Tide turning for women in senior property roles

PROPERTY trusts have an average of 14.5 per cent of their senior workforce occupied by women, one of the highest levels in corporate Australia, according to the 2012 Australian Census of Women in Leadership survey.

By InvestSMART · 28 Nov 2012

By InvestSMART ·
28 Nov 2012

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While women feature on all the boards of the top 10 listed real estate investment trusts, many lag in senior female representation.

However, in what is a traditionally a male-dominated sector, the tide is turning, led by the recent appointment of Susan Lloyd-Hurwitz as the chief executive of Mirvac.

More women than ever are now employed in the real estate sector, from running a building site, to property-focused investment bankers and stockbroking analysts, to running large divisions.

Carmel Hourigan recently left Lend Lease to take up the senior role as head of investment management at GPT Group. She was replaced by the highly regarded property executive Kylie Rampa, who is the new managing director of Lend Lease's $8.8 billion investment platform.

In the leadership survey, Mirvac and GPT have the highest percentages of women in senior roles.

At Goodman Group's recent annual meeting, shareholders overwhelmingly voted for Rebecca McGrath as a director. Westfield, Stockland and many others have had female directors for years.

All property chief executives have made it clear they wish to increase the level of female leaders in the sector and that all appointments are made on merit, not gender.

But the survey reveals that the numbers of women at the upper levels of corporate Australia are still so low that it will take decades before women achieve any meaningful representation, unless organisations adopt a more disciplined approach and set targets at management levels.

The director of the Equal Opportunity for Women in the Workplace Agency, Helen Conway, said the census revealed that two-thirds of ASX 500 companies had no female executives, and only 12 had a female chief executive.

Disappointingly, Australia has the lowest percentage of female executives, compared to countries with similar governance structures.

"We've been conducting the census for 10 years and, frankly, you'd expect to see more progress," Ms Conway said of the survey.

"Companies have failed to develop and maintain a strong pipeline of female talent, and you can see this in the negligible growth in female executive management."

The survey did show for the first time a significant increase in the number of women on boards, with 61.5 per cent of ASX 200 companies having at least one female director.

But Ms Conway added that even when it came to boards, the number of women was still very small. Less than one in 10 directorships across the ASX 500 companies are held by women

"This should challenge companies to examine their gender equality record," she said.

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Frequently Asked Questions about this Article…

What did the 2012 Australian Census of Women in Leadership find about women in property trusts?

The 2012 Australian Census of Women in Leadership found property trusts have an average of 14.5% of their senior workforce occupied by women, one of the highest levels of senior female representation in corporate Australia according to the survey.

Are women well represented in senior roles at major listed property companies?

While women appear on the boards of the top 10 listed real estate investment trusts, many companies still lag in senior female representation. The census highlighted that Mirvac and GPT have the highest percentages of women in senior roles among property groups, but overall executive-level representation remains low.

Which notable female appointments in the property sector were highlighted in the article?

The article highlights Susan Lloyd-Hurwitz's appointment as chief executive of Mirvac, Carmel Hourigan moving from Lend Lease to head investment management at GPT Group, Kylie Rampa becoming managing director of Lend Lease's $8.8 billion investment platform, and Rebecca McGrath being elected as a director at Goodman Group. It also notes Westfield and Stockland have had female directors for years.

How common are women on ASX boards according to the survey?

The survey showed 61.5% of ASX 200 companies had at least one female director, signaling a notable increase in board representation. However, women still hold fewer than one in 10 directorships across ASX 500 companies, so overall board numbers remain small.

What did the census reveal about female executives and chief executives in ASX 500 companies?

The director of the Equal Opportunity for Women in the Workplace Agency said the census revealed two-thirds of ASX 500 companies had no female executives, and only 12 companies in the ASX 500 had a female chief executive at the time of the survey.

What concerns did the Equal Opportunity for Women in the Workplace Agency raise about progress?

Helen Conway noted that after 10 years of running the census, progress in female executive management has been negligible. She warned companies have failed to develop and maintain a strong pipeline of female talent and that Australia has the lowest percentage of female executives compared with similar governance jurisdictions.

What are property company leaders saying about gender diversity and appointments?

Property chief executives said they want to increase the level of female leaders in the sector, but they stress that appointments should be made on merit rather than gender. The survey cautioned that without a more disciplined approach and management-level targets, it could take decades to achieve meaningful representation.

How can everyday investors use this information about women in senior property roles when evaluating property stocks?

Everyday investors can consider gender diversity and board/senior leadership composition as part of corporate governance assessment. The article points to companies such as Mirvac and GPT with higher senior female representation and shows boards are improving, but executive representation remains low — facts investors can factor into stewardship, voting decisions and engagement with property companies.