A HESTA-backed initiative to achieve gender balance in ASX 300 leadership teams – 40:40 Vision – has found companies have maintained a strong commitment to gender diversity despite global headwinds.
HESTA-backed 40:40 Vision signatories are leading the ASX on gender balance in executive leadership, according to a progress report released this week.
The report, published on behalf of 40:40 Vision, summarised findings from the latest survey of company signatories and detailed progress toward gender balance within executive leadership teams.
The 40:40 Vision investor-led initiative aims to achieve gender balance in the executive leadership teams of ASX 300 companies.
Research found 41 per cent of the 41 signatory companies have achieved at least 40 per cent female representation in their executive leadership teams, compared with just 26 per cent across the broader ASX300.
A further 27 per cent of signatories were close to the threshold, with between 30 and 39 per cent women in their executive teams.
Chair of 40:40 Vision and HESTA chief executive Debby Blakey said progress had moderated but commitment among participating companies had largely endured.
“The strong conviction among many Australian companies of the value of gender diversity in executive leadership is encouraging. It again highlights the difference in Australia, where we have not given up the critical advances made over recent years,” Blakey said.
She added that 95 per cent of the 30 surveyed signatory companies had maintained their commitment to gender diversity, despite shifts in the global landscape.
“We also acknowledge there remains much more to do. Embracing diverse perspectives is a driving force behind innovation, resilience, and sustainable success in an ever-evolving world and we have yet to fully unlock these benefits across the economy.”
40:40 Vision was founded by HESTA in 2020 and supported by investors and industry partners, with an aim to improve gender balance in executive leadership teams of ASX300 companies by 2030.
The survey found unanimous agreement among respondents that greater gender diversity in leadership benefits talent attraction and retention and workplace culture, while 91 per cent believed it also improves business performance.
The findings align with recent research from the Bankwest Curtin Economics Centre and the Workplace Gender Equality Agency, which showed companies actively supporting gender equality experience lower staff turnover and stronger shareholder value.
More than 90 per cent of respondents said target setting had been a useful tool in driving progress toward gender balance, underscoring the role of measurable goals in accelerating change.
“Gender equality is not just a moral imperative; it’s a strategic one. The evidence is clear – companies with gender-balanced leadership perform better, innovate more, and deliver stronger economic outcomes,” Blakey further stated.
“Targets are a proven tool for driving change. It’s encouraging to see so many of our signatory companies not only setting targets but also achieving their interim goals and experiencing the tangible benefits of doing so.”
Across the wider ASX300, the report noted board-level gender diversity has improved, partly due to sustained investor focus. However, progress within executive leadership teams continues to lag, with the proportion of women chief executives remaining stagnant at 10 per cent.
Chief Executive Women chief executive Lisa Annese said the report reinforced the need for clear targets and accountability.
“This report confirms what we have long known: to improve gender diversity in corporate leadership, companies need more than simply goodwill. They need clear targets tied to genuine accountability,” Annese said.
“The 2025 CEW Senior Executive Census also underscored this reality: organisations with 40:40 commitments consistently outperform those without them. We have the formula for change. We need companies to commit to it, resource it, and ensure accountability for delivering it.”
The progress report also outlined practical steps for companies seeking to lift representation, including prioritising leadership development and succession planning, addressing the gender pay gap, and strengthening strategies to attract and retain diverse talent, particularly in male-dominated industries.
It further highlighted the importance of inclusive workplace cultures, flexible work arrangements and targeted career programs, such as mentoring, to support women and underrepresented groups.
