Female representation on corporate boards continues to rise, but women still face significant barriers in securing top leadership positions at Australia’s largest companies, new data reveals.

According to the latest analysis from the Australian Institute of Company Directors (AICD), women now occupy 37.7% of ASX 200 board positions, marking substantial progress in overall board diversity. However, a stark contrast emerges at the highest level, with women holding just 12.9% of chair positions.

Appointment trends over the past year highlight this disparity. Of 49 chair appointments across the ASX 200, only 15 went to women, suggesting a persistent glass ceiling at the leadership level.

AICD Managing Director and CEO Mark Rigotti said board gender diversity has come a long way but there is still work to be done.

“Australia should be very proud of the progress we have made in gender diversity on ASX boards. It’s clear from the statistics that the positive momentum continues.” However, he acknowledged that women remain “far less likely to chair a company than men.”

“We need to understand the reasons for this and look to address them just as we have addressed the diversity of the director pool in general,” Rigotti added.

The 30% Club Australia has identified a key structural barrier to women’s advancement to chair positions. “One contributing factor is that former CEOs remain a key target for new board positions and particular chair roles,” explained Chair Nicola Wakefield Evans. She pointed to the significant underrepresentation of women CEOs at top companies as a crucial factor holding back progress in chair appointments.

This connection between CEO experience and chair selection suggests that addressing gender inequality in executive leadership positions may be crucial for achieving balanced representation at the chair level. Until then, Evans warns, “chair statistics will continue to significantly lag overall director appointments.”