According to the Australian Council of Superannuation Investors (ACSI), the number of female directors at Australia’s largest companies has doubled since 2015, when less than 20 per cent of ASX 200 directors were women.

The gender balance in these boardrooms is now clearly visible, the group stressed.

“The era of male-only boardrooms is coming to an end as board diversity improves governance standards and helps deliver long-term shareholder value,” said ACSI chief executive Louise Davidson.

This occurs just five years after reaching 30 percent representation; based on the current rate of change, ACSI expects the 40 percent target to be reached by the end of 2024. or early 2025.

“Ten years ago when we started this campaign, I sat down to write to every company in the ASX 200 with zero or one woman on the board. I was shocked to find that I had to sign 100 letters. Now you can count that number on your hands,” Davidson said.

"ACSI member superannuation funds have successfully pushed for greater gender diversity on the ASX and will continue this work, recognizing that a wider range of voices at the decision-making table leads to better decision-making and stronger results for investors.”

However, she acknowledged that there are still many boards that lack meaningful gender diversity with the number of female directors below 40 percent or some with no women at all.

"That means they're missing out on a wider pool of talent and more diverse skills," Davidson said.

ACSI clarified that it is engaging with companies to set a timeframe to achieve a 40:40:20 balance of 40 percent male and female, with the remaining 20 percent unallocated to allow for flexibility in renewing the board.

While all ASX 200 companies now have at least one woman on their board, the industry body pointed to a different story for the ASX 201-300, where six companies still have all-male boards.

Meanwhile, 24 ASX 300 companies have less than 30 per cent female directors.

"Encouragingly, the data shows we are seeing new faces and fresh talent joining Australian boards," Davidson said.

Namely, 15 of the 34 women appointed to ASX 200 boards this year are in their first board appointment and another nine are in their second board appointment.

“We need to do more to support women early in their board careers and encourage women to become board leaders to further improve Australian business performance, with benefits for all investors.

"There are currently 13 ASX 200 boards with just one woman on them - I hope to see an improvement in that by next year," Davidson said.