Better decisions
A wider range of perspectives
Diversity of thought and lived experience stimulates debate and leads to better outcomes. A broader talent pool reduces the risk of groupthink.
Why it matters
Better boards draw on a wider pool of talent
Boards make better decisions when they bring together different backgrounds, perspectives and lived experience. Australia's boardrooms are still drawing on too small a pool, and LGBTQ+ leaders are largely missing from the conversation.
The problem
Six directors at one lunch would cover 48% of ASX200 companies and 75% of the index's market capitalisation.
That's what Australian research found in 2021, and it shows just how small the talent pool for our largest boards is. Directors with similar backgrounds can leave a board vulnerable to groupthink and slow to see emerging issues, from ethics and sustainability to workplace harassment, discrimination and fast-moving technology.
Source: Donald Hellyer, “Inviting six directors to lunch would give you access to almost half the ASX 200”, Crikey, 2 March 2021.
Only 5publicly out LGBTQ+ directors across the ASX300 (Watermark Board Diversity Index 2026, prepared with ALBEI)
62 of 129ASX200 companies with inclusive diversity policies didn't apply them to their own boards (ALBEI research, 2024)
23ASX200 companies exclude sexual orientation from their definition of diversity (ALBEI research, 2024)
2ASX200 companies reported on under-represented groups on their boards, as at January 2024. Only one is Australian; the other is a US company dual-listed on the ASX
Our theory for change
Why diversity beyond gender matters
There's excellent work underway on gender, and on cultural and First Nations representation. There's been very little discussion of LGBTQ+ representation on Australian boards.
Visibility counts
Role models at the top
When directors and C-suite executives are openly LGBTQ+, employees have role models to aspire to, and confidence that their employer takes inclusion seriously.
Investors are watching
Diversity in the investment case
Many investors, superannuation funds and investment managers consider board and executive diversity. Companies that don't keep pace risk falling behind.
"Diverse boards offer a broader range of perspectives, knowledge, and expertise, leading to a more comprehensive analysis of complex issues and fostering innovative problem-solving approaches."
Erbil & Özbilgin (2023), Board diversity as institutional competence: recognition and misrecognition of diversity claims
Our position
Not quotas, but a wider view
We aren't calling for new targets or quotas. We're asking chairs and nomination committees to look beyond gender when they consider board appointments, and to take all under-represented groups into account. That's the case we've made to the ASX Corporate Governance Council, and the legal opinion we commissioned looks at directors' responsibility for board diversity under the ASX principles.
Our approach
What we do
Research
Build the data
We research the diversity arrangements of Australia's listed boards, starting with the ASX50 in 2023 and the ASX200 in 2024.
Our researchAdvocacy
Make the case
We make submissions and work with governance bodies, executive search firms and nomination committees, alongside other under-represented groups.
Community
Bring leaders together
From Ring the Bell at the ASX to small leadership dinners, we connect LGBTQ+ directors, executives and allies.
Our eventsGlobal network
Learn from our peers
We work with counterpart organisations, including PRISM in the US and LGBTQ Directors Canada.
Our global networkWhat's next
Mentoring and a pipeline of board-ready leaders
We believe many LGBTQ+ executives in Australia are ready for board roles but aren't always exposed to the right networks. We're planning a mentoring programme that connects members with experienced LGBTQ+ directors and executives, to help build a pipeline of board-ready leaders.
We're aiming to launch the programme in 2028.
Interested in mentoring, or in being mentored? Let us know when you apply for membership, or get in touch.
Does this resonate with you?
Join the directors, executives and allies working for inclusive leadership in Australia's boardrooms and C-suites.
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