It is a pleasure to be invited to speak this evening.
The work undertaken by this organisation is invaluable in assisting women succeed at the highest levels of the banking and finance sector.
And I'd like to particularly commend Deutsche Bank for their ongoing support.
Events like tonight are important in bringing together women and men to discuss how we can achieve what, in essence, boils down to gender equality.
Whether it is in board rooms, executive positions, or graduate intakes achieving gender equality is an ongoing task. It is a simple idea.
And one that many would have thought wouldn't be an issue in 2011.
Improvements have been made, let us not forget this.
But clearly the problem remains unsolved.
In 2011, the statistics are against women.
Only three per cent of ASX 200 companies have female CEOs.
Less than nine per cent of key executive management positions in ASX 200 companies are women.
In the media, less than five per cent of directors are female.
In finance and banking four per cent of CEOs are women.
And yet, in the face of these statistics we have Julia Gillard as Australia's first female Prime Minister.
Gail Kelly is CEO of Westpac.
Anna Bligh and Lara Giddings are State Premiers for Queensland and Tasmania, and Katy Gallagher is Chief Minister in the ACT.
Justices Crennan, Kiefel and Bell sit on the on the bench of the High Court.
The Australian Industry Group is headed by Heather Ridout.
And Quentin Bryce is Australia's first female Governor General.
While it is important to recognise the distance we have travelled, we should not lose focus of our objective.
Tonight I'd like to outline some of my thoughts on this issue and the positive role that I see government playing.
Because it is one thing to talk about improving gender equity. It is another to act.
To get out there and make the changes that will benefit those women which come behind us.
The economic imperative
To start tonight I'd like to quickly situate gender equality in the context of the broader economic challenges that are facing Australia.In this year's Budget we spoke about the changes underway in the Australian economy as it responds to shifts in the global economy.
We will see the Asian middle class be more numerous than the rest of the world combined.
On our doorstep, such a change will have profound implications. Against this backdrop of economic change we will also be experiencing the impact of the ageing of the population.
These circumstances make participation and productivity improvement greater policy imperatives.
Boosting our productivity over the coming years and decades will be a crucial driver of standards of living.
This challenge is compounded by increased competition for skilled labour, and the historically low levels of unemployment that we are currently experiencing.
In the longer term the challenges of an ageing population will place a heavier burden on taxpayers as the number of people in the workforce shrinks compared to those in employment.
Getting more women in to the workforce, and working towards seeing representation reflect capabilities is consistent with these imperatives.
This is why in the 2011-12 Budget we introduced a number of participation measures, including to the Dependent Spouse Tax Offset, to encourage more women into the workforce.
The tripling of the tax free threshold as part of the clean energy package will also provide incentives for participation.
But while there is a clear economic imperative for gender equality, I also see a more personal and philosophical imperative.
An imperative that derives from a single fact, one that has been central to my professional life, this is a nation with a longstanding commitment to equality.
A nation that strives to give our daughters the same opportunities as our sons.
The problem
And yet, something is clearly amiss.Either we're not good enough, or there are other reasons why women are not getting ahead.
Self evidently the first proposition is false.
Which means we have to look at the second.
What are the reasons for women not getting through to senior ranks and how do we change it?
How do we remove the barriers that stand between a female graduate becoming a female CEO?
How do we confidently say to young women entering the workforce today that gender will not be an impediment to success?
This starts with understanding the scope of the problem. It is multifaceted.
The most obvious and patent impediments have been removed. Formal equality has existed for 27 years.
The Sex Discrimination Act removed the ability to discriminate on the basis of gender when it comes to wages, education, professional qualifications, and jobs.
But nearly three decades after this was enacted, the reality has not caught up with the legislative intent.
To explain these we have to turn to those constraints more difficult to remove.
To the cultural norms and attitudinal biases that continue. As any leader or manager knows, the hardest aspects of organisational culture to shift are those which are unspoken but pervasive.
These implicit norms can be perpetuated in a myriad of different ways.
Perhaps in conversation, or by example.
Perhaps through social or institutional hierarchies that are established in the workplace.
It's having kids but being constantly overlooked for promotion. It's having a children friendly policy, but scheduling meetings for after 5pm.
It's taking work decisions at the pub after work.
Because to change these norms requires that they be acknowledge and identified.
One of the implicit assumptions I want to make special mention of is the discussion around merit.
I'm always interested when people say they oppose affirmative action because merit should be the primary basis of advancement.
I agree.
But in the face of 13 per cent board membership, can anyone believe that is the case?
I am a strong supporter of the argument that diversity strengthens boards.
And the facts back this up.
A McKinsey study found that boards with more women outperformed those with no female representation.
But it is interesting to note the argument has to be made at all. In dealing with the range of barriers women face our focus, I think, needs to be on equality of opportunity.
This approach characterises the initial steps that the Australian business community has taken.
The ASX now recommends disclosing diversity outcomes. The Australian Institute of Company Directors publish board diversity results in real time and established the Chairmen's Mentoring Program.
A number of senior CEOs and board chairs are actively pursuing pro-women policies.
Individually these policies will not solve the problem.
But they all are having a positive impact.
And it is these policies I would argue, and the hundreds of other policies in organisations around Australia, that will see women take the longest strides to equality.
The reason is simple: they provide opportunity.
And providing opportunity is the key to overcoming the cultural impediments to gender equity in our workplaces.
Role of Government
In this regard I see a role for government.Generally the track record of government is positive.
There are however many areas that where improvement is possible.
Shifting the mind set from linear progression to a more flexible approach one that recognises talent and promotes on merit will be important.
By looking at the skills and capabilities of women and providing the right forms of assistance, government can be an attractive option for employment.
Whether it is improved opportunities for mentoring with senior executives.
Or more accessible on-site childcare.
Flexible working hours that recognise the realities of achieving a work life balance.
Or access to training and further qualifications.
These changes can always go further, they can always go faster. Government boards
One key career progression point where the public sector can actively work to improve the employment outcomes of women is in board appointments.
Appointment to a corporate board in Australia can represent the apex of your career.
The role of boards in our corporate world is one of direction, of long term vision. They are entrusted with shareholder value. And yet even after significant success in the past couple of years the level of female representation on our top boards remains below ten per cent.
69 ASX 200 boards have no female representation at all. This is an area where I believe the Government can play a positive role where government can be the advocate and facilitate change.
For women, one of the barriers to board representation is the tendency for appointments to require prior board experience.
With board chairs looking to have the strongest board possible, it is not hard to see how this occurs.
But with women holding such a low percentage of board positions this perpetuates the status quo.
It narrows the pool of potential candidates and throws up a very real barrier to women getting appointed to boards.
So what role can government play in this?
Government can provide the start needed.
Government can provide that first board position.
Government can assist in expanding and diversifying the pool of candidates to sit on Australian boards, both private and public. There are hundreds of boards in the government.
Ranging from advisory boards to statutory authorities and up to companies like Medibank Private, NBN Co and Australia Post, the Commonwealth provides a diverse mix of opportunities.
And our Government can be proactive in appointments.
We can look beyond the need for prior board experience and look to the skills and capabilities that people can add to a board.
We can match potential with opportunity.
Knowing that through opportunity comes the experience and skills required to progress up the ranks of corporate world. In this way, government can provide the start needed for a successful board career.
Concluding remarks
I want to finish on a personal note.In July my father turned 70, so all his children returned to Malaysia for the celebration.
As part of the speeches made by each of us, my younger sister spoke of how much she appreciated his aspiration for her; that he never wanted less, he never expected less for her than he did for his sons.
And so it should be in our society.
