Releasing their 2013 Boardroom Diversity Index, Women on Boards Directors Ruth Medd and Claire Braund, said the lack of movement in all but Government and ASX boards demonstrated clearly that ‘hope is a not a business strategy’ to improve gender balance on boards.
The index reported the number of women on the boards of 850 organisations across eight sectors (Government, ASX200, Cooperative Research Centres, Mutuals, Health Funds, National Sporting Organisations, Research & Development Corporations and Superannuation Trustees) as at 30 June 2013.
“Only in the Government sector did we see more than 30 per cent women on boards and committees. The former Federal Government set mandatory targets of 40 per cent women on its boards by 2015 and exceeded this overall with significant progress across many portfolios.”
“Of particular note is that the top 34 Federal Government boards by remuneration have almost reached the 40 per cent target.”
Braund and Medd said the National Sporting Organisations commitment to gender balance as part of its governance reforms were a ‘step in the right direction’ and they expected to see a significant increase in gender representation on NSO boards by 2015.
“The ASX200 made strong gains since the change to the Corporate Governance Principles and Recommendations in 2010, but this is slowing, and unless Chairs maintain the focus on improving diversity and gender balance on their boards, this progress is likely to stall.”
Medd and Braund said the ASX200 is being dragged down by the top listed 39 Western Australian companies who have only 7.7 of directorships held by women”.
By contrast the WA Government had increased female representation on its State Owned Corporations (Government Businesses) to 29.1 per cent from 23.1 per cent in 2012.
“Clearly WA industry could be learning from its State Government which is managing to find women for its largely port and infrastructure based boards,” Braund and Medd said.
The BDI highlights that superannuation trustees have largely stagnated, a factor which is particularly worrying given the Australian tax payer funds this sector to the tune of billions via the tax concessions for contributions.
“There is an urgent need for reform in this sector and the regulator (APRA) should consider making diversity a requirement of fit and proper policies for superannuation trustees. This would bring the sector into line with the ASX.”
Sectors measured in the WOB Boardroom Diversity Index
Data current as at 30 June 2013
SECTOR
|
2010
|
2011
|
2012
|
2013
|
| ASX01-200 |
8.7 |
10.9 |
13.9 |
15.8 |
| ASX201-300 |
NA |
NA |
7.6 |
NA |
| Superannuation Trustees |
19.4 |
20.4 |
21.8 |
20.6 |
| Corporate |
21.2 |
19.4 |
24.9 |
20.7 |
| Industry |
18.9 |
21.9 |
20.4 |
18.2 |
| Public Sector |
22.0 |
23.6 |
21.5 |
22.4 |
| Retail |
17.1 |
18.0 |
21.5 |
23.7 |
| Mutuals |
21.0 |
18.4 |
21.2 |
20.9 |
| Private Health Insurance Funds |
NA |
NA |
24.1 |
24.2 |
| Research & Development Corporations |
22.4 |
22.5 |
21.1 |
23.7 |
| National Sporting Organisations |
26.5 |
22.7 |
23.4 |
24.4 |
| Cooperative Research Centres |
17.3 |
18.3 |
18.2 |
17.1 |
| Australian Government (top 34 by remuneration) |
30.4 |
31.0 |
35.9 |
39.3 |
| Australian Government (450 boards in all portfolios) |
34.5 |
NA |
38.4 |
41.7 |
| NSW: Government Owned Corporations |
24.4 |
23.7 |
20.7 |
24.2 |
| Qld: Government Owned Corporations |
32.0 |
36.0 |
38.4 |
35.4 |
| SA: Government Owned Corporations |
45.3 |
47.4 |
49.1 |
48.9 |
| Tas: Government Owned Corporations |
NA |
28.1 |
25.0 |
25.6 |
| Vic: Government Owned Corporations |
NA |
40.0 |
33.0 |
32.8 |
| WA: Government Owned Corporations |
NA |
27.8 |
23.1 |
29.1 |
Key Statistics ASX200
ASX200 listed companies with
more than 30 per cent of directorships held by women:
- QBE Insurance – 40%
- Investa Office Fund - 40%
- Trade Me Group - 40%
- Downer EDI - 37.5%
- Billabong International – 37.5%
- Mirvac Group – 37.5%
- Bendigo and Adelaide Bank – 33.3%
- Myer - 33.3%
- Commonwealth Bank - 33.3%
- Insurance Australia Group - 33.3%
- Telstra - 33.3%
- FlexiGroup - 33.3%
- Platinum Asset Management - 33.3%
- Skilled Group - 33.3%
- Spark Infrastructure Trust - 33.3%
- Westpac – 30%
- Macquarie Bank – 30%
The top 100 companies have 831 board positions of which 154 (18.5%) are held by women. There are eight companies in the ASX100 without a female director.
In the ASX100-200, there are 658 board positions of which 82 (12.5%) are held by women. There are 42 companies in the ASX100-200 who do not have a female director.
Medd and Braund said this figure will increase significantly through the ASX200-300 which WOB has not measured this year as progress has been very slow in this sector. Across the ASX500 the number of board positions held by women is less than 10 per cent.
Other statistics ASX200
- 47 women hold 115 board positions
- 5 positions - Anne Brennan
- 4 positions - Jane Hemstrich, Fiona Harris, Rebecca McGrath, Nora Schienkestel
- 3 positions - Catherine Brenner, Eileen Doyle, Paula Dwyer, Catherine Livingstone, Sandra McPhee, Nancy Milne, Kate Spargo, Emma Stein, Arlene Tansey,
Nerolie Withnall
- 2 positions - Yasmin Allen, Ilana Atlas, Elizabeth Bryan, Lyndsey Cattermole, Annabelle Chaplain, Kathleen Conlon, Patricia Cross, Marina Darling, Betsy Donaghey, Tonianne Dwyer, Chris Froggatt, Jane Harvey, Sally Herman, Carolyn Hewson, Tracey Horton, Eve Howell, Belinda Hutchinson, Launa Inman, Carolyn Kay, Anne Keating, Beth Laughton, Anne McDonald, Sam Mostyn, Linda Nicholls, Helen Nugent, Christine O'Reilly, Sally Pitkin, Heather Ridout, Jennifer Seabrook, Jillian Segal, Dianne Smith-Gander, Alison Watkins
- 121 women hold one board position each
State Comparison
| State |
% of directorships held by women |
| NSW |
19.0 % |
| Other |
20.7 % |
| Qld |
15.1 % |
| SA |
16.2 % |
| Vic |
15.7 % |
| WA |
7.7 % |
Sector Comparison
| Sector |
% of directorships held by women |
| Banks |
26.3 % |
| Capital Goods |
11.8 % |
| Commercial & Professional Services |
16.2 % |
| Consumer Durables & Apparel |
21.4 % |
| Consumer Services |
18.8 % |
| Diversified Financials |
25.8 % |
| Health Care Equipment & Services |
12.5 % |
| Insurance |
28.6 % |
| Energy |
12.8 % |
| Food & Staples Retailing |
23.3 % |
| Food Beverage & Tobacco |
21.9 % |
| Materials |
10.7 % |
| Media |
17.0% |
| Pharmaceuticals, Biotechnology & Life Sciences |
4.5 % |
| Real Estate |
18.5 % |
| Retailing |
20.5 % |
| Software & Services |
19.2 % |
| Telecommunications |
17.4 % |
| Transportation |
13.6 % |
| Utilities |
11.4 % |