Meanwhile, the ASX 300 has reached 32.1 per cent women on boards but still has eight all-male boards and 51 with just one woman.

On achieving the ASX 200 milestone, AICD CEO and Managing Director Angus Armour said, “To ensure this momentum continues, boards also need to look further into the diversity of their executive teams.”

The recent Towards Board Gender Parity report by the University of Queensland Business School identified that there are potential risks to future progress on gender diversity, one of them being the shrinking pipeline of women into CEO and senior executive roles.

30% Club Australia Chair, Nicola Wakefield Evans, said, “To ensure sustainable change, organisations should set clear targets to report against, invest in talent pipelines and make leaders accountable for improving women’s progression into leadership roles.  

The calibre and experience of women being appointed to ASX boards, from those who are well established to those achieving their first listed role, is exceedingly high, busting the myth that setting board gender targets would lead to a decrease in the quality of appointments.” 

The AICD urges companies to use each appointment as an opportunity to shift towards a sustainable model of equality and also encourages all organisations to embrace a 40:40:20 model of board gender diversity, where boards have at least 40 per cent women directors and 40 per cent men directors, as good practice.

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