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2024 Board Diversity Index

Now in its tenth year, the Board Diversity Index is the only comprehensive analysis of Australian boards that measures diversity across Australia’s top 300 ASX listed companies in five key areas: gender, cultural background, age, skills/experience, tenure and independence. 

Now in its tenth year, the Board Diversity Index is the only comprehensive analysis of Australian boards that measures diversity across Australia’s top 300 ASX listed companies in five key areas: gender, cultural background, age, skills/experience, tenure and independence. 

While great strides have been made since 2015, with an 89 per cent increase in the number of board positions held by women, other aspects of diversity have either stalled or are simply not reported.  

There are now more directors with an Anglo-Celtic background than seven years ago (91 per cent) and no change to the number of First Nations directors which remains at four, although they now occupy an extra board seat with a total of seven.  

The report also found a significant decline in the percentage of younger directors under 50, while chair tenures of 20 years and beyond are rising. 

Other key findings from this year’s report include: 

  • Representation of women on ASX 300 boards has risen to 36% (up from 35% in 2023) 
  • 13 of ASX Top 300 boards have no female directors; but 123 boards (41%) have hit the 40:40:20 target. 
  • Only four directors on the ASX 300 are openly LGBTQI+ and there is no data on directors with a disability.  
  • Only 9% of directors are from non-Anglo-Celtic backgrounds. 
  • Average age of directors has risen slightly to 61.  
  • Directors aged under 50 have fallen since 2021:  significantly younger women have fallen from 17% to 11%. 
  • Most common chair tenure is 4 – 9 years, but chair tenures 20+ years have risen to 7.8%, up from 4.1% in 2019. 
  • Finance sector experience among board directors has risen to 40% – a level not seen since 2016 indicating a conservative approach in a challenging economic climate. 

 

Download the Full Report

 

About the Governance Institute 

A national membership association, Governance Institute of Australia advocates for a community of governance and risk management professionals, equipping over 8,000 members with the tools to drive better governance within their organisation. 

Media Inquiries:media@governanceinstitute.com.au or call +61 477 949 604 

 

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2024 Remuneration Report

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