ACSI scrutinises zero women board companies
The Australian Council of Superannuation Investors (ACSI) has called upon the 32 ASX 200 companies who do not have any females on their board to lift their female representation.
In the run up to the 2015 annual meeting season, ACSI has been closely scrutinising companies that have not reached the 30 per cent female board member target.
ACSI said in 2015, women represent barely more than one director appointment in every four to ASX 200 boards, implying, at best, it will be well into the next decade that the 30 per cent will be reached.
ACSI's chief executive, Louise Davidson, said the council is seeking tangible commitments and evidence from these lagging companies to achieve gender diversity.
"We have a strong mandate form our members — institutional investors in Australia and across the globe, which represent over $1.6 trillion in retirement investments — to consider recommending a vote against the re-elections of directors at companies that exhibit either no willingness, or progress, in this regard," Davidson said.
Davidson noted that since its policy launch in February to lift the representation of women on boards, the only ASX 100 company without a woman now has two female directors.
"Many companies appear, however, to be missing the point that boards with no, or low, female presence risk underperforming their competitors — and therefore becoming less attractive investment propositions for our members," she said.
Davidson said there is growing evidence suggesting that in more difficult economic climates "boards that do not have more diverse make-ups and skills to draw on may well suffer."
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