An analysis by the Australian Council of Superannuation Investors (ACSI) has shown that women now occupy more than 35 per cent of board seats in the ASX 50 and more than one-third (33.4 per cent) of seats in the ASX 200, rising from 18 per cent in 2015.
The ASX 300 on the other hand crossed the 30 per cent threshold in November last year, now sitting at 31.25 per cent.
Yet their representation in the top spots at companies is still only a small proportion, ACSI has reported. The number of ASX 200 women who are chief executives has been around 10 since 2015.
Over that time, the number of women in the role of board chair has risen from 11 to 24, but that only represents one out of every eight companies.
One ASX 200 company still has no female directors – Silver Lake Resources. There are 22 companies in the ASX 200 with one-woman boards.
Around 54 companies in the ASX 200 have 40 per cent or more women directors, with 124 boards in the ASX 300 having above 30 per cent women directors.
ACSI has previously called for listed companies to set a time frame for achieving gender-balanced boards, which it believes can be met with a 40:40:20 mix that allows flexibility for appropriate renewal.
The council adopted a target of 30 per cent female directors in 2015, which was achieved four years later. Members of ACSI had voted their shareholdings in line with the goal.
Louise Davidson, CEO of ACSI, said she had mixed feelings on the findings.
“It is very encouraging to see the number of women directors continuing to increase. But it is disappointing that the number of female chairs and CEOs continues to languish,” Ms Davidson said.
“The benefits of having more women in governance roles are well-established. More diverse boards make for better governed companies which is intrinsically linked to long-term shareholder value.
“In 2021, it is no longer acceptable to have zero women on the board of a large Australian company. For laggards, the time for excuses is well and truly over.”
