Working towards gender balanced executive teams by 2030
40:40 Vision is an investor-led initiative to achieve gender balance in executive leadership across all ASX200 companies by 2030.
40:40 Vision seeks to move beyond tokenism to achieve this through business-oriented structural transformation, encouraging companies to set and publicly report on progress against composition targets for executive leadership (CEO-1).
40:40 stands for:
This initiative is led by investors and key stakeholders in the diversity and inclusion space.
We are looking for structural change, by encouraging ASX200 companies to set medium and long-term targets for their executive leadership teams, with a pledge to achieve gender balance by 2030.
Research shows that organisations that set quantitative composition targets for executive leadership are more likely to achieve balanced representation of men and women at this level.
We recognise the complexity and differences in organisational structure among ASX200 companies. Therefore, 40:40 Vision is designed to achieve one common ambitious outcome without being overly prescriptive in its approach to diversity and inclusion.
Having women in leadership positions improves performance
WGEA and the Bankwest Curtin Economics Centre (BCEC) released findings on 19 June 2020 that an increase in the share of female ‘top-tier’ managers by 10 percentage points or more led to a 6.6% increase in the market value of Australian ASX-listed companies, worth the equivalent of AUD$104.7 million.
However, research also shows that with current growth patterns, we cannot expect to see equal representation of women and men at CEO level until 2100. Similar projections apply for executive leadership (CEO-1).
40:40 Vision will see ASX200 companies pledging their commitment and putting plans in place to drive and embed structural change across their organisation and the ASX200.
To support this goal, 40:40 Vision will:
Investors can get involved by signing the investor statement, and committing to: