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LAWS4005 Company Law
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LAWS4005 Company Law
1 Download5 Pages / 1,119 Words
Course Code: LAWS4005
University: The University Of Newcastle
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Country: Australia
Question:
Advantages and Disadvantages of Gender Diversity?
Answer:
Introduction:
There are number of responsibilities imposed on Board of Directors, and these responsibilities also include agenda of corporate governance. The main aim of board diversity is to create broad spectrum of demographic attributes and characteristics in the boardroom. Generally, the common factor for promoting the heterogeneity in the boardroom is known as gender diversity. In other words, it mainly aims at female representation on the board[1].
In this paper, we state the opinion on female contribution in board of directors, and this topic is discussed in the context of issues related to board diversity. Subsequently, this paper is concluded with brief conclusion.
Gender diversity:
Before discussing the advantages and disadvantages of gender diversity, and female quotas on board, it is necessary to noted that best interest of the company is not settled term, and this contention is not true that board of directors affects the company either negatively or positively.
As per the report issued by Post Global Financial Crisis (GFC), companies face increased pressure to conduct best practice in corporate governance. This report increases the corporate governance importance in the eyes of public because such failures affect at global level. However, it must be noted that boardroom diversity can be sued as tool for strengthen the activities related to corporate governance[2].
Generally, diversity relates to the different innate and assumed traits, and this paper seeks to address the issues related to gender diversity. Usually, boards of companies are represented by male members and dominated by males, and because of this participation of female in board is considered as important aspect.
There are number of legislations and methods across the world which addresses the issue of imbalance of male and female participation in the board of directors. Mandatory quotas for female participation in board is criticized by all levels of government but this method is the most successful for increasing the participation of female in case of listed companies. Numbers of studies are conducted for determining the correct number or quota of females on board of directors[3].
As per one report, following outcomes are identified on the appointment of female non-executive director’s to ASX 200 brands in last five years. It must be noted that female participation in board in last five years has been doubled or more than that, as from 8.3% in 2010 to 20% today. This report states the facts of 31st March 2015, as per this woman’s held almost 23.3% directorship in the ASX 20, 23.3% directorship in the ASX 50, and 23.4% directorship in the ASX 100. Female percentage in case of new director appointments to ASX200 boards has been increased from 5% in 2009 to 30% in 2014. In the year 2015, 25% more female appointments to board have been made. However, chairs of female have been increased in ASX 200 boards, as in 2010 it was 2.5% and today it is 6%[4].
Advantages of gender diversity:
As per one study, companies who have female directors in their board perform better by 16% as compared to those companies who have least or does not have women directors in their board. This report also shows that companies who have women participation in their boards showed 26% more return on invested capital as compared to those companies that have less or no women directors.
This study further showed that three or more women directors at board increase the higher sales return by 84% , return on invested capital by 60%, and rate of return on equity by 46%[5].
One more research conducted by Credit Suisse Research Institute shows the similar results that companies which have female directors perform better as compared to those companies who do not have female directors on their board.
The important question in this context is reasons behind the increasing profitability of the company in case of women directors. Answer to this question is stated in number of theories described by 2020 Gender Diversity Campaign and the Credit Suisse Research Institute. As per these theories, following factors are contributed by women in boards are stated below:
Women’s provide diversified thoughts, and this leads to better decision making.
Women’s are better representatives as compared to men’s and they represent shareholders, employees, and customers in better way.
They are more aware of changes, and because of that company gets competitive advantages related to changes in the market.
Essential skills are available in women, and it includes industry knowledge, operational experience, and functional expertise[6].
Conclusion:
After considering all the facts it is clear that gender diversity is the important concept in board of directors and it increase the female participation in the board. Many studies proves that female participation increases the profitability of the board, and leads the company towards growth and success. Therefore, gender diversity in board is necessary
References
Websites
ACCA, ‘diversifying the board – a step towards better governance’, https://www.accaglobal.com/in/en/student/exam-support-resources/professional-exams-study-resources/p1/technical-articles/diversifying-the-board–a-step-towards-better-governance.html, Accessed on 3rd May 2017.
Kate stary, ‘gender diversity quotas on australian boards: is it in the best interests of the company’, https://law.unimelb.edu.au/__data/assets/pdf_file/0004/1709500/2-KateStary-CorporateGovernanceandDirectorsDutiesPaper2.pdf, Accessed on 3rd May 2017.
Australian government, ‘diversity on board of directors’, https://www.camac.gov.au/camac/camac.nsf/byheadline/pdffinal+reports+2009/$file/board_diversity_b5.pdf, Accessed on 3rd May 2017.
Australian Institute of Company directors, ‘Key Facts’, https://www.companydirectors.com.au/~/media/resources/media/media-releases-and-speeches/2015/diversity-key-facts-2015.ashx, Accessed on 3rd May 2017.
Jeremy Barlow, ‘Gender Diversity on Boards & Why it Matters’, < https://www.boardeffect.com/blog/gender-diversity-board-of-directors/>. Accessed on 3rd May 2017.
Women on boards, ‘Why Gender Diversity Matters’, < https://www.2020wob.com/learn/why-gender-diversity-matters>, accessed on 3rd May 2017.
[1] ACCA, ‘diversifying the board – a step towards better governance’, https://www.accaglobal.com/in/en/student/exam-support-resources/professional-exams-study-resources/p1/technical-articles/diversifying-the-board–a-step-towards-better-governance.html, Accessed on 3rd May 2017.
[2] Kate stary, ‘GENDER DIVERSITY QUOTAS ON AUSTRALIAN BOARDS: IS IT IN THE BEST INTERESTS OF THE COMPANY’, https://law.unimelb.edu.au/__data/assets/pdf_file/0004/1709500/2-KateStary-CorporateGovernanceandDirectorsDutiesPaper2.pdf, Accessed on 3rd May 2017.
[3] Australian government, ‘diversity on board of directors’, https://www.camac.gov.au/camac/camac.nsf/byheadline/pdffinal+reports+2009/$file/board_diversity_b5.pdf, Accessed on 3rd May 2017.
[4] Australian Institute of Company directors, ‘Key Facts’, https://www.companydirectors.com.au/~/media/resources/media/media-releases-and-speeches/2015/diversity-key-facts-2015.ashx, Accessed on 3rd May 2017.
[5] Jeremy Barlow, ‘Gender Diversity on Boards & Why it Matters’, < https://www.boardeffect.com/blog/gender-diversity-board-of-directors/>. Accessed on 3rd May 2017.
[6] Women on boards, ‘Why Gender Diversity Matters’, < https://www.2020wob.com/learn/why-gender-diversity-matters>, accessed on 3rd May 2017
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