Board diversity gets budget boost

The Australian Council of Superannuation Investors' (ACSI's) bid to get more female representation on the boards of ASX200 companies may get a boost from the 2013 Federal Budget, which pledged a further $4.3 million in funding to BoardLinks over five years from 2011-12.

ACSI's latest board diversity report found the process of increasing female representation was slow.

Only 24 female directors were appointed to ASX200 boards in 2012, increasing overall numbers to 15.5 per cent or 230 positions. Over 25 per cent of the 164 individual women board members held multiple directorships.

BoardLinks was established in November last year to improve the participation of women on boards and to recognise the need to improve leadership opportunities for women as fundamental to gender equality.

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The government body identifies board-ready women and provides them with a springboard into leadership positions, side-stepping the requirement for prior board experience which often cuts women out of top spots.

It will expand the pool of women that can be considered for board positions, the Federal Government said.

Women are nominated to the program by a number of appointed Champions — who include Elana Rubin, Elmer Funke-Kupper and Gail Kelly — ASX companies, major organisations, industry bodies and not-for-profits.

Three women have so far been appointed to boards as a result.

BoardLinks is expected to also play an important role in meeting the Government's gender equality target by 2015. It has increased female representation from 33.4 per cent in June 2009 to 38.4 per cent as at June 2012.

Women in Super has a similar program for the superannuation industry. Super Springboard aims to identify suitable female board candidates and provide the training and experience necessary to fulfil the role.