Australian Sex Discrimination Commissioner, Elizabeth Broderick, said she was encouraged by the leadership shown by the Australian Institute of Company Directors (AICD) today, which called on all companies to be proactive by increasing the number of women on boards and at senior management levels.
“Women represent only 8.3% of ASX 200 company directors, as the AICD correctly noted,” Commissioner Broderick said. “With women representing 45% of the entire workforce, 50.3% of the population and 55.9% of all university graduates, there is a clear market failure that needs to be addressed.”
The call by the AICD for companies to adopt measurable goals for achieving greater diversity on their boards and in senior management – and to report against them - is a constructive message,” said Commissioner Broderick. “While women remain so obviously excluded from the decision-making processes at the top, we cannot hope for equality to effectively flow down the employment ladder.”
While Commissioner Broderick was pleased to see the call to action by the AICD, she said that the ASX and government also had a role to play.
“To date there has been a lot of rhetoric about the need for more women at the top, but now it is definitely time for action,” said the Commissioner.
“The diversity goals, and timeframes for their implementation, should be included as part of the ASX corporate governance principles and recommendations,” said Commissioner Broderick. “The Australian Government should also set its own targets to set the national standard, and I have suggested a three and five year review so that progress can be monitored at a national level.”
Commissioner Broderick said that, as we tentatively emerge from the global financial crisis, it was reassuring to see so many stakeholder groups come together to address this long-standing issue that is of such social and economic significance.
Media contact: Brinsley Marlay 02 9284 9656 or 0430 366 529
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