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The ASX 200 has finally achieved having the number of women on its boards reach 30 per cent for the first time, the Australian Institute of Company Directors has revealed.
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ASX 200 achieves 30% female director target
19 December 2019
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After a four-year campaign to increase gender diversity on Australian boards, the AICD has announced that the 30 per cent target has been reached.
In April 2015, when women made up 20 per cent of ASX 200 boards, the AICD set a voluntary target for 30 per cent of board seats to be filled by women by the end of 2018.
“While the target was reached later than planned, this is a great achievement. We should celebrate the progress that has been made, which is evidence that meaningful change can be achieved through voluntary targets,” said AICD chief executive and managing director Angus Armour.
“It is clear that Australia’s largest companies see the value of board diversity; a diverse mix of views and perspectives around the table increases board performance and reduces the risk of groupthink.
“We should recognise the commitment of community and business leaders to achieve this milestone and applaud Australia’s top 100 listed companies for leading the way and surpassing 30 per cent.”
There are still seven companies in the ASX 200 with no women on their boards, including TPG Telecom Limited, HUB24 Limited (Ruth Stringer will join the HUB24 board in February 2020), NRW Holdings Limited, Pro Medicus Limited, New Hope Corporation Limited, Silver Lake Resources Limited and Speedcast International Limited.
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As at 30 November, the ASX 100 companies had 31.8 per cent women board members, the ASX 50 at 33 per cent, and the ASX 20 at 35.2 per cent. The ASX All Ordinaries had just 24 per cent.
“The challenge now is to stay focused and maintain momentum. Smaller listed companies need to demonstrate they are also committed to the benefits of gender diversity,” Mr Armour said.
30% Club Australia chair Nicola Wakefield Evans said the next goal was to continue applying pressure on boards who were not addressing gender diversity.
“While this is significant step in our journey, it’s important to remember that 30 per cent is the floor, not the ceiling. So, while we applaud the ongoing hard work of each board that is addressing gender diversity, we will ensure there is continued pressure on those who don’t, to continue increasing the number of female directors,” Ms Wakefield Evans said.
“This target could not have been achieved without the considerable efforts of senior chairs, directors, executive search firms, fund managers, investors and other advocates who have led from the front on this issue.”
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