Female board representation drops at big four banks
Three of Australia’s largest banks have fallen back in their female board representation with Westpac seeing the most board changes.
According to the latest Gender Diversity report from the Australian Institute of Company Directors (AICD) which was surveyed between March-May 2021, Commonwealth Bank of Australia (CBA), National Australia Bank (NAB) and Westpac all saw a downturn.
Three of the four banks saw a drop in figures compared to last year either due to resignations or the appointment of additional male members.
CBA had fallen from four female directors representing 44.4% to 40% while NAB had fallen from four directors (40%) down to three directors which represented 33.3%. Westpac had fallen from three directors representing 30% to 27%
At CBA, the fall was due to the appointment of an additional male board member Peter Harmer in March 2021 which brought the total board up to 10 while NAB’s downturn was due to the departure of Geraldine McBride in December 2020.
Westpac, which fell below the AICD’s 30% board target, saw the most changes in the period since the last report with the departure of Craig Dunn and appointment of Michael Hawker and Nora Scheinkestel which increased the board members from 10 to 11.
Female board representation at ANZ was unchanged at three female directors representing 37.5%.
AUTHOR
Laura Dew
Recommended for you
GQG Partners has completed the acquisition of the minority interests held by Pacific Current Group in three affiliates which will form its new Private Capital Solutions division.
The wealth management firm has unveiled a new fund in partnership with PG3 AG and investment specialist Longreach Alternatives, describing the investment solution as an “alternative” to traditional alternatives.
Fidante affiliate NovaPort Capital has announced the closure of its small cap and microcap funds, citing expected declining flows.
T. Rowe Price believes Australian growth is successfully managing to shrug off consumer weakness, but the firm’s multi-asset team is not yet positive enough to increase its underweight position.
