Women are still yet to account for at least 40 per cent of all board positions across the ASX 200 and ASX 300, and continue to be far outnumbered by men across executive management positions.
But the Australian Institute of Company Directors (AICD) says the latest progress report shows a key milestone has been reached, which highlights how sustained focus on the issue can encourage results.
Women account for 36 per cent of board positions on the ASX 200 and 35.5 per cent across the ASX 300 – as of the end of February 2023, according to AICD’s latest Gender Diversity Report, released today. When only non-executive directors (NEDs) are counted (that is the board directors who don’t hold an executive position within the company), women do break through the 40 mark, accounting for 40.2 per cent of NEDs on the ASX 300.
However, there are six ASX 300 boards that have no women on their boards at all, including three within the ASX 200. The six boards are Core Lithium Limited, Sayonara Mining Limited, Capricorn Metals Limited, 5E Advanced Materials, Argosy Minerals Limited and Incannex Healthcare Limited.
Five of the above six are within the mining and resources sectors, while the sixth is in healthcare, with Incannex being a clinical-stage pharmaceutical company developing proprietary medicinal cannabinoid drugs as well as psychedelic medicine therapies. This company currently has 28 research and development programs, and six clinical trials currently underway. Based in Melbourne, it has five male board members.
While 5E Advanced Minerals does have a group of five male board directors, it appointed Susan Brennan as CEO on March 22, 2023. 5E is listed on the ASX as well as the Nasdaq, and Brennan is based in the US.
Only nine boards on the ASX 200 are more than 50 per cent represented by women. 168 boards across these 200 biggest listed entities continue to be majority represented by men.
Meanwhile, 88.9 per cent of the 341 ASX 300 executive directors – those who hold the position of CEO or other executive management posts – are men.
Nicola Wakefield Evans, Chair of the 30% Club Australia, says the lack of women in the c-suite is an issue for boards. “Boards are responsible for appointing CEOs and ensuring that a company’s policies and procedures support equal opportunities for women to progress up the leadership pipeline,” she said.
“We must continue to work on coordinated and long-term strategies that provide opportunities for women to thrive at all levels.”
Mark Rigotti, CEO of AICD, said that crossing the 40 per cent mark for women at the non-executive level is a significant achievement that highlights what can be done with focus and intent.
“It’s important for us to recognise that the gains of the past decade have come about because of an active focus and effort to achieve parity. We can use this experience to point the way forward,” he said.
“It’s clear what can be achieved with commitment and intent. The challenge is now for boards to refocus their attention so we see similar progress can flow through to executive director appointments.”
AICD’s December 2022 report found that women accounted for almost 45 per cent of new director appointments to ASX 200 boards in 2022, but also that just 10.5 per cent of ASX 200 companies are chaired by women, and just 11 per cent of ASX 300 companies.
See the December 2022 to February 2023 AICD report here.