How do Australia and New Zealand rank globally?
Australia and New Zealand have been ranked among the top three countries globally for positive gender change at board level, according to a new study by Credit Suisse, which tracked the changing gender profiles of senior executives and boardrooms.
The 2021 Gender 3000 report revealed that diversity in the boardroom is continuing to improve across the world, with an average of 24% of women sitting in corporate boardrooms, while the amount of women in c-suite roles has also increased to 20%.
The study analysed the gender breakdown of 33,000 senior executives from over 3,000 companies across 46 countries. Australia and New Zealand have seen a strong improvement in female representation on their boards since 2015, moving from 19.3% in 2015 to 33.5% in 2021 - an increase of 14.2%. This put Australia and New Zealand ‘well ahead’ of the global average of 24%.
The report also showed that female representation in senior management across the two countries has increased by 2% - from 25% in 2019, to 27% in 2021. Credit Suisse Australia CEO Richard Gibb said that the report’s figures were ‘encouraging,’ but noted that there was still a long way to go in strengthening diversity in leadership.
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“The report is encouraging in that we find the trend is moving faster in Australia and New Zealand than in most countries around the world in terms of positive change, and in terms of gender composition at the board level,” Gibb said. “No-one doubts that there is still a long way to go, but the trend is pronounced and has been for some time.
“We have been publishing this report since 2012, and we hope that it provides policymakers, boards and the Australian and New Zealand communities with a deeper understanding of how different countries are tracking on this very important diversity and equality journey.”
Credit Suisse Australia COO Katrina Glover said she was pleased to see an improvement in gender diversity among the c-suite, with Australia and New Zealand ranking fourth globally for its percentage of Women in Management (WIM).
“Australia and New Zealand have made great strides overall in terms of addressing greater gender diversity in business, and presently ranks fourth globally for the percentage of Women in Management,” Glover said.
“This research outlines the important correlation between diversity and corporate performance. As a global business, we have always been committed to diversity of people and thought, and to see such empirical evidence of its benefit is encouraging.”
“However, as the report highlights, we know there is still work to be done,” she added.
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“Studies like Gender 3000 are an excellent temperature check to see where we are, and how far we still have to go for equitable progress.”
The report noted that despite a strong upwards trend for Australia and New Zealand, the statistics across the wider Asia-Pacific region saw some significant variance - from 34% female board representation in Australia and New Zealand, to a ‘lowly’ 9% in South Korea. However, it noted that the needle has been moving in a ‘particularly positive’ direction in ANZ, Singapore and Malaysia, with more ‘sluggish’ progress in major economies such as China, India, Japan and Korea.
Commenting on the finance space in New Zealand, Bluestone head of sales Sue Griffiths said she had certainly seen an increase in female representation over the course of her career - something she said is important, given the impact of the industry on the lives of New Zealanders.
“There’s definitely been an increase of women coming into the industry, and I personally have such a strong passion for the job,” Griffiths said.
“It’s such a great industry to be in, as you get to help so many people, and it’s such a big thing on every Kiwi’s mind - their dreams of what they want to do in life, of owning a home, etc. We play such a significant part in that process for them, and that’s a great position to be in.”
“I’ve been very passionate about women in finance for quite some time, and I’ve definitely seen the ratios change over the course of my career,” she said.
“Women generally have a lot of the skills that you need for a career in finance - organisational skills, empathy, etc. I’ve certainly seen women taking stronger roles in finance and mortgage businesses over the years, and that trend has increased throughout COVID-19 and everything that we’ve gone through. I’m certainly happy to see that, I think it’s fantastic.”
