The nation's biggest super fund, AustralianSuper, will vote against the election of directors at more than 50 listed companies under its new policy of requiring companies to have at least two women on their boards.
"We just don't think it's acceptable [...] for an ASX200 company," he said of the lack of women on boards. "So I don't think there's actually an excuse for it."Mr Gray said AustralianSuper's push for more women on boards was all about investment outcomes. Mr Gray said AustralianSuper, which holds about $40 billion worth of Australian equities, expected a "gradual response" over the next three years to its push to make ASX200 companies have two women on each board."It really is company specific," he said. "Looking at the numbers, I mean, 50 companies, that's a large number. The reality is, that director pool, the director pipeline, is a challenge in getting that solved short term. It's not a small task.
Australian Institute of Company Directors' manager of advocacy Louise Petschler said voting against directors was a "powerful intervention" in the market.
carawaters Is this disruptive action really in the interests of fund members? Do the woke board members even acknowledge their fiduciary duty?