Board diversity: the numbers are in – and they reveal more than progress.

Now in its 11th year, the 2025 Board Diversity Index by Watermark Search International (in partnership with AICD and Deloitte for the first time) offers the most comprehensive national snapshot of diversity across ASX 300 boards. Watermark Search International highlights an uncomfortable truth: while gender representation continues to improve, other dimensions of diversity remain largely stagnant — or are regressing.

What the data tells us:

  1. Gender diversity continues to grow:

    -73% of ASX300 boards now have over 30% women — up 4% from 2024

    -Women now hold 35.5% of board seats

    -However, only 18% of female directors hold 43% of the female-occupied seats, suggesting concentration of influence among fewer women

  2. Cultural diversity remains low and is slipping:

    1. 91.9% of directors are of Anglo-Celtic background

    2. Representation from other ethnicities is either stagnating or declining

  3. Other forms of diversity are critically underrepresented:

    1. First Nations, LGBTQ+, and People with Disability representation is negligible or absent across most boards

    2. Despite being measured for 3 years now, there’s little progress

  4. Board profiles remain narrow:

    1. 82% of directors hold an undergraduate degree

    2. 18% of directors are deemed non-independent,

    3. Many boards lack diversity in age, skills, and tenure

This isn’t just a data point — it’s a call to rethink how we define leadership. While gender representation is improving, the broader picture remains clear: corporate leadership in Australia is not reflective of the society it serves. The report urges leaders to rethink board composition not just through a gender lens, but with a wider focus on cultural, experiential, and identity-based diversity.

This aligns with broader conversations around the need for boards to evolve to match the complexity, globalisation, and demographic changes shaping Australia’s economy and workforce.

At Elevate, we work with boards ready to lead with equity, inclusion, and courage - because diverse leadership isn’t a nice-to-have. It’s a must.

Read the full report: 2025 Board Diversity Index

Coverage via AFR: “Board Diversity – What We’re Doing Isn’t Working”