The steep share price rise of the last all-male board
Since 2015, the number of all-male boards on the Australian Securities Exchange (ASX) top 200 companies has fallen from 28 to zero, according to the Australian Institute of Company Directors (AICD), as the last two firms appoint female non-executive directors.
The last two firms were both Perth-based gold miners, Chalice Mining and Silver Lake Resources.
Silver Lake Resources appointed Rebecca Prain as non-executive director on 17 August following the retirement of Peter Alexander, while Chalice appointed Linda Kenyon as non-executive director on 24 August.
Fortescue Metals was identified as the best miner with four female directors on its board while the best company overall was Crown Resorts which had 75% female representation, although this was due to fall with the resignation of chair Helen Coonan this month.
The share price of Chalice had been particularly strong with returns of more than 340% over the past year to 25 August versus returns of 25% by the ASX 200.
However, it was the opposite case for Silver Lake Resources which had lost 38.5% over the year after reporting disappointing sales numbers in its latest quarterly results, which it described as “challenging operational conditions” for the company.
When the AICD first began its quarterly reporting of female representation on ASX 200 company boards, there were 28 boards which were all-male.
AICD chief executive, Angus Armour, said: “This is an historical milestone for Australia that should be celebrated. A great shift in the approach to diversity by our largest organisations has occurred in recent years.
“This is testament to the leadership and commitment of ASX chairs and directors, as well as the numerous groups who have pushed for change and ensured that gender diversity remains a priority for organisations.”
AUTHOR
Laura Dew
Recommended for you
Perpetual has seen AUM rise 6 per cent in the last quarter but the departure of a longstanding JOHCM fund manager led to outflows of $2.2 billion from his strategy.
In the latest Meet the Manager profile, Money Management speaks with Michael Skinner, founder and managing director at Blackwattle Investment Partners.
Global fixed income fund Bentham Global Opportunities has been added to several major platforms, enabling it to be accessed more easily by financial advisers.
Following yesterday’s news about First Sentier Investors closing four investment teams, a second global asset manager has announced it is closing its only dedicated Australian fund.
