Nearly three-quarters of ASX300 boards are now made up by more than 30 per cent women but broader measures of diversity are stalling, a new index shows.
Released this week, the 2025 Board Diversity Index from Australian Institute of Company Directors, Watermark Search International and Deloitte provides a snapshot of diversity across ASX300 boards, looking at cultural background, First Nations, LGBTQ+, disability and age representation.
The percentage of women on ASX300 boards increased by four per cent in 2025 compared to 2024, the index shows. And there has been a 95 per cent increase in women’s board seats since 2016.
Over the past decade, the number of women on boards has nearly doubled, from 399 seats in 2016 to 781 in 2025.
Cultural diversity on boards has declined slightly over the past year, with Anglo-Celtic people now taking up 91.9 per cent of board positions, compared to 91.2 per cent in 2024. First Nations representation continues to be low, with just five directors holding seven board seats across the ASX300.
The story is similar for LGBTQ+ representation, with only four openly identified directors.
The average age of directors on ASX300 boards has remained at 61. Women tend to be three years younger than their male counterparts.
“While gender representation has improved, real inclusion across other dimensions remains limited,” Managing Partner at Watermark Search International, David Evans, said.
“The opportunity is clear—by embracing diversity, Australian businesses can build stronger, more resilient, and globally competitive organisations. Diversity is about ensuring access to the widest pool of talent, expertise, and perspectives to drive business value.”
Tharani Jegatheeswaran, Partner, National Client Relationships Leader at Deloitte Australia said diverse lived experiences enable boards to challenge assumptions, anticipate change and lead with agility.
“The data tells a clear story – while gender representation is progressing, broader diversity gaps remain,” Jegatheeswaran said.
“This isn’t about ticking boxes; it’s about unlocking the value of different perspectives. In today’s environment, that’s not just beneficial-it’s vital. The boards that embrace this will be better positioned to drive growth and deliver stronger outcomes for the organisations and stakeholders that they serve.”
Managing Director and CEO at the Australian Institute of Company Directors, Mark Rigotti said diversity is fundamental to effective governance.
“When directors bring different life experiences, professional backgrounds, and ways of thinking to the table, organisations are far better positioned to respond to risks, seize opportunities and deliver long-term value.
“It’s important to create a culture around the board table where every voice is heard, respected and considered. That’s where the real value lies – not in meeting targets, but in fostering richer discussion, and better decision-making.”