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Women Directors deliver returns up to 8.7 per cent higher for ASX500 companies, says new research by The Reibey Institute

The Reibey Institute released its annual research last week, noting amongst many findings that for the second year running over the past 3 and 5 year periods, ASX500 companies with women directors on their boards delivered significantly higher Return on Equity (ROE) than those companies without women directors – up to 8.7% higher in fact.

This is consistent with international research by Catalyst that has linked female directors with shareholder returns up to 35% higher than those boards without women.

Tina Brothers, the founder and Executive Director of The Reibey Institute confirmed that over 250 companies STILL have no women on their boards, where more than 250 companies have 6 or more males.

Who are our women leaders?

  • The average age of women directors on ASX200 boards is 52.2, which is up slightly from last year’s average of 50.3.
  • More than one third of women directors on the ASX200 studied Commerce or Economics as part of their undergraduate degrees. New backgrounds we include this year include Pharmacy and Town Planning.
  • Women leaders on boards in the ASX500 include 307 director positions, and 10 chairman roles.

Where are they?

  • Women hold 9.5% of ASX500 board positions, up from 7.1% from last year. 233 companies (47%) had women representatives on the board leaving 267 (53%) with no gender diversity. This is a significant improvement on last year when almost two thirds of companies had no women representation.
  • Over 250 companies have no women on their boards whilst more than 250 companies have 6 or more men.
  • The ASX500 as a market has 235 unique women holding 307 director positions.
  • 20% of female directors serve on more than one board whilst 12% of their male counterparts serve on multiple boards.
  • Larger companies generally have more women on their board; however, there has been a marked increase in women representation over the last 12 months in the ASX400-500 band.

Click here to access a full copy of the report or visit


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