Gender Diversity Progress Report GENDER DIVERSITY QUARTERLY REPORT – VOLUME 2 Companydirectors.Com.Au 2
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companydirectors.com.au SEPTEMBER - NOVEMBER 2015 QUARTERLY REPORT | VOLUME 2 30% by 2018: Gender diversity progress report GENDER DIVERSITY QUARTERLY REPORT – VOLUME 2 companydirectors.com.au 2 The road to 2018 As 2015 draws to a close, it is important to reflect In addition to our advocacy work with the chairs of our ASX 200 companies, we will be launching several new on the current statistics and the progress we have programs, research initiatives and strategic partnerships in made since the beginning of the year. 2016. These initiatives will build on the strength and success of our current programs, including our Chair’s Mentoring At 31 January there were 19.4 per cent female directors Program and Board Diversity Scholarship Program. on ASX 200 boards and a 27 per cent appointment rate. In partnership with the Federal Government’s Office for Thirty-five ASX 200 companies had no female directors, Women, we have awarded 195 scholarships to current with four in the top 100 companies and one in the top 50. and emerging female directors living in rural and remote Currently, there are 21.5 per cent female directors on ASX areas, working in growth sectors and to culturally and 200 boards and 24.8 per cent on the ASX 100. Although linguistically diverse individuals. We have offered 335 this data is from the end of November and we still have one scholarships to women since our first partnership with the month to go before we will know the full year’s picture, this is Federal Government in 2010. a change of two percentage points and an encouraging sign. We launched our fourth Chair’s Mentoring Program, pairing However, the ASX 200 needs to do better and 28 boards highly experienced and qualified emerging female directors still have no female directors. We have stepped up our with chairs and experienced ASX 200 directors. We have efforts over the last few months to ensure Australian witnessed 255 Mentees participate in this program since companies devote their energies to increasing the number of 2010 and been delighted by their appointments to boards women on their boards. across a variety of sectors and industries. In April we called for all boards to ensure that 30 per cent of We will work collaboratively with organisations, directors their directors are female, urging our ASX 200 companies to and boards in 2016 to achieve our goal of at least 30 per meet this new target by the end of 2018. We also supported cent female directors on ASX 200 boards by 2018 and look the launch of the Australian chapter of the 30% Club in May. forward to communicating our plans to our members and the wider director community. For the ASX 200 to reach this target the appointment rate must continue to rise and we need to reach an annual appointment rate of at least 40 per cent female directors to achieve the 30 per cent target by 2018. We are deeply concerned that they won’t get there. The new Chair of the AICD, Elizabeth Proust AO FAICD, has publicly announced that if ASX 200 companies do not achieve this target by 2018 then we will consider supporting regulatory quotas to increase the number of women on boards. Whilst we have consistently opposed quotas, we can no longer accept the low representation of women on John Brogden am faicd our listed boards. If companies are unwilling to change Managing Director & Chief Executive Officer, themselves then the regulatory imposition is a real option. Australian Institute of Company Directors GENDER DIVERSITY QUARTERLY REPORT – VOLUME 2 companydirectors.com.au 3 Progress report There have been a number of ASX 200 Companies with 30% female directors (as at 30 November) changes within the ASX 200 during the period September AMP Limited Pacific Brands Limited to November. Asaleo Care Limited QANTAS Airways Limited Bank of Queensland Limited Recall Holdings Limited Some have been temporary adjustments, such as Caltex falling Boral Limited Retail Food Group Limited under the 30 per cent threshold Brambles Limited SEEK Limited from September to October, only to return again in November with BT Investment Management Sims Metal Management Limited the appointment of another female Limited Slater & Gordon Ltd director Penny Winn. Wesfarmers Caltex Australia Limited also returned to the list on the Spark Infrastructure Trust retirement of Dr Bob Every AO Coca-Cola Amatil Limited Stockland Corporation Ltd at the November board meeting. CSR Limited Additionally, Cardno joined the list Suncorp Group Limited in September as two male directors Dexus Property Group Super Retail Group Limited retired from the board, only to move Duet Group off the list again in November due to Telstra Corporation Limited the retirement of Elizabeth Fessenden Fortescue Metals Group Ltd Trade Me Group Ltd and the appointment of new male Henderson Group PLC directors. Veda Group Limited IOOF Holdings Ltd The current number of companies Wesfarmers Limited with at least 30 per cent female Japara Healthcare Limited Woolworths Ltd directors is now at 38 (November 30, JB Hi-Fi Limited 2015). There have been several new companies added to the list. Macquarie Group Limited Medibank Private Limited MetCash Limited Mirvac Limited Navitas Limited Orora Limited GENDER DIVERSITY QUARTERLY REPORT – VOLUME 2 companydirectors.com.au 4 New Additions • G8 Education Limited left the list on the retirement of Jennifer Hutson on October 15. • Japara Healthcare Limited appointed Joanne Stephenson to the board on September 1. Tim Poole also retired on • Origin Energy Limited left the list on the retirement of Karen this date. Moses on October 21. • AMP Limited appointed Holly Kramer to the board on • Sydney Airport Limited left the list on the retirement of October 14. Max Moore-Wilton on August 26. Max retired from the board on May 14 but the 3Z report wasn’t lodged with • Henderson Group PLC was appointed to the board on the ASX until August. Another male director Grant Fenn October 5. Due to a reporting error the number of male was appointed to the board on October 1 removing the directors sitting on the board was adjusted. company from the list. • IOOF Holdings Ltd appointed Elizabeth Flynn to the board • Perpetual Limited left the list on the retirement of on September 15 and Ian Griffiths retired from the board Elizabeth Proust on November 5. on October 2. • JB Hi-Fi Limited appointed Wai Tang to the board on No Female Directors September 14 and James King retired from the board on There are currently 28 companies on the ASX 200 without October 29. any female directors. This has reduced by two since August, • MetCash Limited appointed Helen Cash to the board on although some companies joined the list. Tassal Group, October 23 and Peter Barnes retired from the board on Sirtex Medical, Charter Hall Retail REIT and Seven Group August 27. Holdings moved off the list after appointing a female director: • Suncorp Group Limited appointed Sally Herman to the board on October 22. • Raelene Murphy was appointed to the Tassal Group Limited board on September 9. • Super Retail Group Limited appointed Launa Inman and Diana Eilert to the board on October 21. • Katherine Woodthorpe was appointed to the Sirtex Medical Limited board on September 22. Deletions • Susan Palmer was appointed to the Charter Hall Retail REIT • ASX Limited left the list on the retirement of Jillian Segal board on November 10. on September 1. • Annabelle Chaplain was appointed to the Seven Group • Insurance Australia Group left the list on the retirement of Holdings Limited board on November 24. Yasmin Allen on September 30. • Austal Limited and Altium Limited became part of the ASX • Kathmandu Holdings Limited left the list as they moved 200 in September; neither board have any female directors. out of the 200 into the ASX 300. Kathmandu still has • Ainsworth Game Technology Limited moved from the 200 40 per cent female directors. into the ASX 300. There are still no female directors on this • Cover-More Group Limited left the list in August as board. another male director Will Easton was appointed to the • Automotive Holdings Group joined the list after their only board, increasing the number of directors to 7 with 2 female director Tracey Ann Horton stepped off the board. female directors. • Beach Energy was removed from the list in September as the Managing Director Robert Cole who was on temporary leave returned as a Non-Executive Director. • GPT Group was removed from the list after a new CEO/ Managing Director commenced in September. GENDER DIVERSITY QUARTERLY REPORT – VOLUME 2 companydirectors.com.au 5 ASX38 200 boards have reached the 30% target 2015 27 ASX 100 boards have reached 2 8 0 the 30% target 1 1 0 6 2 2 7 0 1 14 ASX 50 boards have reached the 30% target 7 ASX 20 boards have reached the 30% target Just how close are we to reaching the 30% target? 28 30 104 HAVE NO NEED 2 OR MORE NEED 1 MORE FEMALE BOARD MEMBERS FEMALE BOARD MEMBERS FEMALE BOARD MEMBER Female representation on ASX 200 boards 26% 26.2% in ASX 20 25% 25.5% in ASX 50 24.8% in ASX 100 24% 23% 22% 21.5% 21% in ASX 200 20% GENDER DIVERSITY QUARTERLY REPORT – VOLUME 2 companydirectors.com.au 6 30% Club update The 30% Club working groups and the AICD have been busy during the last few months contacting the chairs of the ASX 200 and hosting meetings with the working groups that will be responsible for several key initiatives and priorities in 2016. The overriding focus has been on signing up the chairs of the ASX 200 as members.