Don’t let (slight) improvements in the number of women on corporate boards in Australia lure you into believing these boards are achieving the diversity needed for improved decision-making.
Rather, progress on women as board directors could be masking what’s missing elsewhere.
Cultural diversity is actually declining across Australia’s top-listed boards, according to the latest Board Diversity Index.
Just 6.5 per cent of ASX 300 directors are from non-Anglo Celtic backgrounds — a figure that’s actually down from nine per cent in 2024 and 8.1 per cent in 2025.
Meanwhile, there are just five directors across the ASX 300 who openly identify as LGBTQ+, and just four directors who identify as First Nations.
No directors across the ASX 300 have disclosed that they live with a disability.
This lack of diversity is rather extraordinary and highlights essential elements missing from the decision-making engine rooms that impact large numbers of staff, customers and stakeholders
The good news is that these boards are less male-dominated than they’ve ever been.
There are now just four all-male boards on the ASX 300, which is still four boards too many, but an indication of progress on gender.
The BDI finds that the typical ASX 300 board has three women, four men, and around seven directors in total. The average age is 61, with 6.5 in seven directors being from Anglo-Celtic backgrounds.
As for chairs, that position is still overwhelmingly dominated by men, with just 2 per cent of such positions being held by women.
At a time of rapid AI adoption, geopolitical uncertainty, and concerns about social cohesion, the lack of diversity raises questions about the breadth of perspectives among boards making informed decisions on consequential issues.
The BDI report is based on research from Watermark Search International, and supported by the Australian Institute of Company Directors (AICD) and Deloitte.
As Deloitte Australia Partner for National Client Relationship and Boardroom Program Leader, Tharani Jegatheeswaran (pictured above) said, diversity is a governance imperative.
“Complex global markets, shifting demographics, and rapid disruption demand more than conventional credentials – they require diverse perspectives and lived experiences at the table. The boards that get this right will be better positioned to navigate disruption and lead into the future.”
AICD Managing Director and CEO Mark Rigotti said that despite the meaningful progress on gender diversity, a broader focus on diversity is needed.
“From the AICD’s perspective, diversity is fundamentally about board effectiveness. A mix of skills, experiences and perspectives supports better decision making and stronger governance – particularly in an environment of rising complexity,” he said.
There are 2057 board seats across the ASX 300, presenting many opportunities for a closer representaiton of what Australia actually looks like to get involved.
We’ve seen what can be done with more focused attention. Progress on gender diversity has been slow but steady, rising from 20 per cent of women on the board of directors in 2016 to 38 per cent in 2026.