How are financials performing on female board representation?

6 July 2021
| By Laura Dew |
image
image
expand image

Macquarie has been recognised as the best financial firm for female board representations, according to the latest figures from the Australian Institute of Company Directors (AICD), while three laggards have made improvements.

According to the organisation’s latest Gender Diversity report, from March to May 2021, Macquarie had 50% of its board seats held by women, putting them in the top 10 of all ASX 200 companies and the best financial company.

This was an increase from 44.4% last year thanks to the appointment of Rebecca McGrath in January 2021.

The next best performing financial was Bendigo and Adelaide Bank which had four seats held by women (44%), unchanged from 2020.

The AICD was targeting all ASX 200 companies to have at least 30% representations on their boards.

Meanwhile, three of the four largest laggards last year which had less than 30% representation had seen improvements in their board constitution. However, three still remained below the 30% target despite the improvements.

Magellan had increased from 14.3% female representation to 25% thanks to the appointment of Colette Garnsey to the board in November 2020. Janus Henderson had increased from 20% to 25% after appointing Alison Davis in February 2021 and Challenger appointed Heather Smith in January 2021 which meant its representation increased from 25% to 33.3%.

However, Perpetual remained unchanged with two directors at some 28.6%, while Commonwealth Bank of Australia fell from 44.4% to 40%, and NAB fell from 40% to 33.3%.

HUB24 was the worst financial with only one female director at 20% while the worst overall was Silver Lake Resources which had zero female board members.

The best firm overall was Crown Resorts which had female board representation of 75% and had a female chair in Helen Coonan.

Top 10 financials with best female board representation

Firm

Female directors

Percentage (%)

Macquarie

5

50

Bendigo & Adelaide Bank

4

44.4

AMP

3

42.9

Pendal

3

42.9

Iress

3

42.9

CBA

4

40

ANZ

3

37.5

NAB

3

33.3

Challenger

3

33.3

Platinum

3

33.3

Source: AICD, July 2021

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 2 weeks ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 2 weeks ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 2 weeks ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 6 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 days ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 4 days ago