Diversity Council of Australia chief executive Lisa Annese
UPDATE: Significant progress on gender equity in Australia’s top companies has stalled, prompting calls from the advocacy group Chief Executive Women (CEW) to link gender targets directly to executive pay. As of now, 18 companies in the ASX300 have no women in executive leadership roles, marking a concerning trend as cases of gender inequality persist.
The latest senior executive census from CEW reveals a startling statistic: one-third of these companies are based in Western Australia, including Chalice Mining, Capricorn Metals, Monadelphous Group, Pantoro Gold, and Vault Minerals. This stagnation is alarming, especially as 25% of companies have regressed in women’s representation this year. The movement toward gender equality across the ASX300 is now crawling at a rate of merely 1% annually.
CEW President Helen Conway stated, “Many companies are treating gender equality in their workplaces as discretionary.” She emphasized the need for urgent action as Australia navigates a slow but troubling reversion in corporate cultures, which she describes as “inimical to women.”
Recent controversies highlight the urgency of this situation. Westpac has faced backlash over its workplace culture under CEO Anthony Miller, with reports of employees expressing concerns about weekend and holiday work expectations. Similarly, ANZ‘s CEO, Nuno Matos, has been criticized for his handling of staff redundancies, underscoring the instability and potential setbacks in gender equity.
CEW argues that the solution lies in accountability, proposing that companies must tie gender targets to executive remuneration. “Companies with rigorous gender targets are 2.7 times more likely to achieve balance,” Conway noted. Yet, only 44% of ASX300 companies have set gender balance targets, compared to 59% in the ASX100.
To tackle this issue, CEW’s latest census suggests a target framework of 40% women, 40% men, and 20% of any gender by 2030. This initiative aims not only to improve representation at the executive level but also to enhance overall workplace inclusivity.
The lack of women in executive roles is particularly stark, with 41% of ASX300 companies having no women poised for CEO succession. CEW Chief Executive Lisa Annese pointed out that while there is a pipeline of female talent in middle management, it is not translating to higher levels of leadership.
Addressing the concerning statistic that one-third of ASX300 companies without female executives are located in Western Australia, Annese described this as a “disappointing” result, especially considering the male-dominated nature of the resources industry. She stated, “There’s still enough women in those industries for there to be a critical mass.”
CEW advocates for businesses to invest in gender-balanced executive leadership teams, create inclusive workplaces, and recognize leadership capabilities developed outside of the traditional C-suite. This is crucial for fostering full workforce participation and ensuring that the issue of gender equality is not sidelined.
With the current landscape showing a stagnation in gender equity, the urgency for action has never been clearer. Companies and stakeholders must take immediate steps to ensure that gender equality is a priority, not an option. As Conway aptly puts it, “Constant vigilance is the requirement here. You have to keep pressing the case for gender equality in workplaces.”
As the situation develops, eyes will be on corporate Australia to see if they heed the call for immediate reforms and accountability in their gender representation efforts.
