There is a new push to ensure that companies looking to join the ASX have women on their boards before they list.

The Australian Institute of Company Directors (AICD)-led “30 per cent Club” is establishing a group with representation from investment bank and private equity companies, specifically those who advise on IPOs, that will look at a range of initiatives but ensure no companies going through an IPO list without female directors.

“The working group will comprise of investment bankers and private equity professionals that will be advocates for change within their industry,” said Rhian Richardson, who is an executive of the 30 per cent Club and board diversity manager at AICD.

“They will assist us in developing key messages for why diversity on boards is important that speak to investment bankers and founders/investors.

“We will connect them with executive search consultants and female directors so they have a pool of talented directors they can approach for board roles and we will work with them on promoting the companies that are listing to female directors.”

Stockhead took a look at the IPOs done in the past year to see how many companies listed with women on their board.

Nearly 62 per cent of the 63 companies that listed in the past year did not have a woman on the board.

Around 32 per cent had one woman on their boards, while just 6 per cent had two.

Only one company, gold explorer Yandal Resources (ASX:YRL), had female board representation of greater than 50 per cent.

Yandal listed on the ASX in December last year.

Here are the companies that have listed in the past year and how many women they have on their boards:

Swipe or scroll to reveal the full table. Click headings to sort

Listing DateASX CodeCompanyWomenBoard MembersOffer Size (M)Offer PriceLast Price% Change Since Listing
10/02/2018SGI Stealth Global Holdings 049.12250.20.125-0.375
12/05/2018CRS Caprice Resources 033.29490.20.20
07/06/2018WOA Wide Open Agriculture 043.8820.20.16-0.2
11/07/2018MOH Moho Resources 043.869030.20.1-0.5
07/09/2018PGX Primero Group 0519.04250.40.375-0.0625
04/11/2018DXN Data Exchange Network /The0612.67520.20.062-0.69
09/12/201814D 1414 Degrees 0312.30670.350.305-0.128571428571
12/12/2018HMD HeraMED 054.28220.20.240.2
03/07/2019CBY Canterbury Resources 054.423530.30.320.0666666666667
02/14/2019A1G African Gold 043.25170.20.210.05
02/19/2019CLB Candy Club Holdings 043.666010.20.14-0.3
03/29/2019EOF Ecofibre 0314.12612.21.2
04/16/2018MKG Mako Gold 034.79880.20.115-0.425
04/30/2018MAM Microequities Asset Management0414.77520.80.425-0.46875
05/25/2018CPV Clearvue Technologies 053.92350.20.270.35
05/29/2018GAL Galileo Mining 0311.5260.20.155-0.225
05/29/2018PYG PayGroup 046.65890.50.70.4
07/13/2018VEA Viva Energy Group 041955.932.52.43-0.028
07/18/2018KTD Keytone Dairy Corp 0511.32050.20.3550.775
07/20/2018CXL Calix 055.91920.530.710.339622641509
07/26/2018RFR Rafaella Resources 033.8760.20.07-0.65
07/27/2018NSB NeuroScientific Biopharmaceuti044.47420.20.175-0.125
07/30/2018CR1 Constellation Resources 045.2780.20.2450.225
08/16/2018SLZ Sultan Resources 053.64560.20.055-0.725
08/24/2018KWR Kingwest Resources 033.78650.20.16-0.2
08/30/2018CM1 Coolgardie Minerals 043.216310.2-1
09/13/2018ARN Aldoro Resources 033.72450.20.12-0.4
09/17/2018VEN Vintage Energy 0422.3110.20.145-0.275
09/26/2018NBI NB Global Corporate Income Trust04306.05422.050.025
10/17/2018ID8 Identitii 038.16310.750.48-0.36
10/19/2018QEM QEM 033.69650.20.12-0.4
11/29/2018NWM Norwest Minerals 064.755960.20.18-0.1
11/30/2018NVU Nanoveu 044.35960.20.075-0.625
11/30/2018RDC Redcape Hotel Group0536.15321.131.075-0.0486725663717
12/13/2018TYM Tymlez Group 003.76610.220.215-0.0227272727273
12/13/2018EMV EMvision Medical Devices 084.2690.250.3850.54
12/18/2018EX1 Exopharm 035.05190.20.441.2
12/20/2018FIJ Fiji Kava 073.696680.20.08-0.6
12/28/2018AMS Atomos 054.37820.411.011.46341463415
07/05/2018RMY RMA Global 159.08760.250.195-0.22
11/08/2018GSM Golden State Mining 153.349780.20.088-0.56
09/11/2018HLA Healthia 1319.967610.92-0.08
01/29/2019SPT Splitit Payments 178.62560.21.2255.125
02/13/2019UWL Uniti Wireless 149.500940.250.51
02/22/2019MPH Mediland Pharm 159.078110.20.360.8
04/18/2018JMS Jupiter Mines 16185.1390.40.31-0.225
04/27/2018SIL Smiles Inclusive 1427.55910.19-0.81
05/16/2018S66 Star Combo Pharma 154.594760.50.5850.17
05/30/2018KRX Koppar Resources 143.453750.20.17-0.15
06/13/2018VN8 Vonex 144.72440.20.12-0.4
06/19/2018B2Y Bounty Mining 1513.49280.350.11-0.685714285714
08/15/2018TMR Tempus Resources 133.79750.20.230.15
08/20/2018NIC Nickel Mines 18147.740.350.420.2
09/21/2018AR9 Archtis 155.86240.20.125-0.375
09/21/2018AGH Althea Group Holdings 1514.43490.20.4751.375
10/15/2018SMX Security Matters 164.44840.20.511.55
10/23/2018CRN Coronado Global Resources Inc16561.58342.92-0.27
10/31/2018WWG Wiseway Group 1618.40690.50.32-0.36
11/14/2018HM1 Hearts and Minds Investments L18361.752.52.830.132
05/14/2018ED1 Evans Dixon 25100.4642.51.61-0.356
06/21/2018RZI Raiz Invest 2511.2751.80.535-0.702777777778
06/22/2018WGB WAM Global 26253.1762.21.915-0.129545454545
12/14/2018YRL Yandal Resources 233.5630.20.210.05

The 30 per cent Club was launched in May 2015 with a target of 30 per cent women on ASX 200 boards by the end of 2018.

As of the end of February, 29.7 per cent of ASX 200 boards were women. The AICD has set a new target of 30 per cent women directors on the boards of ASX 300 companies by the end of 2021.

Although the 30 per cent Club only looks at the top 300 companies by market cap on the ASX, this is a good indicator of what small caps will have to aspire to if they want to become a bigger player.

It is also likely that this push for more women will eventually flow down to smaller end of the market.

“We are still putting the group together,” Richardson told Stockhead.

“The Australian chapter chair, Nicola Wakefield Evans, thought we should establish this due to our new focus on the ASX 300.”

Wakefield Evans said the role played by investment bankers and underwriters in board selection would also be relevant as the focus shifted towards smaller companies and IPOs.

Flexible working the key to more women

A new study undertaken by the Queensland University of Technology (QUT) and AVID Property Group has shown just how valuable offering flexible work arrangements can be to attracting more women to management roles.

The study, “Effectiveness of gender equality initiatives in project-based organizations in Australia”, was recently published in the Australian Journal of Management.

“While gender equality in Australia is slowly improving, certain sectors – including mining and property – remain highly gender segregated,” said Marzena Baker, a QUT academic and AVID Property Group marketing manager.

“To date, there has been little research to confirm that work-life initiatives had any real impact on gender equality in these sectors, with this paper the first in Australia to do so.

“The availability of work-life initiatives is a major determinant of employees’ perceptions of organisational support for gender equality and may lead to greater organisational attractiveness for new employees.”

This includes things like amended start and finish times, access to part-time work, job sharing and working from home.

The property sector is the second largest employer in Australia, behind mining, directly employing 1.17 million full-time employees.

But just 4 per cent of CEOs and 20 per cent of key managers are women, with men making up almost all higher-status and higher-paying roles.

Other initiatives

The AICD is launching its 6th Chair’s Mentoring Program in August.

The program is AICD’s flagship board diversity initiative aimed at arming highly-experienced and qualified women with the right tools to become directors.

“This program has been really successful in connecting experienced and emerging female directors with ASX chairs and NEDS [non-executive directors] in a mentoring relationship,” Richardson explained.

“Our past mentees have enjoyed successful board directors across a variety of sectors, with a number of them being appointed to ASX 200 boards.”

The AICD monitors ASX 200 boards regularly and produces a quarterly report regularly highlighting the stats.

The organisation is also investigating other projects focused on cognitive diversity on boards and the importance of boards being comprised of individuals with different thinking styles and perspectives.

The 30 per cent Club, meanwhile, is working on a pathways to ASX 200 board roles report featuring insights from the 2018 male and female appointees.