Only Eight Women Dominate Boards of Top 200 Companies

Gender diversity claims have been severely undermined as eight powerful women were found to dominate board seats at our top 200 companies. Analysis by governance firm Ownership Matters shows that nine directors held four top 200 company board seats, more than any others, with eight of these being women. Concerns arise that a small female group present on multiple boards is inflating claimed improved figures in gender diversity. 

Corporate Australia last week celebrated being close to its long sought-after 30 per cent target for women on ASX200 boards. Yet recent analysis raises questions around how widely these boards are looking for new female directors.

Familiar faces

The group of eight women dominating top boards has been dubbed ‘the female G8’. Names include Maxine Brenner, who is the wife of Jodee Rich and sister-in-law to former AMP chair Catherine Brenner. Her boards include Origin Energy, Qantas and Orica.

Less well-known figures include Tonianne Dwyer, an ex-investment banker and real estate fund manager, now on the boards of Dexus, Oz Minerals and Metcash, as well as Deputy Chancellor of the University of Queensland.

Former McDonald’s Australia and marketing executive Helen Nash sits on the boards of Blackmores, Inghams, Southern Cross Media and Metcash, with fellow ex-McDonald’s Australia executive Jackie McArthur joining her on the boards of Blackmores and Inghams, whilst also sitting on the boards of InvoCare and Tassal.

Abi Cleland, ex-managing director at KordaMentha’s management consultancy 333, sits on the boards of Coles, Computershare and Sydney Airports.

Director Karen Penrose, a veteran banker, is on the boards of Bank of Queensland, Vicinity Centres, Spark Infrastructure and Estia Health.

Diane Eilert, an Australian academic and consultant, is on the boards of Domain, Super Retail Group, Elders and Navitas, while Christine O’Reilly, former CEO of infrastructure business Gasnet Australia, is on the boards of CSL, Stockland, Medibank Private and Transurban.

The Australian Council of Super Investors has defended the female G8 against accusations of materially inflating numbers, highlighting that 114 different female directors were appointed to ASX200 boards over the past year. Nevertheless, they also urged boards to broaden their talent pool.

Different faces coming forwards

The Australian Institute of Company Directors point out that close to 70 per cent (300 of 438) of female directors on ASX200 boards hold only one board seat, with almost half of all women appointed to these boards in the past year being appointed to their first ASX200 directorship.

The female G8 mark a change from 2015, where The Australian Financial Review found Jane Hemstrich as the only director to hold four top 100 board roles. She has since stood down to “develop her philanthropic interests”, only remaining on the board of Lend Lease.

The dominance of the female gender at the very top gradually declines as directors with fewer board seats are examined. 54 directors held three ASX200 board seats, with 30 of these women and 24 men. 167 directors held two ASX200 board seats, including 110 men and 57 women.