Women aren’t making it to the boards of Australian IPOs.
Companies recently listing on the ASX have a smaller proportion of women on their boards than the big players.
Women now make up 30% of ASX20 board positions. And among the broader ASX200, women account for 25% of board positions, up from 8.3% in 2009 when the Australian Institute of Company Directors (AICD) begun compiling figures.
The findings are part of a report released today by the AICD, which has set a target of achieving 30% female representation on ASX 200 boards by the end of 2018.
However, the AICD also analysed the make-up of the 23 boards which completed IPOs during the first quarter of this financial year and found only 7% of board members were women.
“Companies further down the ASX also need to understand the value that diversity can bring to their own boards,” says AICD chairman Elizabeth Proust.
“That message is clearly not being heard by companies that made IPOs in the first quarter, considering males made up an astonishing 93% of those boards.”
Proust says there is undeniable and mounting evidence that gender diversity on boards brings significant benefits.
In total, 64 ASX 200 companies have reached the 30% target, up from just 38 companies this time last year.
There are now just 15 companies within the ASX200 still without a woman on their board. The number decreased by seven since the last quarterly report.
Medibank Private Limited heads the list with the most women directors. It has five, including chair Elizabeth Alexander.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.