Research & Insights

The evidence for more inclusive boards

Data is the starting point. ALBEI researches board diversity in Australia's listed companies, makes formal submissions and shares what we learn.

Featured · 15 October 2026 · Board diversity advice

Gender is the floor, not the ceiling

New legal advice to ALBEI from leading barristers Noel Hutley SC, Jesse Kennedy and Karen Petch finds that listed company boards that fail even to consider improving diversity beyond gender are likely to be out of step with the ASX Corporate Governance Principles. Our media release sets out the findings, and our note to investors explains what they mean for stewardship.

Research & submissions

Our research

Research · 2024

ASX200 Board Diversity Governance

62 of 129 ASX200 companies with inclusive diversity policies didn't apply them to their own boards.

As at January 2024, only two ASX200 companies reported on under-represented groups on their boards, and only one of them is Australian. Sponsored by Deloitte and Canva.

Submission · 2024

Submission to the ASX Corporate Governance Council

ALBEI stood alongside other under-represented groups so the case for diversity beyond gender was made with one voice.

Research · 2023

ASX50 Board Diversity Governance

16 of the ASX50 had diversity and inclusion policies that applied to their boards and directors.

What we understand to be the first research into the diversity arrangements of ASX boards by Australians.

Read the research

ALBEI also contributes LGBTQ+ director data to the Watermark Board Diversity Index.

ASX200 Board Diversity Governance · 2024

Key findings

Only 129 ASX200 companies have a broadly inclusive definition of diversity, and 23 exclude sexual orientation altogether. Just 67 of the 129 apply their policy to the board itself, and almost none report on diversity beyond gender.

129ASX200 companies have broadly inclusive definitions of diversity
67of those 129 apply their policy to the board itself
62have one rule for staff and a less inclusive rule for the board and directors
23companies exclude sexual orientation from their definition of diversity
11companies don't define diversity in their policy, and 3 have no diversity and inclusion policy at all
127companies with fully inclusive definitions don't report board targets for diversity beyond gender
1Australian company, Woodside Energy, reports on LGBTQ+, First Nations and cultural background at board level. The only other ASX200 company that reports beyond gender, Block Inc., is US-based and dual-listed
71companies have adopted 40:40:20 gender targets, which consider only one aspect of diversity
8.3% to 35%female ASX300 board seats, 2010 to 2023 (Watermark Search and the Governance Institute of Australia)

Source: ALBEI, ASX200 Board Diversity Governance, as at January 2024. For the ASX300 board numbers behind this research, read the March 2024 slides.

Newsletters & papers

Read online or download

ALBEI newsletter, June 2026Progress? The new ASX governance committee decides diversity beyond gender can wait · 7 pages
ALBEI newsletter, January 2025Why ALBEI, what is coming up, and news from around the world · 2 pages
Research update by Lesley Traverso, January 2025Why do 10% of 16 to 24 year olds identify as LGBTQ+, while only 2% of 55 to 64 year olds do? · 5 pages
Summary of our ASX submission, May 2024Our position on the proposed ASX Corporate Governance Principles · 6 pages
Board diversity on the ASX300: key findings, March 2024The headline numbers from our 2024 research · 5 slides

Insights & news

Articles and updates

New Board Opportunities

Two board opportunities shared with the ALBEI network: Tennis Australia's call for nominations, and Chair of the Audit Committee for the Australian subsidiary of a global payments company.

Diversity in all its forms on Australian listed boards has been ruled out (again)

The new ASX Corporate Governance Principles Advisory Committee has ruled out any consideration of diversity beyond gender on listed boards. ALBEI will keep advocating.

Why do 10% of 16 to 24 year olds in Australia identify as LGBTQ+ while only 2% of people aged 55 to 64 do?

Lesley Traverso reflects on the ABS's first estimates of Australia's LGBTQ+ population, and what the age breakdown means for boards.

To be a better board you need more diversity - the ALBEI Board Diversity Submission to the ASX Corporate Governance Council

Our submission to the ASX Corporate Governance Council on its proposed principles, with a summary and the full submission.

ALBEI's Board Diversity Research is Out

Our review of the diversity policies, board governance documents and Corporate Governance Statements of the ASX200.

Is there a "pink pay gap" as well as a gendered one?

Lesley Traverso explores whether there is evidence of a pay gap influenced by sexual orientation as well as gender.

ALBEI Q4 update on board diversity in Australia (November 2023)

ALBEI becomes a not-for-profit, our inaugural board, spreading the word, a global conversation in New York, and the date for our launch.

USA: A first look at NASDAQ's board diversity disclosures

What Nasdaq-listed companies' board diversity disclosures show about representation in the United States.

ALBEI Q3 update on board diversity & data in Australia (August 2023)

Lunch with Dame Inga Beale, what we've been working on, and what we're hearing about the networks boards recruit from.

32% of ASX50 companies have inclusive board policies. Is this moving the dial on true diversity?

Our first research: 16 of the ASX50 have diversity and inclusion policies that apply to their boards. Is this moving the dial on true diversity?

Board Diversity Index Report 2023

The 2023 Board Diversity Index from Watermark Search International and the Governance Institute of Australia, with ALBEI's contribution on LGBTQ+ directors.

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