New South Wales Treasurer Matt Kean has introduced gender diversity targets for the boards of state-owned corporations and public financial corporations in the state. Kean is the shareholding minister for these corporations.
The target, first reported by Nine newspapers, is for 40 per cent of board positions at each state-owned corporation and public financial corporation to be held by women. When combined, the target is for 50 per cent of positions across the corporations to be held by women.
The NSW government is looking to achieve the targets at state-owned corporation boards by the end of the year, and soon after that for public financial corporations.
State-owned corporations in NSW include Transport Asset Holding Entity of NSW (TAHE), Essential Energy, Forestry Corporation of NSW, Hunter Water, Port Authority of NSW, Sydney Water, Landcom, and Water NSW. There are two public financial corporations in NSW: icare and NSW Treasury Corporation (Tcorp).
The announcement from Kean comes after he recently called out several publicly listed companies for the lack of female representation on their boards.
Earlier this year, Kean announced the formation of a landmark women’s review and expert panel, designed to examine how economic opportunities can be improved for women in NSW. Headed by Chief Executive Women president Sam Mostyn, the expert panel also includes names like CEO of the Muslim Women Association Maha Abdo OAM, and educator Daisy Turnbull.
Last month, Kean put pressure on the federal government to deliver more affordable early childhood education and care, saying the NSW state government would step in to address the sector if the Morrison government did not.
“Universal, affordable and accessible childcare is no silver bullet but it is a necessary step if we are to address the structural barriers that women face right across our country,” Kean said at the time.
“Canberra should lead, but if Canberra does not, this is too important an issue to leave to the policy graveyard of state-federal relations.”
The NSW budget is expected to be delivered in June.
Last week, NSW Labor was quick to point out that women currently comprise 37 per cent of positions on NSW government boards that come under Kean’s own Treasury portfolio.