It would take 11 years to reach the Australian Council of Superannuation Investors (ACSI's) benchmark of two female directors on ASX200 boards at the current rate of progress.
Rather than meeting the benchmark in 2014, it would not be realised until 2024, ACSI said.
ACSI's latest audit into board diversity showed that only 24 female directors were appointed in 2012, tipping the figures to 15.5 per cent or 230 positions.
ACSI president Gerard Noonan said progress was too slow.
"Although there has been some progress, the rate at which change is taking place is incredibly slow. Frankly, it is unacceptable. Surely there were more than 24 women available for appointment to board positions in the last year? It paints a very disappointing picture on the issue of board diversity overall," Noonan said.
If the European Union directive on gender diversity was ratified, at the current rate Australia would not achieve the benchmark of 40 per cent female board members until 2030, ACSI said.
An additional 12 companies met the ACSI benchmark of at least two women on their boards in 2013.
Currently 66 per cent of ASX200 companies underperform the benchmark of two female directors set by ACSI in 2010, but for the first time all ASX50 companies have at least one female board member.
ACSI found men held more than 1000 more board positions than women, while no company had a majority of women board members.
Over 25 per cent of the 164 individual women board members held multiple directorships.
Only 4 per cent of board chairs were women and the same percentage were chief executives, while the median company board is made up of six men and one woman.
