The Workplace Gender Equality Agency is proud to support HESTA’s 40:40 Vision initiative and our Agency Director Libby Lyons has joined the steering committee, to help this initiative drive real change.
40:40 Vision is an ambitious investor-led initiative that aims to see women fill 40% of executive roles in ASX200 listed companies by 2030. The purpose is to drive structural change at the highest echelons of corporate Australia, by encouraging these organisations to set targets for their executive leadership teams and commit to achieve gender balance by 2030.
We are asking all ASX200 organisations to pledge to attain the 40:40:20 gender balance target in executive leadership by 2030 This includes setting publicly announced gender balance targets and reporting on progress towards these targets in 2023 and 2027.
Why is this important?
The business case for gender equality is very clear. The Agency and Bankwest Curtin Economics Centre’s latest Gender Equity Insights report shows a clear and convincing causal link between increased female representation in leadership roles in organisations and improved performance, productivity and profitability. Taking action now is critical. If we maintain the status quo we will not see equal representation of women and men at CEO level until 2100. This is simply not acceptable.
The benefits of taking action are compelling. Businesses and investors will profit from stronger long-term performance, and Australian women will benefit from being afforded the greater opportunities that are offered from fairer and more inclusive workplaces. The long term financial benefits for women, such as economic security in retirement will result.
40:40 Vision is spearheaded by industry superannuation fund HESTA, whose member base is made up of over 80% women. Change of this scale cannot be achieved alone however, this is why 40:40 Vision also has the support of WGEA, Chief Executive Women, the Australian Council of Superannuation Investors and 30% Club.
You can read more about 40:40 Vision on the HESTA website.