media release
6 December 2022
More Australian companies are setting targets and pledging to achieve gender balance in their executive leadership teams by 2030, with the number of companies signing up to 40:40 Vision doubling since the start of this year and now representing more than 10% of the ASX300.
Half of the current signatories come from traditionally male-dominated industries[1] – including brewing, mining, and technology – illustrating how gender diversity within leadership is no longer just a laudable goal but an essential component for business success.
New signatory, international malting company, United Malt, has a proud history and is focused on creating a diverse and inclusive workplace for its people.
“We have established diversity targets to support our commitment to improve levels of diversity throughout our organisation, including 45% female participation at the senior level of our company,” Managing Director and CEO Mark Palmquist said.
“Being part of 40:40 Vision aligns with our core business values and is an important part of our ongoing commitment to drive a gender diverse organisation,” said Mr Palmquist.
TPG Telecom’s Group Executive People Experience, Vanessa Hicks, said the decision to join 40:40 Vision was a natural extension of the Company’s commitment to increasing gender diversity across its core executive and senior leadership teams.
“Empowering more women to hold leadership roles means having the right structures in place to support them throughout their careers, helping ensure they have the same access to growth opportunities as their male colleagues. Setting targets allows us to measure our progress,” said Ms Hicks.
HESTA CEO and 40:40 Vision Chair Debby Blakey said 40:40 Vision’s approach to achieving progress through setting clear targets and transparently reporting progress was helping drive company participation.
“Signing up to a target-based model like 40:40 Vision is a critical first step. It’s a demonstration that a company is striving to be a leader in gender diversity and is ready to drive change. We know targets work and that’s why leading companies are setting targets and managing to them, as they would any other business challenge,” Ms Blakey said.
Ms Blakey said that for many companies, joining 40:40 Vision could be a game changer.
“Recent data from Chief Executive Women’s 2022 Census shows more than 70% of companies with 40%+ gender targets have achieved gender balance[2]. The same research shows that most companies that achieved gender balance in 2021, but have not maintained it in 2022, either set low or had no targets,” Ms Blakey said.
“We want to grow participation of 40:40 Vision right across the ASX300 as, in the last year alone, many companies have gone backwards in terms of female representation within leadership.
As investors, we are looking for companies to show how they are taking action to meet the commitments they make and demonstrate strong governance oversight from Boards to ensure this gap between what a company says it will do and how it acts is being closed,” Ms Blakey said.
“That’s why we believe diversity and inclusion are great indicators of the strength of a company’s decision making and culture, which really underpins the capability to manage a range of issues that can impact long-term value and, therefore, the performance of our members’ investments,” Ms Blakey said.
The initiative is supported by 35 ASX300 listed companies including: Adairs, ANZ, Aristocrat Leisure Limited, Bega, Bendigo Bank, BHP, Bluescope, Challenger, Domain Holdings, Domino’s, Endeavour Group, Healius, IDP Education, IGO, Iress, Jumbo, Mirvac, NextDC, Origin, Pendal, Perenti Group, QBE, Ramsay Health, Sims Limited, SkyCity, Southern Cross Austereo, South32, Spark, Tabcorp, TPG, United Malt, Ventia, Viva Energy, Webjet and Westpac.
40:40 Vision is an initiative founded by HESTA, supported by industry partners, to drive gender diversity in executive leadership in ASX300 companies. Supporting partners include Chief Executive Women, the Australian Council of Superannuation Investors (ACSI), Workplace Gender Equality Agency (WGEA), and the 30% Club.
For more information and to track progress on 40:40 Vision, visit www.hesta.com.au/4040Vision.
Ends.