Most ASX300 boards comprise nearly 40% women: Index

The majority of the top 300 ASX-listed companies boast of having boards with nearly 40% female representation, as all-male boards are soon to be a thing of the past, the 2026 Board Diversity Index (BDI) reveals.

Nearly three-quarters (72%) of ASX300 boards now have 38% female representation, marking meaningful progress on gender diversity, according to the latest BDI, which was compiled by Watermark Search International, the Australian Institute of Company Directors (AICD) and Deloitte. The proportion of female board members steadily rose from 36% in 2024 to 37% last year.

The share of boards with equal gender representation climbed to 21%, while all-male boards fell sharply to just 1.4% in 2026 from 4.3% in 2024. A minority (14%) of boards currently have one woman or none.

The 12th annual report also found women hold 38% of board seats, up one percentage point on last year.

AICD chief executive Mark Rigotti said the findings reflect mixed progress.

"Progress on gender diversity has continued, with women holding a growing share of board seats and fewer all male boards than ever before. That progress did not happen by chance. It reflects sustained attention by boards, investors and the broader governance community, and it shows that change is possible when intent is maintained over time," he said.

In terms on ethnicity and Indigenous representation, the BDI highlights a deterioration in cultural and ethnic diversity. Participation by Indigenous directors has fallen - now holding only five positions, down from seven.

Directors from non-Anglo-Celtic backgrounds account for 6.5% of board seats, while representation of international directors also declined. One quarter (24% down from 29%) are from outside Australia. The top three representations come from North America (47.5% up from 37.4%), the UK (16.4% up from 14%) and New Zealand (15.6% down from 24%).

"At the same time, momentum is slower in other areas. Representation of directors from culturally diverse backgrounds remains limited, and participation by Indigenous Australians and other under-represented groups is still very low," Rigotti said.

"These results invite boards to look beyond the current snapshot and consider whether existing approaches to skills matrices, succession planning and search practices are sufficiently broad for the challenges ahead."

The BDI also pointed to gaps in other aspects of diversity. Only one additional director identified as LGBTQ+, while no board members reported having a disability.