UPDATE Third Annual SAIS Global Conference on Women In The Boardroom Jillian Segal September 2012 UPDATE Gender Diversity Developments in Australia

2 Recap Macho culture – real men don’t give up board seats EOWA (Government Agency) collects statistics % % % % % % ASX200 Board Positions Senior Management Executive Management “ “ Leading the world in going backwards

3 The Business Governance Framework ASX Corporate Governance Council –Established 2003 – 21 business, investment, shareholder groups –Principles-based disclosure framework for corporate governance reporting by listed entities –Compliance with Principles & Recommendations, or “if not, why not” June 2010 inserted recommendations on Diversity (first reporting in 2011) UK adopted similar approach

4 Other Initiatives AICD’s ASX200 Chairman’s Mentoring Program Chief Executive Women –CEO Kit –Talent Development Program ASX education workshops / website re case studies, draft policy / advice re anti-discrimination legislation. Champions of Change Newspaper articles in financial press Presentations at law firms, accounting firms, director lunches, debates (quotas v targets) Review of EOWA ► new agency being established with more power ASX Corporate Governance Council Guidelines supported by other actions

5 Percentage of women directors on ASX 200 boards Source: AICD website % Percentage is of course, greater at the ASX 50 and ASX100 level Percentage of ASX200 boards with no female directors 66% (2008) ▼ 28.5% (2012) PROGRESS

6 Percentage of new female ASX200 director appointments Source: AICD website Women have comprised 25% of new appointments to ASX200 boards to date in 2012 %

7 Reporting on progress on ASX Corporate Governance Guidelines 2011 first reporting year on compliance with guidelines KPMG conducted review of 31 Dec 2011 year end companies (211 entities) KPMG will do 2 nd report early next year for June 2012 year end (about 2000 companies) Purpose –Report on level of adoption of diversity recommendations –Inform listed entities of market practice

8 Recommendation 1 Entities should establish a diversity policy and disclose it or a summary Source: KPMG Report on ASX Corporate Governance Council Principles and Recommendations on Diversity: 31 December year end disclosures Recommendation 2 Entities should disclose in each annual report the measurable objectives for achieving gender diversity and progress towards achieving them Recommendation 3 Entities should disclose in each annual report the proportion of women in: – The whole organisation – Senior executive positions – On the board

9 Summary Non prescriptive guidelines – 1 st year formal reporting Already (in anticipation) 8.3% ► 14.5% in 2 years 25% of all new board appointments female Growth in management pipeline Change in attitude –Diversity on the agenda –Flexible work Source: KPMG Report on ASX Corporate Governance Council Principles and Recommendations on Diversity: 31 December year end disclosures