Australia and New Zealand Banking Group Ltd (ASX: ANZ) and BHP Group Ltd (ASX: BHP) are among the first 10 signatories of the 40:40 Vision gender diversity initiative. The 40:40 Vision initiative aims to see women make up at least 40% of leadership roles in S&P/ASX 200 Index (ASX: XJO) companies. Signatories must commit to reach the goal by 2030.
They’ve also agreed to publicly set gender targets for 2023 and 2027, disclose plans made to meet said targets, and report their progress each year.
Also included in the 40:40 Vision’s first 10 ASX 200 signatories are:
- BlueScope Steel Limited (ASX: BSL)
- Domino’s Pizza Enterprises Ltd (ASX: DMP)
- IGO Ltd (ASX: IGO)
- Ramsay Health Care Limited Fully Paid Ordinary Shares (ASX: RHC)
- SkyCity Entertainment Group Limited (ASX: SKC)
- South32 Ltd (ASX: S32)
- Tabcorp Holdings Limited (ASX: TAH)
- Webjet Limited (ASX: WEB).
Let’s take a closer look at the 40:40 Vision initiative.
ASX 200 companies aiming for 40% female leadership
According to industry super fund HESTA, which oversees the 40:40 Vision initiative, last year, the WGEA and the Bankwest Curtin Economics Centre found increasing the amount of female senior managers by 10% led to a 6.6% increase in an ASX-listed company’s market value.
BHP is already kicking goals gender diversity goals, with 50% of its executive leaders being women.
Currently, only 4 of ANZ’s 11-strong executive committee are women.
HESTA’s CEO and 40:40 Vision steering committee chair, Debby Blakey, today welcomed the ASX 200 signatories, saying:
Changing our national culture cannot be achieved without courageous leadership. This must involve more women in leadership as well as men who value the perspective they bring…
By creating more equitable and inclusive workplaces, these companies will reap the rewards, because there’s compelling evidence that better gender balance in leadership is not just fairer, but also good for business – resulting in better performance, better profits and better corporate governance.
ANZ’s CEO Shayne Elliott commented on the bank’s involvement in the 40:40 Vision initiative, saying:
[By including more women in ANZ’s senior executive team], not only will we continue to attract great talent to our organisation, but our team will better reflect the community we live in, including more women in leadership roles, and committing to the 40:40 Vision helps reinforce that focus
BHP’s CEO Mike Henry also commented:
Inclusive, diverse teams are safer, more productive, and make better decisions. They improve performance… BHP has a balanced senior executive team and we support the 40:40 Vision and the goal of achieving gender balanced corporate leadership in Australia.