BHP is one of the first 10 companies to sign up for the investor-led 40:40 Vision initiative and commit to achieving gender balance in the ranks of its senior leadership within the decade.
Launched late last year, 40:40 Vision has already had companies with a market capitalisation worth collectively close to $300 billion, or 13 per cent of the index, sign up to lead the way in improving gender diversity among Australia’s corporate leadership.
By signing up to the 40:40 Vision, companies pledge to achieve gender balance of 40 per cent identifying as women, 40 per cent identifying as men and 20 per cent any gender in their executive leadership by 2030. Signatory companies have also committed to publicly set gender targets for 2023 and 2027, disclose plans for meeting these targets and report progress annually.
40:40 Vision Steering Committee Chair, Debby Blakey, said it is encouraging to see such strong corporate recognition of the urgent need to improve gender diversity.
“Changing our national culture cannot be achieved without courageous leadership. This must involve more women in leadership as well as men who value the perspective they bring,” Ms Blakey said.
“It’s very encouraging to see some of our nation’s largest companies make a strong commitment to increasing the number of women on boards and in executive positions.”
“By creating more equitable and inclusive workplaces, these companies will reap the rewards, because there’s compelling evidence that better gender balance in leadership is not just fairer, but also good for business – resulting in better performance, better profits and better corporate governance,” she said.
“This shows the positive outcomes that can be achieved through constructive engagement between investors and companies. As investors, we share a common goal with companies of improving long-term performance and gender diversity is an important part of that.”
BHP CEO, Mike Henry, said inclusive, diverse teams are safer, more productive, and make better decisions. They also improve performance.
“Since announcing in 2016 our goal to be gender balanced across BHP by 2025, we have increased the proportion of women working at BHP by nearly two thirds, and are now at over 27 per cent overall. BHP has a balanced senior executive team and we support the 40:40 Vision and the goal of achieving gender balanced corporate leadership in Australia.”
More information about 40:40 Vision is available at hesta.com.au/4040Vision