For the first time in history, there are no all-male boards at Australia’s top 200 companies (ASX 200), confirmed the Australian Institute of Company Directors (AICD).
When the AICD began its quarterly reporting of women on ASX 200 boards in 2015, there were 28 all-male boards. With the last two all-male mining boards appointing highly qualified women NEDs this month, there are no longer any all-male boards on the ASX 200.
“This is an historical milestone for Australia that should be celebrated. A great shift in the approach to diversity by our largest organisations has occurred in recent years,” stated AICD CEO and Managing Director Angus Armour. “This is testament to the leadership and commitment of ASX chairs and directors, as well as the numerous groups who have pushed for change and ensured that gender diversity remains a priority for organisations. We want to ensure this success is maintained. It is important all chairs to continue to prioritise diversity in the search for directors.”
As the recent Towards Board Gender Parity report by the University of Queensland Business School highlighted, Australia is one of few countries to achieve 30% women on the boards of its top companies without mandated quotas or government intervention.
PUSHING FOR GENDER DIVERSITY
“When the push for gender diversity on the ASX 200 began, there was a view that Australia did not offer the talent pool of qualified women to achieve the targets we set,” commented 30% Club Australia Chair, Nicola Wakefield Evans. “With nearly 500 ASX 200 board positions now held by women, that myth is well and truly busted. The calibre of women on our leading boards is exceedingly high; from those who are well established to emerging directors achieving their first listed role.”
The AICD is working with the 30% Club Australia and other key stakeholders to ensure gender balance on all listed boards; to focus the pipeline of women leaders and this continued trajectory of improvement; and to look at wider diversity on boards. To continue the momentum of gender diversity in Australia, the AICD supports a 40:40:20 model of gender balance. Under this approach, boards aim for at least 40% of director seats to be held by both men and women on a consistent basis; with flexibility over the remaining 20% of seats.
In the US, more than one-quarter of board seats in the Russell 3000 now belong to women, according to a new report from Equilar – increasing to 25.2% from 15% just five years ago; but there’s still a long way to go to reach parity. In the UK, more than a third (34.3%) of FTSE 350 board positions are now held by women, representing a 50% increase over the last five years, according to the latest Hampton-Alexander Review. Click here to read more.
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