Breaking down the gender barriers

"About 82 per cent of these CEO pipeline roles are filled by men and an increasing number of companies have no women in these leadership roles at all."

The latest Senior Executive Census produced by Chief Executive Women, of which ANZ is a sponsor, illustrates a stark picture of where we stand with gender equality in the corporate sector in 2024. 

It found the number of female CEOs in ASX 300 companies has decreased from a mere 26 in 2023 to 25 this year. In the ASX200, only 19 companies were run by women, down from 20 last year. 

This might seem to suggest the path to leadership for women is narrowing rather than widening. 

Critically, it also highlights that female representation in what’s commonly referred to as the CEO pipeline is struggling. These are the roles that traditionally act as feeder positions to the top job. 

About 82 per cent of these CEO pipeline roles are filled by men and an increasing number of companies have no women in these leadership roles at all. In terms of executive leadership team roles, seven out of 10 are held by men. 

While we could be excused for some despondency, these statistics should only reinforce our determination to keep removing barriers to the full and equal participation of women in the workforce. And particularly the representation of women in leadership. 

There are tangible economic benefits from boosting diversity. Diverse organisations make better decisions, they innovate more effectively and as a result, they perform more strongly and provide better outcomes for customers. 

A recent report by Deloitte found if Australian gender norms were brought more in line with reality, our society would be more inclusive and more prosperous – an economic benefit of $128 billion a year on average. 

Statistics like this should prompt us to double down and prove we can’t leave achieving gender diversity to chance. 

And like any business performance measure, increasing gender diversity takes deliberate management. We cannot wait for it to occur organically and there are several factors which will help us get there, including internal support and sponsorship. 

Of the 25 female CEOs in the ASX300, the CEW Census shows 62 per cent were appointed internally. This illustrates how internal support, development and sponsorship all play a role in placing women into senior positions where they can be considered CEO candidates. 

Three out of four of ANZ’s divisions with customer revenue and profit accountability are run by women – Maile Carnegie in Australia Retail, Clare Morgan in Australia Commercial and Antonia Watson as the CEO of ANZ’s New Zealand business. 

Women also hold key senior executive ‘line’ roles and most of our executive committee member’s leadership teams are gender-balanced. As an example of how these senior line roles can lead to the top job, two former members of the executive committee are now the CEOs of other organisations. 

Michelle Jablko, who was Chief Financial Officer, is now CEO of toll road operator Transurban and Alexis George, who was deputy CEO, now holds the top job at financial services company AMP. 

Workplace flexibility is also crucial to attracting and retaining female talent. This type of flexibility is not a trend or a luxury. It's a necessity of a modern economy and is increasingly the norm in corporate Australia 

Setting gender equality targets is also important. The census shows companies with gender balanced targets were 3.6 times more likely to achieve gender balance in leadership than those without. 

I remember ten years ago there were passionate objections to quotas and targets. It was always a contentious topic – but now it's an absolute given that organisations need targets and a plan to help deliver them. 

This is supported by a number of valuable public commitments across industries – for example the Hesta 40-40 commitment.  

This is not the time for gender fatigue. It’s the time to step up and take action to remove the barriers impeding gender equality. 

Kath Bray is Managing Director of Customer Engagement at ANZ.

ANZ is proud to be Thought Leadership Partner of Chief Executive Women.