.Women are self-advocates for their professional advancement, with their own nuanced perceptions and bottom-up techniques in the workplace.Given that job experiences affect personal narratives, common motifs are expected to emerge throughout the experiences of STEM women.
Concerned about the underrepresentation of women in science, a number of efforts have been made to assist and encourage women to advance to leadership roles.Athena SWAN (Scientific Women's Academic Network) Charter is one of the initiatives implemented in 2005 (Athens SWAN 2011).This charter was developed to advance women's careers in science, technology, engineering, mathematics, and medicine (STEMM).Athena SWAN awards bronze, silver or gold awards at various UK universities in recognition of their efforts to promote gender equality within their institutions or departments.Given the underrepresentation of women in science, it is unfortunate that there is limited literature examining the reasons for this gender inequality (Ecklund et al. 2012).While barriers to women's leadership in academia have been widely reported, women's leadership in science, engineering, and technology (SET) remains inadequate.As a result, society is still not aware of women's leadership in the SET field.
Fortune Global 500 in 2022 reports that only 14 out of 500 companies listed are led by female CEOs making the percentage to less than 3 percent.One of these female CEOs runs Oracle Corporation, an American multinational computer technology corporation headquartered in Austin, Texas.In 2020, Oracle was the second-largest software company in the world by revenue and market capitalization.Another notable female CEO is Emma Walmsley who became CEO of GlaxoSmithKline in April of 2017, making her the first woman to run a major pharmaceutical company.Also Gail Boudreaux who is the CEO of Anthem, one of the largest healthcare companies in the world.

Methods
This paper utilizes a quantitative approach by building on a data set entitled "CEOs of SOEs".In the data set, we created 2 sections: (1) distribution of all commissioners and directors in Indonesian SOEs, and (2) female directors and commissioners' background, namely educational attainment and professional experiences.The data provides substantial insights on gender diversity, particularly in Indonesian digital and technology-savvy SOEs.

Data Collection
The following section details the data collection process that occurred between November 2021 and December 2021.Firstly, we compile a list of all SOEs registered on the official website (Badan Usaha Milik Negara/BUMN): https://bumn.go.id/ as of December 10, 2021.According to data on the official website of Indonesian SOEs, there are currently 113 SOEs that are still active.Each company has its own official website and they are distributed into 12 industrial clusters classified by area of business (https://bumn.go.id/portfolio/cluster).
Secondly, the authors identify the industrial clusters of SOEs that are actively increasing digitalization and technology.We found 7 clusters of SOEs that have already maximized the digital and technological aspects in their respective business: Minerals & Coal Industry, Health Industry, Manufacturing Industry, Energy, Oil & Gas Industry, Financial Services, Telecommunication & Media Services, and Infrastructure Services.Thirdly, we compiled a list of all active commissioners and directors by gender and companies.We further examine the company's profile in the management section, which contains parts on the board of directors and commissioners.However, there are still several official SOEs websites that do not have complete data, as a result, the authors peruse the most recent news.After the data collecting is completed, finally the authors can proceed to the data processing step.The authors classified 6 components of the data set which include name, gender, companies, sector, professional experience, and educational background.To complete the data set, we gathered all relevant information from the official website of each company, online news articles, and LinkedIn.

Results and Discussion
The Information and Communications Technology (ICT) sector has grown at a rapid speed.This technological sector is extremely active and demonstrates the immense potential for innovation and for bringing about significant changes in society in the short term.Historically, the ICT sector has required a considerable number of graduates with degrees in science, technology, engineering, and mathematics (STEM), and its employees are typically well valued.In this tough situation, one could expect the industry to make the best use of available knowledge, brainpower, and creativity.However, it fails to do so, as numerous studies reveal that the industry is male-dominated at all levels of professional development (ISACA 2017; Lamolla and Ramos 2018) having women more likely to work part-time, take a professional hiatus, or even resign (Lamolla and Ramos 2018).Currently, women hold 21 percent of senior executive roles in the IT sector (ISACA 2017), while they occupy only 13 percent of the highest positions in the engineering field (European Commision 2015).Almost 88 percent of all ICT patents have been registered by all-male teams.Another persistent issue is the gender pay gap in which women earn between 18 and 22 percent less than men (Ashcraft et al. 2016).This phenomenon is reflected in academia and scientific research and development institutions, where women are underrepresented in senior leadership roles.For example, in the European Union's 28 member countries, women make up only 28 percent of scientific and administrative boards, while women made up just 20 percent of higher education institution directors in 2014.In terms of working conditions, 13 percent of women in the research worked part-time, compared to 8.5 percent of men.Women account for 33 percent of researchers in the European Union, with a greater gender disparity (less than 40 percent) in engineering and technology and natural sciences (European Commision 2015).
According to BUMN INFO (2020), The Ministry of SOEs continues to improve all SOE companies in improving quality, both in terms of operations and product output.As the Minister of SOEs, Erick Thohir issued a special regulation for SOE directors which was ratified on November 12, 2020, and promulgated on November 23, 2020.Minister of SOE Regulation Number PER-11/MBU/11/2020 concerning Management Contracts and Annual Management Contracts for Directors of SOE stipulates that each candidate member of the board of directors who has been declared to have passed the fit and proper test is required to sign a management contract before the appointment is determined.This also applies to directors who will be reappointed and directors who have been transferred.This contract is not only carried out at the beginning of office but will also be carried out annually by each director.
The Ministry of SOEs also emphasized the fulfilment of the Key Performance Index (KPI) and applying the principles of Good Corporate Governance (GCG).There are 2 types of KPIs specified in the contract, namely: KPIs for all directors and individual KPIs.Its stipulation must obtain approval from the company's commissioner.The preparation of this KPI is based on the perspective of 5 strategic priorities as stated in the Strategic Plan of the Ministry of SOEs for the 2020-2024 period, namely: Economic and social value for Indonesia Business model innovation Technology leadership Increased investment Talent development Through technology leadership, Erick Thohir hopes that Indonesian SOEs will be able to lead the strategic technology sector and institutionalize digital capabilities globally such as data management, advanced management, big data, artificial intelligence (AI), and others.Along with improving technology leadership, he also targeted female SOE directors to reach 15% in 2021 and 25% in 2023.This is part of the transformation of SOE human resources to achieve leadership equality (BUMN 2021).
In this paper, we examine 7 clusters of SOEs that are advanced, innovative, and mature in technology and digital fields.The sectors are the Minerals & Coal Industry which has 4 companies, Health Industry has 4 companies, Manufacturing Industry has 14 companies, Energy, Oil, & Gas Industry has 4 companies, Financial Services has 10 companies, Telecommunication & Media Services has 8 companies.The SOEs that are included in the category mature and advanced in technology are those in the Telecommunication & Media Services.For example, PT Telkom Indonesia (Persero) Tbk, a national telecommunications company that is currently considered the largest SOE in terms of infrastructure.Telkom continues to increase the potential of digital business and will invest in companies that already have advanced big data technology.Telkom Group has stated that one of the biggest benefits of Telkom's investment in digital companies is that it can acquire customer base companies.One of the efforts that have been made is to invest in Gojek, which is one of the largest customer base companies in Indonesia.In 2020, Telkomsel invested USD 150 million or around IDR 2.1 trillion to Gojek which will collaborate in strengthening its digital services, encouraging innovation and new products, and increasing convenience for users and micro, small and medium enterprises (BUMN INFO 2020).
On the other hand, the Financial Services cluster which innovates and develops technology to adapt with the industrial era 4.0 which deals directly with customers, makes them closer to their targeted market by utilizing digital platforms.All banks in this cluster, namely PT Bank Rakyat Indonesia (Persero) Tbk, PT Bank Mandiri (Persero) Tbk, PT Bank Negara Indonesia (Persero) Tbk, and PT Bank Tabungan Negara (Persero) Tbk have their own digital products.Bank Mandiri has entered the market by introducing the Neobank, which is a digital bank that is fully operational online or digitally without a traditional physical branch network that represents a financial technology (fintech) based financial service provider.Bank Mandiri has Mandiri Online products and services in the form of fintech but with a banking business entity.Now, 96 percent of Bank Mandiri's customers use e-channels and only 4 percent make banking transactions through branch offices.Changes in business models by utilizing technological advances will continue to be improved by a number of SOEs with the aim of being able to adapt in the increasingly dynamic industrial 4.0 era (BUMN INFO 2020).
Meanwhile, in the Health Industry and Infrastructure Services cluster, the companies continue to create innovations during the pandemic times.The Ministry of SOEs collaborates with the Japanese government and its businesses in the health sector with a focus on new technology, capacity building for health workers, and Japan's participation in the special health economic zone.Other sectors involved are cooperation opportunities for the construction of millennial housing, the development of the EV Battery industry, and financing for national infrastructure projects.Erick Thohir saw the PCR test technology made by Kawasaki Heavy Industries for rapid testing and tracking of COVID-19 patients using robotic technology.In the infrastructure sector, the Ministry of SOEs held several meetings with a number of financial institutions in Japan to discuss various potential Japanese direct investments in SOEs in infrastructure development, such as the construction of toll roads, ports, and airports (BUMN, 2020).In addition to digital technology, there are innovations from the manufacturing industry, PT.Dirgantara Indonesia (Persero) which is engaged in aerospace or aviation.Currently, it has been intensively making new aircraft of the NC 212i type under a cooperation agreement with Airbus Defense & Space, Spain.This has proven that several SOEs have adapted to the technologies that are urgently needed by the current global market (BUMN INFO 2020).
Furthermore, PT Pertamina (Persero) as one of the largest companies in the Energy, Oil, & Gas Industry sector has a commitment in reducing greenhouse gas emissions.To implement this commitment, Pertamina has succeeded in cooperating with Mitsui & Co., Ltd. through a Joint Study Agreement to examine the commercialization of the application of Carbon Capture, Utilization, and Storage (CCUS) technology in Sumatra.This collaboration aims to conduct a feasibility study on the application of CCUS technology in Central Sumatra and expand a long-term strategic partnership in the development of decarbonization to achieve the energy transition target.In order to obtain a more comprehensive study result, Pertamina and Mitsui will conduct research on the technology for capturing, purifying, and storing CO2 according to capacity and subsurface formation so as to obtain technology optimization (Pertamina 2022).Still, in the same industry, PLN Group took the initiative to support "Decarbonization toward a Green Economy".Cited from PLN (2021) that Erick Thohir welcomed the cooperation between PT Energy Management Indonesia (EMI) and PT PLN (Persero) as a subsidiary of PLN which is a renewable energy transformation.This goal is to accelerate the green economy in achieving social welfare and equality, thereby reducing the risk of environmental damage significantly.
In line with PT Pertamina and PT PLN, MIND ID as a BUMN Holding Mining Industry consisting of PT Aneka Tambang Tbk, PT Bukit Asam Tbk, PT Freeport Indonesia, PT Inalum (Persero), and PT Timah (Tbk) has implemented a target of reducing emissions of 1 percent by 2022.This commitment aims to present the efforts of SOEs in reducing emissions from the energy sector and Industrial Process and Product Uses (IPPU) by 15.8 percent in 2030 while supporting the Indonesian Government's net-zero aspirations in 2060 (MIND ID 2022).After discussing the technology and digital scope of the seven SOEs sectors, we have obtained a calculation of the percentage of female leadership distribution working in the seven sectors.Starting from the Board of Directors, which has the task of executing and managing the mission of the company in accordance with the goals and policies that have been made.

Women as Directors
The total number of directors in 7 SOEs clusters observed in this study is 258 (220 men and 38 women), and the number of president directors is 66 (64 men and 2 women).The following section explores the distribution among clusters from both vertically and horizontally.By vertical, we refer to the proportion of number of directors divided by the total number of directors in total across clusters.Meanwhile, we calculate the percentage horizontally as we use the number of directors from each cluster and divided by the sum of seats in each cluster alone.
Table 1 displays the percentage of distribution of males and females by sector vertically.In the director section, if sorted from the highest to the lowest number of female representations, Financial Services has 10 women directors (2.28%) and 59 men directors (13.47%);Health Industry has 4 women directors (0.91%) and 9 men directors (2.05%); Telecommunication & Media Services has 4 female directors (0.91%) and 24 men directors (5.48%); Manufacturing Industry has 4 women directors (0.91%) and 38 men directors (8.68%); Minerals & Coal Industry has 3 women directors (0.68%) and 15 men directors (3.42%); Energy, Oil, & Gas Industry has 2 female directors (0.46%) and 19 male directors (4.34%); lastly the Infrastructure Services has 11 women directors (0.28%) and 56 men directors (12.79%).Meanwhile, when compared to the board of president director section, only Energy, Oil, & Gas and Financial Services have the greatest female representation of the average board of directors of other companies.
Table 2 displays the percentage among industry clusters on the board of directors where the SOEs cluster is divided into two, the Industry sector and the Services sector.In the industrial sector, the Health and Manufacturing sectors have the highest percentage of women directors (2.84%).Meanwhile, in the Services sector, the highest women's representation is the Infrastructure sector with 11 women directors or about 3.7 percent, followed by the Financial sector which has 10 women directors (3.37%).Women's share as the President Director is very low with only the Energy, Oil & Gas sector and the Financial sector that have one female leader each.
Table 3 displays the distribution of male and female leaders by sector horizontally.On the board of directors, if sorted from the highest number of female representations to the lowest, the Health industry has the most number of female directors, whilst the Manufacturing and Energy, Oil & Gas with the least number of female directors.The disparity between sectors is very significant, in this case a third of Health Industry, suggesting that some sectors remain male dominated domains and leaving very limited space for women to be involved.Nonetheless, it is worth to note that the Energy, Oil & Gas sector has appointed a quarter of president director seats to women, whilst most sectors have not appointed any female leader in this prestigious position.The only exception is in the Financial Services in which 10 percent of president directors are female.

Women as Commissioners
The total number of commissioners in 7 SOEs clusters observed in this study is 249 (219 men and 30 women), and the number of president commissioners is 65 (63 men and 2 women).Following the previous section, we calculated the distribution of women as leaders from both vertically and horizontally.By vertical, we refer to the proportion of number of commissioners divided by the total number of commissioners in total across clusters.Meanwhile, we calculate the percentage horizontally as we use the number of commissioners from each cluster and divided by the sum of seats in each cluster.
Table 4 shows the vertical distribution of males and females on the Board of Commissioners by industrial cluster.In the commissioner section, if sorted from the highest to the lowest number of female representations, Financial services has the highest women's contribution with 9 seats for women commissioners.Second to that is the Manufacturing Industry which has 4 women commissioners.Contrastingly, women's representation in the board of commissioners is absent in the Minerals & Coal Industry, suggesting that the sector is very much dominated by male leaders.Similar to the board of commissioners, female president commissioners are identified in the Financial Services and Infrastructure Services.This begs a question as to why only few women are appointed to oversee SOEs examined in this study.What hinders women from participating in leadership positions in Indonesian SOEs?
Table 5 shows gender diversity in the board of commissioners by industrial cluster.In the commissioner section, from the highest to the lowest number of female representations, Financial services has 9 women commissioners, followed by the Manufacturing industry which has 4 women commissioners, the Infrastructure services has 6 women commissioners, and the Telecommunication & Media services has 3 women commissioners.Based on the analysis of the distribution of female leaders among industry clusters, in the Board of Directors section (see Table 3), we assert that one-third of all directors in the Health Industry SOEs are women.This percentage is the highest among any other clusters observed.We would argue that the cluster is more susceptible to gender diversity and female leadership.One possible explanation as to why women's presence is rather significant in this cluster is because they have a strongly relevant professional background to support their performance as directors.To mention a few, female directors in the Health Industry SOEs are: (1) a former banker who turned to be working as the director of finance and risk management, (2) a former director of Asia-Pacific Regulatory Affairs for the Protector and Gamble (P&G) who turned to be managing the Portfolio and Business Development, and (3) former director of marketing, research and development who turned to be working as the director of public affairs.
On the contrary, women's representation as directors in the Manufacturing and Energy, Oil & Gas companies are very low, with less than 10 percent of women being assigned as directors.However, it is important to note that despite having a limited proportion of female directors, one out of four companies in the Energy, Oil & Gas cluster is led by a woman.The Financial Services cluster has 10 companies and one of them is led by a female president director.These findings suggest that women may not have strong representation as directors, but they can still be significantly found running the company as the top boss.For example, Nicke Widyawati of PT Pertamina (Persero) has been appointed as the president director since 2018.In 2013, the company was included in the Fortune Global 500 list of companies and ranked at 122 with revenues of USD 71 billion.In the 2020 Fortune list, Pertamina is the largest company in Indonesia.According to the 2020 Fortune list, Pertamina is the only Indonesian company listed and it has USD 2.5 million in profit with more than 31,000 employees (Fortune 2020).Formerly, Widyawati was the Director of Human Resources in Pertamina and later appointed as acting president director.Female leadership in Pertamina is set to have a breakthrough when Karen Agustiawan was appointed as a president director in 2009 (Jakarta Post 2009).In 2011, Forbes listed Agustiawan in Asia's 50 Power Businesswomen.She served the post until her resignation in 2014.Another female president director in this cluster is Dwina Septiani Wijaya of state-owned securities paper and banknote printing company PT Percetakan Uang Republik Indonesia (Peruri).She has a long record in a state-owned insurance company PT Bahana which works in promoting small and micro enterprises (SMEs).
On the Board of Commissioners, the highest proportion of female commissioners are found in the Financial Services and Telecommunication & Media Services with 17 and 11 percent respectively (see Table 6).On the other hand, the Minerals and Coal Industry continues to be a male dominated field with all commissioners being men.Reflecting on the Board of Commissioners, women can only be found as president commissioners of the Financial (10%) and Infrastructure Services (4.55%).The data suggest that the Financial Services cluster has outperformed other clusters in terms of gender diversity as the proportion of female president director, commissioner and president commissioner is higher than any other clusters.This finding suggests that as a cluster that is considered to be digital and technology savvy, Financial Services companies offer a promising future for female leadership.It is also fair to assert that women should be more actively participating in this sector which will allow women to climb the ladder and contribute to the success of the companies.Another notable findings from here is that despite the traditional perception on how masculine the infrastructure industry is, the experience from Indonesian SOEs indicates that women are more than capable of leading the companies as director and president commissioner.The evidence also points out that women's involvement in the Health Industry will continue to be a promising avenue as nearly one-third of directors in these companies are women.
Gender diversity in digital and technology savvy SOE companies requires more strategic and comprehensive solutions.Yet, the target set by the Minister of SOEs would be an excellent starting point in which women are expected to be found in at least a quarter of the Board of Directors and Commissioners by 2025.The target will guide Indonesian SOEs in promoting gender diversity in the workplace which will eventually allow a more equal participation between men and women.The 7 clusters with focus on the digital and technology sectors will also serve as a benchmark for other clusters to follow.Hence it is important to appoint more women as directors, president directors, commissioners, and president commissioners.

Conclusion
Technology is advancing rapidly without being predictable, so many companies are trying to advance technology in various industries so that they can adapt to the industrial era 4.0.One way the Ministry of SOEs can adapt is by increasing technological leadership so all leaders in SOEs can use technological advances.In addition to advancing technological leadership, the Ministry of SOEs also has a target of increasing gender diversity to 25% in the workplace through opportunities for female leadership.In this case, it can be an opportunity for women to become leaders in the field of technology and digital which is well known for its maledominated fields.In this research, we demonstrated that women's leadership on the board of directors and commissioners is still very low.We also found that women directors in the industrial sector are higher than in the service sector.The total of all women directors in the industrial sector reached 9.23% and the position of president director reached 2.6%.While in the service sector, women directors only reached 4.2% and president directors only reached 1.4%.Yet, on the board of commissioners, the service sector is higher than the industrial sector where the total in the service sector, women as commissioners can reach 7% and president commissioners by 2

Table 1 .
Distribution of Male and Female in Board of Directors by Sector (in percentage)

Table 2 .
Among Industry Clusters on Board of Directors (in percentage)

Table 3 .
Distribution of Male and Female Leaders by Sector (in percentage)

Table 4 .
Distribution of Male and Female in Board of Commissioners by Industrial Cluster (in percentage)

Table 5 .
Board of Commissioners by Industrial Cluster (in percentage)

Table 6 .
Distribution of Male and Female Leaders in Board of Commissioners by Sector (in percentage) (Prihatini 2019;2021trial sector is only 4.2% and 0%.More research is needed to explore the obstacles for women in climbing the corporate ladder in Indonesian SOEs.And on whether different clusters of industries and services show different patterns.Gender parity in the business sector reflecting what is also taking place in the political realm, such as national parliament(Prihatini 2019;2021).Women's share in parliament continues to be lacking despite extensive advocacy by NGOs, both local and international (Prihatini 2019).Likewise, the advancement of technology does not always increase the use of social media for political purposes among female politicians (Prihatini 2020), indicating the lack of interest to benefitting from what technology and internet 4.0 have to offer.