The number of female CEOs in the S&P/ASX 300 has decreased from 26 in 2023 to 25 in 2024, according to the Chief Executive Women’s report, released today.
The CEW 2024 Senior Executive Census found that despite heightened awareness and public discourse about gender equality in Australian workplaces, 91 per cent of CEO positions are still held by men.
As for future progress, the data looks grim, with 82 per cent of CEO pipeline roles filled by men, and an increasing number of companies have no women leaders in pipeline roles.
Gender targets, however, have led to some improvement at the level of Executive leadership, with 27 per cent of ASX300 companies having achieved gender-balanced Executive Leadership Teams (+4 per cent since 2023) and the number of companies with no women in their ELTs has decreased to 20.
CEW president Susan Lloyd-Hurwitz said it was the second time in the census’ eight-year history where there has been a decline in female representation at the most senior level, the first time being during the height of COVID-19.
“When it comes to leadership in corporate Australia, we are leaving some of our best talent on the bench. The sector has talked the talk on gender equality for years, but the numbers tell a different story – one of regression, not progression,” Lloyd-Hurwitz said.
“Gender segregation in the workforce is not just a social issue — it’s an economic one. Australia continues to have one of the most highly gender-segregated workforces in the OECD. By halving the gap between male and female workforce participation rates we could add $60 billion to Australia’s annual GDP over the next 20 years.”
“Research, both in Australia and internationally, has found that companies with diverse leadership teams perform better,” she says, adding that CEW advocates for a ‘40:40:20 by 2030’ gender target.
The census shows companies with gender balanced targets were 3.6 times more likely to achieve gender balance in leadership than those without.
CEW is calling on companies to invest in gender balanced CEO and leadership talent pipelines, set gender targets with real accountability, and build inclusive, flexible and respectful workplaces.
McKinsey found nearly half of women leaders consider flexibility a top factor in job mobility and 38 per cent of mothers’ report that without flexible work options, they would need to leave their company or reduce their work hours.
The role of male leaders in fostering talent pipeline changes is also significant. Of the 25 female CEOs in the ASX300, 62 per cent were appointed internally, indicating internal support, development and sponsorship played a role in their success.
“High-potential women who are sponsored, specifically by senior male leaders, are 20 per cent more likely to be promoted, yet they remain half as likely as men to have such sponsors. There is a huge opportunity for men to take real action to foster women in leadership,” Lloyd-Hurwitz said.