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FEMALE representation across ASX 200 Boards has hit a record high according to the Australian Institute of Company Directors (AICD).
The report, released today, shows that female representation on ASX 200 Boards has hit 26 per cent, a record high.
The report also shows the number of boards with no women has fallen almost 75 per cent from 30 boards in 2015, to 16 this time last year, to now just eight.
The number of boards that has exceeded the 30 per cent gender diversity target has also doubled, from 35 in September 2015 to 70 at the end of November 2017.
AICD Chairman Elizabeth Proust (pictured) says the problem was one of demand, not of supply.
"It is clear that the senior ranks of many of our corporate sector organisations don't reflect our community nor the widespread talent within it," says Proust at the National Press Club today.
"Australia's boardrooms and C-suites are woefully lacking in diversity, not only when it comes to women, but in areas that Australia should do far better in such as cultural diversity as well."
"More than 55 per cent of all university graduates in Australia are women. So why is it that by the time we get to executive ranks that number is reduced to 20 per cent and on the boards of our largest companies it remains at around 26 per cent?"
While gender diversity has hit record highs, the drop in female appointments over 2017 means the AICD's target of achieving 30 per cent female representation across ASX 200 boards by the end of next year may be slipping out of reach.
The monthly appointment rate of women to ASX 200 boards has fallen from a peak of 44 per cent last year to 35 per cent in 2017.
Proust says Australia's top companies can do better.
"The business case for gender diversity on boards and in senior leadership is overwhelming. Diverse boards lead tot better outcomes for shareholders and stakeholders alike," says Proust.
"The AICD will continue to advocate strongly for greater diversity on our boards because diversity is vital to the future of good governance in this country."
The ASX 200 Boards with no female directors at 30 November 2017 are:
- ARB Corporation LTD
- Ardent Leisure Group
- Beach Energy Ltd
- Flight Centre Travel Group Ltd
- Galaxy Resources Ltd
- Reliance Worldwide Corporation
- Speedcast International Ltd
- TPG Telecom Ltd
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