Female board representation drops at big four banks
Three of Australia’s largest banks have fallen back in their female board representation with Westpac seeing the most board changes.
According to the latest Gender Diversity report from the Australian Institute of Company Directors (AICD) which was surveyed between March-May 2021, Commonwealth Bank of Australia (CBA), National Australia Bank (NAB) and Westpac all saw a downturn.
Three of the four banks saw a drop in figures compared to last year either due to resignations or the appointment of additional male members.
CBA had fallen from four female directors representing 44.4% to 40% while NAB had fallen from four directors (40%) down to three directors which represented 33.3%. Westpac had fallen from three directors representing 30% to 27%
At CBA, the fall was due to the appointment of an additional male board member Peter Harmer in March 2021 which brought the total board up to 10 while NAB’s downturn was due to the departure of Geraldine McBride in December 2020.
Westpac, which fell below the AICD’s 30% board target, saw the most changes in the period since the last report with the departure of Craig Dunn and appointment of Michael Hawker and Nora Scheinkestel which increased the board members from 10 to 11.
Female board representation at ANZ was unchanged at three female directors representing 37.5%.
AUTHOR
Laura Dew
Recommended for you
The $673 billion global investment manager has appointed a former Zenith sales head as it seeks to expand its reach in the Australian wealth management market.
Fund managers may be operating in a squeezed environment, but a salary guide shows they are willing to pay up for specialist talent to diversify their fund range.
Reach Alternative Investments has entered into a strategic partnership with Russell Investments to bolster its wholesale private markets offering for financial advisers and investors.
Boutique investment consulting and research house Genium Investment Partners has announced a senior appointment to drive further growth in its research ratings business.
