Signatories to HESTA’s 40:40 Vision initiative double in 2022

More Australian companies are working to achieve gender balance in their executive leadership teams, with the number of signatories to HESTA Super Fund’s 40:40 Vision initiative doubling in 2022. 

They now represented more than 10% of the ASX 300.

Notably, half the current signatories come from fields like brewing, technology, and mining, traditionally male-dominated industries. 

Vanessa Hicks, group executive people experience of 40:40 Vision’s new signatory TPG Telecom, highlighted the importance of the investor-led initiative.

“Empowering more women to hold leadership roles means having the right structures in place to support them throughout their careers, helping ensure they have the same access to growth opportunities as their male colleagues. Setting targets allows us to measure our progress,” Hicks said.

Mark Palmquist, chief executive and managing director of United Malt, said the decision to join was in alignment with the company’s core business values. 

“We have established diversity targets to support our commitment to improve levels of diversity throughout our organisation, including 45% female participation at the senior level of our company,” Palmquist said.

Recent data from Chief Executive Women’s 2022 census indicated that most companies that achieved gender balance in 2021, but have not maintained it in 2022, “either set low or had no targets”, according to HESTA chief executive and 40:40 Vision chair Debby Blakey. 

“Signing up to a target-based model like 40:40 Vision is a critical first step. It’s a demonstration that a company is striving to be a leader in gender diversity and is ready to drive change. We know targets work and that’s why leading companies are setting targets and managing to them, as they would any other business challenge,” Blakey stated.