Women climbing up the ranks

PROPERTY trusts have on average 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 woman than ever are 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 a senior role as the head of investment management at GPT Group. She was replaced by property executive Kylie Rampa, the new managing director of Lend Lease's $8.8 billion investment platform. Mirvac and GPT have the highest percentages of women in senior roles, according to the survey.

At Goodman Group's recent annual meeting, shareholders overwhelmingly voted for Rebecca McGrath as a director.

Westfield, Stockland and others have had female directors for many years.

Property chiefs have made it clear they wish to increase the number of female leaders in the sector and that all appointments are made on merit not gender. But the overall survey reveals that the numbers of women at the upper levels of corporate Australia are 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 have no female executives and only 12 have 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 showed 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 said that even when it comes to boards, the number of women is still small. Less than one in 10 directorships across the ASX 500 companies is 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 and senior roles?

The 2012 Census found property trusts have, on average, 14.5% of their senior workforce occupied by women — one of the highest levels in corporate Australia. The survey also noted that while women sit on the boards of the top 10 listed real estate investment trusts, many firms still lag in senior female representation.

Which ASX-listed property companies were highlighted for recent female appointments or strong female representation?

The article highlights Mirvac (with Susan Lloyd-Hurwitz appointed as chief executive), GPT Group (Carmel Hourigan moving to head investment management), Lend Lease (Kylie Rampa appointed managing director of its $8.8 billion investment platform), Goodman Group (Rebecca McGrath elected director), and notes that Westfield and Stockland have had female directors for many years. Mirvac and GPT were cited as having the highest percentages of women in senior roles in the survey.

How common are female executives and female chief executives across ASX 500 companies?

According to the survey, two-thirds of ASX 500 companies have no female executives, and only 12 ASX 500 companies have a female chief executive.

What progress did the census show on women serving on boards in ASX 200 companies?

The census showed a significant increase in the number of women on boards: 61.5% of ASX 200 companies had at least one female director. However, the survey also found that less than one in ten directorships across ASX 500 companies is held by women, indicating board representation is still relatively small.

Why does gender diversity in boards and senior management matter for everyday investors?

The article suggests gender diversity is a corporate governance and leadership issue companies are being encouraged to address. Property sector leaders say they want more female leaders and the census results were described as a challenge for companies to examine their gender equality record — factors many investors watch when assessing management quality and long‑term strategy.

How long will it take for women to achieve meaningful representation in corporate Australia according to the survey?

The survey warned that, given the current low numbers of women at upper levels, it could take decades for women to achieve meaningful representation unless organisations adopt a more disciplined approach and set targets at management levels.

What criticisms did Helen Conway of the Equal Opportunity for Women in the Workplace Agency make about the survey findings?

Helen Conway noted the disappointing results: two‑thirds of ASX 500 companies have no female executives, only 12 have female CEOs, and Australia has the lowest percentage of female executives compared with countries with similar governance structures. She also said companies have failed to develop and maintain a strong pipeline of female talent, shown by negligible growth in female executive management.

What actions does the article recommend companies take to improve female leadership and executive pipelines?

The article highlights calls for companies to adopt a more disciplined approach by setting targets at management levels and developing and maintaining a strong pipeline of female talent. It also notes property chiefs emphasize appointments should be made on merit, while still increasing the number of female leaders.