Boards near historic all-male exit yet true diversity remains elusive

Australia’s biggest companies are close to reaching a boardroom milestone, with the end of the all-male ASX 300 board now within sight. But the latest Board Diversity Index (BDI) shows that while gender representation has accelerated, corporate Australia’s diversity challenge is far from resolved.

The latest findings reveal there are now just four all-male boards remaining across the ASX 300, representing only 1.4% of the country’s top listed companies. The shift reflects years of pressure, scrutiny and deliberate action to improve gender representation at the highest levels of business. Yet the figures also expose a deeper issue.

The typical ASX 300 board still has around seven directors, with female representation reaching 38% compared with 20% in 2016. However, the leadership ranks remain heavily skewed, with 98% of chairs likely to be male.

The data suggests corporate Australia has made meaningful progress on gender, but has struggled to broaden the conversation beyond it.

Only 6.5% of ASX 300 directors are from non-Anglo Celtic backgrounds, down from 9.5% in 2017 and 9% in 2024. Only five directors across the ASX 300 openly identify as LGBTQ+, just four directors identify as First Nations, and no directors have disclosed a disability.

The issue facing boards now is not whether diversity matters, it is whether current approaches are ambitious enough for the complexity of modern business.

AICD Managing Director and CEO Mark Rigotti said, “Boards today are operating in an environment of sustained complexity. Geopolitical uncertainty, rapid technological change, productivity pressures and rising community expectations are reshaping the demands placed on directors and on the judgements made around the board table.”

“Diversity is fundamentally about board effectiveness. A mix of skills, experiences and perspectives supports better decision making and stronger governance – particularly in an environment of rising complexity,” added Rigotti. “That should prompt boards to reflect on whether their current approaches are sufficiently broad for the operating environment ahead.”

Watermark Managing Partner David Evans said boards should view diversity as a strategic advantage rather than a governance obligation.

“In today’s climate of productivity challenges and global instability, boards should be doing everything in their power to strengthen their position. Increasing diversity at the board level is one of the most important levers they should be paying close attention to,” stated Evans.

The AICD Chairs Mentoring Program has been a major contributor to gender diversity outcomes, and this year the program has expanded to include a pilot stream supporting culturally diverse and First Nations women who are ready to advance their directorship careers but may not have access to traditional board pathways.

Deloitte Australia, Partner of National Client Relationship and Boardroom Program Leader, Tharani Jegatheeswaran said diversity is a governance imperative.

“Complex global markets, shifting demographics, and rapid disruption demand more than conventional credentials – they require diverse perspectives and lived experiences at the table. The boards that get this right will be better positioned to navigate disruption and lead into the future,” explained Jegatheeswaran.

Diversity is not a compliance issue. It is a commercial one. It requires diverse perspectives and lived experiences. Boards that bring that perspective make stronger decisions, identify risk earlier, and are better positioned for growth.

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