BUSINESS LEADERSHIP: THE CATALYST FOR ACCELERATING CHANGE - Follow us on twitter @30pctAustralia - 30% Club
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BUSINESS LEADERSHIP: THE CATALYST FOR ACCELERATING CHANGE Follow us on twitter @30pctAustralia
OUR OBJECTIVE is to achieve 30% of ASX 300 seats held by women by end 2021. Gender balance on boards does achieve better outcomes.
GREATER DIVERSITY ON BOARDS IS VITAL TO THE GOOD
GOVERNANCE OF AUSTRALIAN BUSINESSES. FROM THE
PERSPECTIVE OF PERFORMANCE AS WELL AS EQUITY THE
CASE IS CLEAR. AUSTRALIA HAS MORE THAN ENOUGH CAPABLE WOMEN
TO EXCEED THE 30% TARGET. IF YOUR BOARD IS NOT INVESTING IN THE
CAPABILITY THAT DIVERSITY BRINGS, IT’S NOW A MARKED DEPARTURE
FROM WHAT THE INVESTOR AND BROADER COMMUNITY EXPECT.
Angus Armour faicd, Managing Director & Chief Executive Officer,
Australian Institute of Company Directors
“
BRINGING TOGETHER INFLUENTIAL INDIVIDUALS AND
FIRMS TO ADVOCATE FOR CHANGE ENSURES WE
ACHIEVE MAXIMUM IMPACT. CHAIRS, NON-EXECUTIVE DIRECTORS,
INVESTORS, INVESTMENT BANKERS AND HEAD HUNTERS ARE ALL
PART OF THE BOARD APPOINTMENT PROCESS AND CAN ADOPT
A RIGOROUS APPROACH THAT FACILITATES THE INCREASED
REPRESENTATION OF WOMEN ON BOARDS.
Nicola Wakefield Evans,
Australian Chair 30% ClubWHO WE ARE
LEADERS LEADING
BY EXAMPLE
We are a group of chairs, directors and business leaders taking
action to increase gender diversity on Australian boards.
The Australian chapter launched in May 2015 with a goal of
achieving 30 per cent women on ASX 200 boards by the
end of 2018.
In March 2019 the Australian chapter announced a new
objective for 30 per cent women on ASX 300 boards by
the end of 2021. The 30% Club will continue to focus on the
boards of ASX 200 companies that have not reached the 30
per cent target.
“
BY BRINGING TOGETHER INFLUENTIAL
COMPANY CHAIRS, DIRECTORS, INVESTORS,
HEAD HUNTERS AND CEOS, WE WANT TO DRIVE A
BUSINESS-LED APPROACH TO INCREASING GENDER
BALANCE THAT CHANGES THE WAY COMPANIES
APPROACH DIVERSITY ISSUES.
Patricia Cross,
Australian 30% Club Founder and past ChairAUSTRALIAN 30% CLUB MEMBERS
Andrew Forrest John Thame
Fortescue Metals Group Ltd Abacus Property Group
Samuel Weiss Glenn Barnes
Altium Ltd Ansell Limited
John Mulcahy David Gonski
Mirvac Ltd ANZ Banking Group Ltd
Mark Johnson Robert Johanson
G8 Education Ltd Bendigo and Adelaide Bank Ltd
Paul Brasher David Clarke
Incitec Pivot Ltd Charter Hall Group
Tracey Horton Catherine Livingstone
Navitas Ltd Commonwealth Bank of Australia
Rebecca McGrath Ian MacDonald
OZ Minerals Ltd Genworth Mortgage Insurance
Simon Jones Australia Ltd
Computershare Ltd Stuart James
John Mullen Greencross Ltd
Telstra Corporation Ltd Gregory Martin
David Kirk Iluka Resources Ltd
Trade Me Group Ltd Christopher Roberts
Ilana Atlas Orora Ltd
Coca-Cola Amatil Ltd Geoffrey Brunsdon
Richard Sheppard Sims Metal Management Ltd
Dexus Property Group Douglas McTaggart
Brian Schwartz Spark Infrastructure Trust
Scentre Group Ltd Kenneth MacKenzie
Thomas Pockett BHP Billiton Ltd
Stockland Corporation Ltd Stephen Johns
Zygmunt Switkowski Brambles Ltd
Suncorp Group Ltd Peter Warne
Macquarie Group LtdKenneth Henry Lindsay Maxsted
National Australia Bank Ltd Westpac Banking Corporation
& Transurban Ltd
Neil Chatfield
Leslie Hosking
Costa Group Holdings Ltd &
Aristocrat Ltd Adelaide Brighton Ltd
Jeremy Sutcliffe Rick Holliday-Smith
CSR Ltd ASX & Cochlear Ltd
Richard Fisher Graham Bradley
InvoCare Ltd GrainCorp Ltd
Justin Milne Paula Dwyer
MYOB Group Ltd Tabcorp Holdings & Healthscope Ltd
Peter Bush John Cowin
Southern Cross Media Group Ltd Domino's Pizza Enterprises Ltd
Michael Chaney Ralph Norris
Woodside Petroleum Ltd Fletcher Building Ltd
Graeme Liebelt Raphael Geminder
Amcor & Dulux Ltd Pact Group Holdings
(Australia) Pty Ltd
Geoffrey Tomlinson
Derek La Ferla
Growthpoint Properties Australia Ltd
Sandfire Resources NL
Peter Hay
Trevor Gerber
Newcrest Mining & Vicinity Centres Ltd
Sydney Airport Ltd
Richard Lee
Allan McCallum
Oil Search Ltd
Tassal Group Ltd
Gordon Cairns
Robert Ferguson
Origin Energy & Woolworths Ltd
Primary Health Care Ltd
Philip Clark
Glenn Davis
Shopping Centres Australasia
Beach Energy Ltd
Property Group
John O'Neill
The Star Entertainment GroupNEW CHAIR LIST
Justin Milne Allan Griffiths
MYOB Group Ltd IOOF Holdings Ltd
Kathryn Fagg Michael Coleman
Boral Ltd Bingo Industries Ltd
Graham Goldsmith
Vickki McFadden
SEEK Ltd
GPT Group
Graeme Hunt
Dr Sally Pitkin
AGL Energy Ltd
Super Retail Group Ltd
George Vernados
Michael Ullmer
IOOF Holdings Ltd
Lendlease Group Services Pty Ltd
Harry Boon
Roger Sharp
Asaleo Care Ltd
Bart Vogel Webjet Ltd
InvoCare Ltd Christine McLoughlin
Steven Crane Suncorp Ltd
Nib Holdings LtdPAST CHAIR LIST
John Shine Holdings Ltd
Past Chair of CSL Ltd Graham Kraehe AO
John Prescott AC Past Chair of Bluescope Steel Litd
Past Chair of Aurizon Holdings Ltd Dr Bob Every AO
Leigh Clifford Past Chair of Boral Ltd &
Past Chair of QANTAS Airways Ltd Wesfarmers Ltd Group
Craig Farrow Douglas Halley
Past Chair of M2 Group Ltd Past Chair of Duet
Neil Hamilton Harvey Collins
Past Chair of OZ Minerals Ltd Past Chair of Navitas Ltd
Dr Helen Nugent AO David Haslingden
Past Chair of Veda Group Ltd Past Chair of Nine Entertainment Co.
David Crawford Holdings Ltd
Past Chair of Lendlease Group Donald Taylor
David Turner Past Chair of GrainCorp Ltd
Past Chair of Commonwealth Bank of Dr Roger Sexton AM FAICD
Australia
Past Chair of IOOF Holdings
Kevin McCann AM
Peter Scott
Past Chair of Macquarie Group Ltd
Past Chair of Perpetual Ltd
Jac Nasser AO
Catherine Brenner
Past Chair of BHP Billiton Ltd
Simon McKeon AO Past Chair of AMP Ltd
Past Chair of AMP Ltd Rob Ferguson
Diane Smith-Gander Past Chair of the GPT Group
Past Chair of Broadspectrum Ltd Michael Hutchinson
Margaret Jackson AC Past Chair of Infigen Energy Ltd
Past Chair of Spotless GroupOUR APPROACH THE BUSINESS CASE FOR DIVERSITY ON BOARDS IS CLEAR The business case is clear – a higher standard of corporate governance, improved financial performance and an enhanced capacity to attract and retain female talent. Diverse teams make better decisions: McKinsey & Company research of 180 publically traded companies found ROEs were 53% higher for companies ranking in the top quartile of executive board diversity than those in the bottom quartile. In Australia, the Reiby Institute found ASX 500 companies with women on their boards deliver a significantly higher ROE than those with no women on their board. One woman is not enough: 30% is the proportion when the contributions of a member of a minority group are valued in their own right. Research has shown that a critical mass of three or more women can cause a fundamental change in the boardroom and enhance corporate governance.
GETTING TO 30%
AN ACHIEVABLE GOAL
Achieving 30% female directors on ASX 200 boards is within sight. Women
currently comprise 26.7% of ASX 200 board seats. Although the 30 per cent
target was not reached by the end of 2018, we were pleased by the success of
the campaign and continue to agigate for change.
Meeting the 30 per cent target on ASX 200 and ASX 300 boards will require an
ongoing investment from CEOs and leadership teams in developing the pipeline
of female directors.
Percentage of female directorships on ASX 200 boards
29.7% 29.7%
30%
26.2%
25.3%
25%
21.7%
20%
15%
10%
5%
0%
2015 2016 2017 2018 Jun - 19R
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shed by the 30%
ClubHOW IT WORKS SHARING RESOURCES AND COLLABORATING The 30% Club complements and amplifies individual company efforts and existing groups through measurable goals and broad collaboration. There is no financial commitment; the 30% Club is supported by a Steering Committee and Working Groups that are made up of senior directors and executives who volunteer their time and skills to help direct efforts. The Working Groups are focused on influencing and working with investors, executive search consultants, professional services firms, chairs and directors to achieve change.
FOCUSING OUR EFFORTS THE POWER OF COHESION Chair Leadership “There is a tendency for boards to pick up people they feel comfortable having around the table. What we really need for high-performing boards is to seek discomfort and to drive challenging discussions.” David Gonski, Chair Australia and New Zealand Banking Group Limited and Former Chair Coca Cola Amatil Limited Shareholder and corporate governance “Diversity is a subject very close to our hearts at Aberdeen, both as an employer and as an investor. We know that the best companies draw on the widest pool of talent. So it is important for us that the businesses in which we invest don’t limit themselves, in either the way they recruit, or how they develop their people. This applies to our own business too.” Brett Jollie, Managing Director, Australia Aberdeen Asset Management Limited Executive search community “As a profession, the Executive Search Industry is aware of the critical role we play in helping to achieve the 30% Club targets. We are committed to assisting Boards to achieve greater gender diversity by identifying and promoting strong female candidates” Jane Neale, Managing Director, Hattonneale
Fostering the Pipeline
“When you are in a position of influence you need to make sure you have
a genuine commitment to diversity. Age, gender, education, external
background and experience. Board composition is a light for the diversity in
executive ranks and throughout organisations. Diverse groups will always find
better outcomes and results in superior performance every time”
Margaret Jackson, Former Chair, Spotless Group Holdings
Advocacy and Education
“Diversity brings with it cognitive diversity, different perspectives and
information processing. In an environment where companies are facing
exponential changes in technology, demographics, economies and
sustainability, bringing different thinking to the table is both a commercial and
social imperative and this has been recognised by many of the worlds leading
institutional investors.”
Melanie Willis 30% Club Australia Education Working Group Chair, NSW/ACT
Chapter Chair and Board member of Chief Executive Women, NED of Challenger
Limited, Southern Cross Media Group and Mantra Group.
Chair
Leadership
Advocacy
and
Education
Shareholder
and
Corporate
Governance
Fostering
the
Pipelines Executive
Search
CommunityOUR GLOBAL CHAPTERS A FOUNDATION TO BUILD ON With chapters in ten countries, the 30% Club is approaching this issue on a global scale. Each chapter believes in diversity as a driver of business growth. Australia 29.7% (ASX200) United Kingdom 29.6% (FTSE 350) United States 23.6% (S&P 100) Canada 23.9 (TSX Composite) South Africa 19.9% (JSE Top 40 & SOEs) Hong Kong 13% (Hang Seng 50) Ireland 20.9% (ISEQ 20) Italy 29.7% (ASX200) Malaysia 23% (FTSE Bursa Top 100) Turkey 14.3% (BIST Star Market and Main Market) Japan 7.6% (TOPIX 100) Brazil 7.3% (Novo Mercado B3)
WHAT YOU CAN DO SUPPORTING THE 30% CLUB We encourage individuals and organisations to support our work and help us in our quest to increase the number of women on company boards. • Become a Chair Member • Call upon your own organisation to introduce targets for women in leadership • Share information on the 30% Club with your colleagues and networks • Encourage lagging companies to improve their diversity efforts • Host events for the 30% Club • Lend your expertise to the 30% Club Working Groups • Join in the conversation by tweeting @30pctAustralia or using the hashtag #30pcglobal
CONTACT US Please email Rhian Richardson at the AICD to become a Chair Member of the 30% Club: Rhian Richardson: rrichardson@aicd.com.au To support the 30% Club or to discuss the working groups, please contact Rhian Richardson.
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