Sponsored by Nedbank, Kearney Africa | In Association with IoDSA and 30% Club Southern Africa

Johannesburg, South Africa – Business Engage Association NPC, a leading force in gender mainstreaming and corporate governance, is proud to release the "Getting to 40" report, sponsored by Nedbank and Kearney Africa, in association with the Institute of Directors in South Africa (IoDSA) and the 30% Club Southern Africa. This comprehensive report, based on 2023 company reporting, provides an in-depth analysis of gender representation across boards of companies listed on the Johannesburg Stock Exchange (JSE), highlighting progress, challenges, and opportunities for advancing women's representation in corporate leadership.

At the core of the report, it is noted that many positions are approaching the 40% female representation mark, with numerous non-executive directors, lead independent directors, and audit and risk committee members serving as prime examples. For the first time, the research explored the 10 industry categories as defined by the JSE.

Global Context and Local Realities

The "Getting to 40" report not only examines gender diversity on JSE-listed boards but also compares South Africa's progress with global benchmarks. For example, Australia's ASX 300 has achieved 36.9% women on boards, while top European economies like Germany and Italy are setting quotas at 30% and 40%, respectively. These insights place South Africa's gender diversity journey within a global context, helping to frame the nation's progress and areas of opportunity.

Key Findings from the Report

Note: Figures quoted are based on the companies analysed, not the total JSE.

• Companies Analysed: Out of 292 JSE-listed companies at the time of the research, 247 were included in the analysis. Exclusions were due to suspension or incomplete reporting. This streamlined dataset provides sharper insights into board composition and gender policies.
• Gender Representation at Board Level: Women now comprise 36% of board members overall. Parity has been achieved or exceeded in 37 companies, with 47 more companies needing just one additional female appointment to reach equal representation.
• Leadership Roles: Despite progress, gender gaps remain in top executive positions. Women hold 19% of board chair roles, 10% of CEO roles (up from 7% in 2022), and 22% of CFO positions. This indicates gradual improvement but underscores the need for proactive measures.
• Industry Breakdown: The report features the first analysis of gender diversity across industries on the JSE. Social and ethics committees have the highest female representation, with women occupying 51% of chair positions and 35% of membership roles.

Opportunities and Challenges

The report identifies 31 immediate opportunities for appointing women to board positions across 21 companies. However, 43 companies continue a "one and done" approach, considering a single female director sufficient. This highlights the ongoing need for advocacy and stronger policy enforcement.

Voluntary Targets and Reporting

A mixed picture emerges regarding the setting and achievement of voluntary gender targets. While 65 companies report having targets still to be met, 47 companies have already reached theirs. However, detailed gender reporting remains inconsistent, with 19 companies opting not to disclose gender policies or providing vague statements.

Sector-Specific Insights

The report breaks down gender representation in the top five JSE industries, revealing differences across sectors:

• Financial Sector: Women hold 34% of non-executive director roles but only 16% of board chair positions.
• Industrials: Demonstrates a balanced gender ratio, with 37% of non-executive roles occupied by women.
• Telecommunications: Lags in leadership roles, with no female board chairs or Lead Independent Directors.
• Consumer Goods: Shows promising progress, with 38% of non-executive roles held by women.
• Consumer Services: Strong representation in Audit, Risk, and Investment Committees, particularly in chair and member roles.

A Call to Action

Business Engage emphasises the need for continued efforts to achieve the 40% target for women on boards, aligning with global best practices. The report serves as both a benchmark and a call to action, stressing that sustainable change requires both regulatory support and corporate commitment.

Quotes

"We are at a pivotal moment where gender parity on boards is not just a goal but a necessary standard for inclusive and effective corporate governance," said Colleen Larsen, CE of Business Engage. "The 'Getting to 40' report serves as both a benchmark and a call to action for companies to close the gender gap and lead by example."

About Business Engage

Business Engage is dedicated to advancing gender mainstreaming and corporate governance in South Africa. Through strategic partnerships, research, and events, it drives meaningful change in the corporate landscape across Africa. The organisation's initiatives, such as the Board Masterclass Series and the Gender Mainstreaming Awards, foster a culture of corporate gender intelligence.

For more information on the "Getting to 40" report, visit www.businessengage.africa.

About Nedbank Ltd

Nedbank Group is one of Africa’s largest banking groups, with a market capitalisation of R125bn as of June 2024. The diversified financial services provider has operations across several African countries and offshore locations. It is also known for maintaining level 1 BBBEE status for the past six years and is recognised for high ESG scores. For more, visit www.nedbankgroup.co.za.

About Kearney Africa

Kearney is a leading global management consulting firm with nearly 100 years of advising governments, corporates, and non-profits. Known for its innovative approach, Kearney partners with clients to drive transformational outcomes. Visit www.kearney.com.

Media Contact

Malcolm Larsen
Company Secretary, Business Engage Association NPC
+2784-353-9865
This email address is being protected from spambots. You need JavaScript enabled to view it.

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Social Media Post

Business Engage Unveils "Getting to 40" Report on Gender Diversity
The "Getting to 40" report reveals progress and challenges in gender representation on JSE boards. Discover which companies are leading the charge and where more work is needed.

#GenderDiversity #GettingTo40 #WomenOnBoards #JSELeadership #pressrelease #AfricaNewsroom #bizcommunity #publicrelations #africa #southernafrica #southafrica

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