Note: audio grabs attached
14 January 2026
A new report exploring the drivers of strengthened gender diversity of some of Australia’s leading companies has found commitment to gender diversity remains strong despite international challenges.
The report[i] summarised the findings of the latest survey of 40:40 Vision company signatories. It also detailed progress towards gender balance[ii] within Executive Leadership Teams (ELT). Currently, 41% of the 41 company signatories have at least 40% women in their ELT compared to just 26% of the overall ASX300. A further 27% were ‘on the cusp’ of reaching 40%, with 30-39% women in their ELTs.
Chair of 40:40 Vision and HESTA CEO Debby Blakey said while critical progress toward gender balance had slowed, it was pleasing to see 95% of the 30 surveyed signatory companies had maintained their commitment to gender diversity, despite changes in the global landscape.
"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,” Ms Blakey said.
“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 is an investor-led initiative, founded by HESTA in 2020 and supported by investors and industry partners, which aims to improve gender balance in ELTs of ASX300 companies by 2030.
The survey of 40:40 Vision company signatories found 100% of company respondents believe greater gender diversity in leadership benefits talent attraction and retention, and workplace culture, while 91% were of the view it benefits business performance.
This follows findings from a recent report[iii] from Bankwest Curtin Economics Centre (BCEC) and the Workplace Gender Equality Agency (WGEA) which found companies taking action in support of gender equality see lower staff turnover and better shareholder value.
The research also found over 90% said target setting had been a useful tool in driving progress toward gender balance in leadership, highlighting the critical role of targets in driving 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,” Ms Blakey said.
“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.”
More broadly across the ASX300, board-level diversity has improved, partly due to sustained investor focus, but progress within ELTs continues to lag and the number of women CEOs remains stagnant at 10%.
Chief Executive Women CEO Lisa Annese also emphasised the need for companies to set clear targets.
"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,” Ms 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 provides actionable insights to help companies drive progress, including prioritising leadership development and succession planning, tackling the gender pay gap, and adopting strategies to attract and retain diverse talent, especially in male-dominated industries.
It also emphasises the need for inclusive workplace cultures, flexible work options, and targeted career programs, such as mentoring, to support women and underrepresented groups.
For more information about the 40:40 Vision initiative and to access the full report visit https://www.hesta.com.au/4040vision.
Ends.
Additional findings:
- 87% of survey respondents have set interim gender targets; 85% of these are on track or have achieved them.
- Companies with 40:40 gender targets have 11% higher representation of women in ELTs and are 2.7 times more likely to achieve gender balance.
About 40:40 Vision
40:40 Vision is an investor-led initiative founded by HESTA, and supported by a range of international and Australian investors and industry partners, which seeks to achieve gender balance in ASX300 executive leadership teams by 2030. Supporting partners include Chief Executive Women, the Australian Council of Superannuation Investors (ACSI), Workplace Gender Equality Agency (WGEA), and the 30% Club.
About HESTA
HESTA is one of the largest superannuation funds dedicated to Australia’s health and community services sector. An industry fund that’s run only to benefit members, HESTA now has more than one million members (around 80% of whom are women) and currently manages approximately $101 billion* in assets invested around the world.
*Information is current as at the date of issue.
[i] The survey was completed in August 2025 and 30 company signatories participated (out of 41 signatories). Overall findings on gender balance at ELT level apply to all 40 of the company signatories. The survey collected information on company interim target setting and achievement, company strategies to advance change and the perceived benefit to companies of improving gender diversity in leadership.
[ii] Gender balance is defined as 40% women, 40% men, and 20% any gender.
[iii] Source: https://www.wgea.gov.au/newsroom/2025-bcec-wgea-gender-equality-insights The research found for a $1 billion ASX-listed business with a gender balanced ELT, additional company value of ~$93 million was added, on average.
