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Published online by Cambridge University Press: 24 January 2025
With close to five million women in paid employment and constituting over 45 per cent of the total workforce and 57 per cent of the Australian public service, holding 28 per cent of the seats in Senate and 25 per cent of the seats in the House of Representatives, one could be forgiven for entertaining the thought that as a nation, we are beginning to acknowledge the importance of gender equality. However we are quickly reminded that this is far from the truth when it comes to corporate boards which are important sites of decision making that affect us all. In Australia, although women hold 27 per cent of senior positions in private companies, they only hold 10.9 per cent of the board positions in the top 200 listed companies on the Australian stock exchange. Addressing this issue has taken on utmost importance with many governments threatening to introduce legislation to make it happen. Perhaps unlike some of the enormous challenges of climate change and the Global Financial Crisis, this area is one where nation states see that they can make a difference.
I would like to thank John Braithwaite, Cameron Holley, Ian Ramsay, Colin Scott, Archana Parashar, Chris Robson and the anonymous referees for their comments.
1 Department of Foreign Affairs and Trade, Women —Towards Equality (January 2011) <http://www.dfat.gov.au/facts/women.html>.
2 Women on Boards, Boardroom Diversity Index 2011, <http://www.womenonboards.org.au/pubs/bdi/2011/>; Grant Thornton International Business Report, Proportion of Women in Senior Management Falls to 2004 Levels (2011) Grant Thornton <http://www.internationalbusinessreport.com/Press-room/2011/women_in-senior_management.asp>.
3 For example in South Africa from March 2010, all companies listed on the Johannesburg Stock Exchange were required to produce an integrated report on ‘social, environmental and economic performance alongside financial performance’ information. This report is expected to provide users with a more ‘holistic’ overview of a company see Sustainability South Africa (Press Release, 4 June 2010) <http://www.sustainabilitysa.org/PressReleases/PressReleases2010/Anintegratedreportisanewrequirement.aspx>.
4 See Vincent, Ostrom, Charles, Tiebout and Robert, Warren, The Organization of Government in Metropolitan Areas: A Theoretical Inquiry’ (1961) 55 American Political Science Review 831Google Scholar. See also: Elinor, Ostrom, ‘Beyond Markets and States: Polycentric Governance of Complex Economic Systems’ (2010) 100(3) American Economic Review 200Google Scholar.
5 These three dimensions have been used by Julia Black, see Julia Black, ‘Legitimacy and the Competition for Regulatory Share’ (Working Paper No 14/2009, London School of Economics, 2009) 3. It is acknowledged decentered governance can also apply here. However as discussed by Black, decentering seeks to draw attention away from the state as having a central role whereas polycentric governance draws attention to the multiple sites in which regulation can occur (see discussion at 4). On decentred regulation see: Dimity, Kingsford Smith, ‘Beyond the Rule of Law? Decentred Regulation in Online Investment’ (2004) 26 Law and Policy 439Google Scholar; Julia, Black, ‘Decentring Regulation: Understanding the Role of Regulation and Self Regulation in a “Post-Regulatory” World’ (2001) 54 Current Legal Problems, 103Google Scholar.
6 Australian Government Office for Women, ‘Women on Australian Government Boards Report 2009–2010’ (Report, 2010) 3, 8.
7 See Jody, Freeman, ‘Private Parties, Public Functions and the New Administrative State’ (2000) 52 Administrative Law Review 813, 816–17Google Scholar; Mark, Aronson, ‘A Public Lawyer's Responses to Privatisation and Outsourcing’ in Michael, Taggart (eds), The Province of Administrative Law (1997) 40, 63, 69.Google Scholar
8 See Margaret, Thornton, ‘Sex Discrimination, Courts and Corporate Power’ (2008) Federal Law Review 31Google Scholar.
9 For example, see Elizabeth Knight, ‘About Time Women got Keys to the Boardroom’ Sydney Morning Herald’ (Online) 13 October 2010, <http://www.smh.com.au/business/about-time-women-got-keys-to-the-boardroom-20101012-16hvk.html>. See also Lisa Mayoh, ‘Job For the Boys', The Sunday Telegraph, (Online) 18 April 2010 <http://www.dailytelegraph.com.au/news/job-for-the-boys/story-e6freuy9-1225854970277>.
10 International Convention on the Elimination of All Forms of Discrimination Against Women opened for signature 18 December 1979, 1249 UNTS 513 (entered into force 3 September 1981).
11 Department of Families, Housing, Community Services and Indigenous Affairs, Increasing Leadership and Representation Opportunities (1 February 2011), <http://www.fahcsia.gov.au/sa/women/progserv/equal/Pages/LeadershipRepresentationOpportunities.aspx>.
12 See, eg, NSW initiatives: NSW Government Premier and Cabinet, Women's Employment and Development Strategy (10 March 2011) <http://www.eeo.nsw.gov.au/women/womens_employment_and_development_strategy>. See also Siri, Terjsen and Val, Singh, Female Presence on Corporate Boards: A Multi-Country Study of Environmental Context’ (2008) 83 Journal of Business Ethics 55Google Scholar.
13 United Nations Development Fund for Women and UN Global Compact, Women's Empowerment Principles: Equality Means Business <http://www.unifem.org/attachments/stories/WomensEmpowermentPrinciples.pdf>. See also Charlotte, Villiers, ‘Achieving Gender Balance in the Boardroom: Is it Time for Legislative Action in the UK?’ (2010) 30 Legal Studies 533Google Scholar.
14 United Nations Development Fund for Women, Companies Leading the Way: Putting the Principles into Practice (July 2011) <http://www.unglobalcompact.org/docs/issues_doc/human_rights/Resources/Companies_Leading_the_Way.pdf>. Westpac is the only Australian company on this website.
15 Productivity Commission, ‘Executive Remuneration in Australia‘(Final Inquiry Report, No 49, 19 December 2009), 155. Studies suggest that there are very different models of leadership for women and men with women's descriptors being akin to a transformational model and men's being closer to a transactional model see Beverly, Alimo-Metcalfe, ‘An Investigation of Female and Male Constructs of Leadership and Empowerment’ (2010) 25 Gender in Management: An International Journal 630Google Scholar. On risk averse approaches see Sylvia, Maxfield et al, ‘Gender and Risk: Women Risk Taking and Risk Aversion’ (2010) 25 Gender in Management: An International Journal 586–604, 595Google Scholar; Edeltraud, Hanappi-Egger and Alexandra, Kauer, ‘Gendered Scripts: Studying Hidden Assumptions in Business Contexts’ (2010) 25 Gender in Management 497Google Scholar; Claude, Francoeur et al, ‘Gender Diversity in Corporate Governance and Top Management’ (2008) 81 Journal of Business Ethics 83Google Scholar.
16 Roy D Adler, ‘Women in the Executive Suite Correlate to High Profits ‘European Project on Equal Pay (2001) 2 http://www.csripraktiken.se/wp-content/uploads/adler_web.pdf.
17 Lois Joy et al, The Bottom Line: Corporate Performance and Women's Representation on Boards (October 2007) Catalyst <http://www.catalyst.org/file/139/bottom%20line%202.pdf>. See also Siri Terjesen, Ruth Sealy and Val, Singh, ‘Women Directors on Corporate Boards: A Review and Research Agenda’ (2009) 17 Corporate Governance An International Review 320CrossRefGoogle Scholar.
18 Nina Smith, Valdemar Smith and Mette Verner, ‘Do Women in Top Management Affect Firm Performance? A Panel Study of 2500 Danish Firms ‘(Discussion Paper No 1708, Institute for the Study of Labor, University of Bonn, August 2005), 2.
19 Georges, Desvaux et al, Women Matter: Gender diversity, a corporate performance driver, (McKinsey & Company, 2007)Google Scholar <http://www.mckinsey.com/locations/swiss/news_publications/pdf/women_matter_english.pdf>. Note that this is based on 89 European listed companies with the highest level of gender diversity in top management posts who also have a stock market capitalization of over €150 million. See also, Goldman Sachs and J B Were Investment Research, Australia's Hidden Resource: An Economic Case For Increasing Female Participation (Research Report, 26 November 2009).
20 Joanna Marinova, Janneke Plantenga and Chantal Remery, ‘Gender Diversity and Firm Performance: Evidence from Dutch and Danish Boardrooms’ (Discussion Paper Series No 10–03, Tjalling C Koopmans Research Institute, January 2010).
21 Trond Randøy, Steen Thomsen and Lars Oxelheim, ‘A Nordic Perspective on Corporate Board Diversity’ (Nordic Innovation Centre, Project Number 05030, November 2006) 4.
22 Renee, Adams and Daniel, Ferreira, ‘Women in the boardroom and their impact on governance and performance’ (2009) 94 Journal of Financial Economics 291Google Scholar.
23 For an examination of the manner in which women's decision may differ see, Teresa, Gabaldon, ‘The Lemonade Stand: Feminist and Other Reflections on the Limited Liability of Corporate Shareholders’ (1992) 45 Vanderbilt Law Review 1387Google Scholar; see also Barbara, Ann White, ‘Feminist Foundations for the Law of Business: One Law and Economics Scholar's Survey and (Re) view’ (1999–2000) 10 UCLA Women's Law Journal 30Google Scholar.
24 Gill Gatfield, Without Prejudice: Women in the Law (1996) 259–60 cited in Kate, Malleson, ‘Justifying Gender Equality on the Bench: Why Difference Won't Do’ (2003) 11 Feminist Legal Studies 1, 14Google Scholar.
25 SeeVilliers, above n 13, 545. In the context of the judiciary see Malleson, above n 24, 13-14.
26 Corporations Act 2001 (Cth) s 198A(1) provides that the business of the company is managed by or under the direction of directors.
27 Equal Opportunity for Women in the Workplace Agency and EgonZehnder International, ‘(A)gender in the Boardroom’ (Qualitative Report, Equal Opportunity for Women in the Workplace Agency, 2008) 18 <http://www.eowa.gov.au/Information_Centres/Resource_Centre/EOWA_Publications/EOWA_Census/2008_Census/AGender_in_the_Boardroom_Report/%28A%29Gender_in_the_Boardroom_Full_Report.pdf> (hereafter referred to as ‘Agender in the Boardroom’). See also Anne, Ross-Smith and Colleen, Chesterman, ‘''Girl Disease': Women Managers’ Reticence and Ambivalence Towards Organizational Advancement’ (2009) 15 Journal of Management & Organization 582Google Scholar.
28 See Commonwealth, HIH Royal Commission, The Failure of HIH Insurance, 2003. See also Cecily, C Selby, ‘From Male Locker Room to Co-ed Board-room: A Twenty-Five Year Perspective’ in Ronald, J Burke and Mary, C Mattis (eds), Women on Corporate Boards of Directors: International Challenges and Opportunities (2000) 239, 240Google Scholar. See also Companies and Markets Advisory Committee, Diversity on Boards of Directors, (Report March 2009) 7, 18–19 where it is noted that professionalisation of directors with greater emphasis on compliance and the increased possibility of personal liability has meant that the direct experience in management, rather than experience in other disciplines, is being sought and this acts as a barrier for women.
29 See Equal Opportunity for Women in the Workplace, above n 27, 18; Productivity Commission, above n 15, 366; Smith, Smith and Verner, above n 18.
30 Sumru, Erkut, Vicki, W Kramer and Alison, A Konrad, ‘Critical Mass: Does the Number of Women on a Corporate Board Make a Difference?’ in Diana, Bilimoria, et al (eds), Women on Corporate Boards of Directors: International Research and Practice (2008) 222, 227Google Scholar.
31 Renée, Adams and Daniel, Ferreira, ‘Women in the Boardroom and their Impact on Governance and Performance’ (2009) 94 Journal of Financial Economics 291Google Scholar; Equal Opportunity for Women in the Workplace, above n 27, 13; Lord Davies of Abseroch, Women on Boards (February 2011) Department for Business Innovation and Skills (UK) <http://www.bis.gov.uk/assets/biscore/business-law/docs/w/11-745-women-on-boards.pdf> 10.
32 Erkut, Kramer and Konrad, above n 30.
33 Catalyst, Women on Boards (2011) <http://www.catalyst.org/file/476/qt_women_on_boards.pdf>.
34 Equal Opportunity for Women in the Workplace, above n 27, 25. See Smith et al, above n 18. For another view see Marleen, O'Connor, ‘Women Executives in Gladiator Corporate Cultures: The Behavioural Dynamics of Gender, Ego, and Power’ (2006) 65 Maryland Law Review 465Google Scholar.
35 Equal Opportunity for Women in the Workplace, above n 27, 21, 25, 26.
36 Smith, Smith and Verner, above n 18; Lord Davies of Abseroch, above n 31, 30. See also Stephen, Brammer et al, ‘Gender and Ethnic Diversity Among UK Corporate Boards’ (2007) 15 Corporate Governance: An International Review 393Google Scholar.
37 For example, ‘[t]wo major investment funds, Calpers in the United States and Amazone in Europe, include a gender-balance indicator among their investment criteria. And rating agencies such as Innovest and Vigeo are developing tools to measure gender balance’ Business New Zealand, Institute of Directors in New Zealand (Inc), Ministry of Women's Affairs, Women on Boards: Why Women on Company Boards are Good for Business, (2009), 5 <http://www.mwa.govt.nz/women-on-boards/be-inspired/women-on-boards-why-women-on-company-boards-are-better-for-business.pdf>.
38 Adams and Ferrieira, above n 31.
39 Adele Fergurson, ‘Boardroom No Longer a Boys’ Club', Sydney Morning Herald (Sydney), 26 February 2011, 8.
40 Ian, Ayres and John, Braithwaite, Responsive Regulation: Transcending the Deregulation Debate (Oxford University Press, 1992)Google Scholar; John, Braithwaite and Peter, Drahos, Global Business Regulation (Cambridge University Press, 2000)Google Scholar, and Robert, Baldwin and Julia, Black, ‘Really Responsive Regulation’ (2008) 71(1) Modern Law Review 59Google Scholar. See also Christine, Jolls and Cass, Sunstein, ‘Debiasing Through Law’ (2006) 35 Journal of Legal Studies 199Google Scholar.
41 Meta regulation (defined as regulation that regulates any other form of regulation) can also apply to many of the developments discussed here. However whereas meta regulation is linked to one specific type of regulatory outcome, polycentric governance may not be directly connected to regulating and can be motivated for different purposes. For example, companies that provide skills development for women may not necessarily be engaged in regulating for more women on corporate boards.
42 See Jacint, Jordana and David, Levi-Faur, ‘The politics of regulation in the age of governance’ in Jacint, Jordana and David, Levi-Faur (eds), Politics of Regulation: Institutions and Regulatory Reform for the Age of Governance (Edward Elgar Publishing Limited, 2004) 1, 3-4Google Scholar.
43 Governance Metrics International, ‘Women on Boards: A Statistical Review by Country, Super sector and Sector', (11 March 2010) <http://www.gmiratings.com/hp/Women_on_Boards_March_2010.pdf>. See also Lois Joy et al, above n 17; Deloitte Global Center for Corporate Governance, ‘Women In The Boardroom: A Global Perspective’ (Deloitte Global Services Limited, January 2011).
44 Aagoth Storvik and Mari Teigen, ‘Women on Board: The Norwegian Experience’ Friedrich Ebert Stiftung (June 2010) 10 <http://library.fes.de/pdf-files/id/ipa/07309.pdf>; see also, Deloitte Global Center, above n 43, 14.
45 Ministry of Children, Equality and Social Inclusion (Norway), Representation of Both Sexes on Corporate Boards <http://www.regjeringen.no/en/dep/bld/Topics/equality/rules-on-gender-representation-on-compan.html?id=416864>.
46 Lord Davies of Abseroch, above n 31, 23 and Dodd-Frank Wall Street Reform and Consumer Protection Act, 18 Stat § 342 (2010).
47 This law has still to be enacted in the Journal Official. See: Ethics Board (France), The Zimmermann Copé Bill voted by the French Senate (28 October 2010) <http://www.ethicsandboards.com/node/22500/dossier/21986>. In relation to Iceland see Storvik and Teigen, above n 44, 13.
48 Local Government Act 1992 (Norway) Rules 36, 37 and 38.
49 Villiers, above n 13, 554.
50 The proposals were made to apply a 30 per cent quota for men and women for larger companies. Companies would have to explain any non-compliance. See Deloitte Global Center, above n 43, 12.
51 The proposed law is seeking a one third representation of women on boards of public. See also the example of the Netherlands where the government is now considering quotas to supplement the soft laws: European Women's Professional Network, ‘EPWN Board Women Monitor’ (2010) 8, <http://www.europeanpwn.net/files/europeanpwn_boardmonitor_2010.pdf> companies. It was filed with the Belgian Chamber of Representations on 16 December 2009. Deloitte Global Center, 2011, above n 43, 7.
52 The proposed bill seeks that all listed companies and state owned companies have at least one third women on their boards. This bill was approved by the lower house of parliament and requires approval by the Senate. See Deloitte Global Center, above n 43, 11.
53 Lord Davies of Abseroch, above n 31, 26.
54 Roger, Cotterrell, ‘Comparative Law and Legal Culture’ in Mathias, Reimann and Reinhard, Zimmermann (eds), Oxford Handbook of Comparative Law, (Oxford University Press, 2008) 711Google Scholar.
55 See Lauren, B Edelman, Mark, C Suchman, The Legal Lives of Private Organizations (Ashgate, 2007)Google Scholar and Christine, Parker, The Open Corporation: Effective Self-Regulation and Democracy (Cambridge University Press, 2002)Google Scholar.
56 Anne, Ross-Smith and Jane, Bridge, ‘“Glacial at Best“: Women's Progress on Corporate Boards in Australia', in Burke, et al Women on Corporate Boards of Directors: International Research and Practice, (Edward Elgar Publishing Limited, 2008) 67, 71Google Scholar.
57 The larger ASX listed companies have between four and nine directors on the board with more than two thirds of them being non-executive. See Companies and Markets Advisory Committee, above n 28, 14.
58 Ross-Smith and Bridge, above n 56.
59 Lord Davies of Abseroch, above n 31, 26.
60 Christine, Parker, ‘Meta Regulation: Legal Accountability for Corporate Social Responsibility’ in Doreen, McBarnet, Aurora, Voiculescu and Tom, Campbell (eds), The New Corporate Accountability: Corporate Social Responsibility and the Law (Cambridge University Press, 2007) 207Google Scholar.
61 For example, in Sweden the government proposed legislation in 2004, but it was never passed. See The Great Equality Debate — Whither Swedish Women?, The Local (online), 18 June 2004, <http://www.thelocal.se/230/20040618>.
62 See Ayers and Braithwaite, above n 40.
63 See ASX Corporate Governance Council, Principles and Recommendations with 2010 Amendments', 2nd Edition, (30 June 2010) Australian Securities Exchange 13, 19, 22, 24, 25, 45 <http://www.asxgroup.com.au/diversity-resources.htm>.
64 This is referred to as the Comisión Nacional del Mercado de Valores, Comisión Nacional del Mercado de Valores<http://www.cnmv.es/index_en.htm>. It is not funded directly from the government but rather through levies imposed on industry bodies.
65 This was inserted in April 2010 in anticipation of the quota legislation. See Association Françaisedes Entreprises Privées, Corporate Governance Code of Listed Corporations (Amended in April 2010 Rule 6 and 22 <http://www.ecgi.org/codes/documents/afep_medef_cgcode_listed_corporations_20apr2010_en.pdf>.
66 See Lord Davies of Abseroch, above n 31, 22. It recommends that companies establish a policy on boardroom diversity, including measurable objectives and that this should be annually disclosed in the Annual Report and if the objectives are not met reasons for the situation given.
67 Swedish Corporate Governance Board, ‘The Swedish Corporate Governance Board Promotes good corporate governance’ <http://www.corporategovernanceboard.se/>.
68 Association Françaisedes Entreprises Privées, Corporate Governance Code of Listed Corporations (Amended in April 2010) 7, 8, 11–12 <http://www.ecgi.org/codes/documents/afep_medef_cgcode_listed_corporations_20apr2010_en.pdf>.
69 Equal Opportunity for Women in the Workplace Agency, EOWA Industry Snapshots: Finance and Insurance (2011) <http://www.eowa.gov.au/Information_Centres/Resource_Centre/EOWA_Publications/Industry_Verticals/2011/finance%20&%20insurance_V1.pdf>.
70 Ibid.
71 Women On Boards, Boardroom Diversity Index 2011, <http://www.womenonboards.org.au/pubs/bdi/2011/>.
72 Ibid.
73 Australian Prudential Regulatory Authority, Annual Superannuation Bulletin: June 2010 (19 January 2011) 14 and 18 <http://www.apra.gov.au/Statistics/Documents/June-2010-Annual-Superannuation-Bulletin.pdf>.
74 Equal Opportunity for Women in the Workplace Agency, Industry Verticals 2011, <http://www.eowa.gov.au/Information_Centres/Resource_Centre/EOWA_Publications/Industry_Verticals/2011/2011_Industry_Verticals.asp>.
75 Australian Institute of Company Directors, ‘AICD Takes Action on Board Diversity', (Media Release, 24 November 2009).
76 Australian Securities Exchange, ‘New ASX Corporate Governance Council Recommendations on Diversity’ (Media Release 7 December, 2009) and ASX Corporate Governance Council, above n 65, 7.
77 Letter from Duncan Fairweather, Executive Director Australian Financial Markets Association and Belinda Lawn Chairperson, Women in Financial Markers Working Group to the Australian Stock Exchange Regulatory and Public Policy Unit, 31 May 2010 <http://www.asx.com.au/documents/about/2010_cg_submission_afma.pdf>.
78 Business Council of Australia, ‘CEOs Step up to Take Direct Action on Women in Top Jobs’ (Media Release, 31 March 2010) <http://www.bca.com.au/Content/101669.aspx>.
79 Deloitte Global Center, above n 43, 7.
80 The other tasks of the Council include educating public sector leaders on ‘diversity best practices'. See Canadian Board Diversity Council Home (2011) <http://www.boarddiversity.ca/en/home>.
81 Julia, Black, ‘Regulatory Conversations’ (2002) 29(1) Journal of Law and Society 163, 170–1Google Scholar.
82 Companies and Markets Advisory Committee, above n 28, 1.
83 See Equal Opportunity for Women in the Workplace Agency, ‘Women Directors May Punch Above Their Weight but Women Execs Are On the Ropes: EOWA Report’ (Media Release, 17 June 2009).
84 In submissions to ASX Corporate Governance Committee, both these parties made recommendations that formal targets be considered. See Letter from Hon Gail Gago MLC (Government of South Australia) to Australian Stock Exchange Regulatory and Public Policy Unit, 25 May 2010 <http://www.asx.com.au/documents/about/2010_cg_submission_gov_of_south_australia.pdf>. See also Submission from the Human Rights Commission to the ASX Corporate Governance Council, 1 June 2010 <http://www.asx.com.au/documents/about/2010_cg_submission_aust_human_rights_comm.pdf>.
85 Whereas the Australian Institute of Company Director's announcements came on 24 November 2009, the ASX's proposal to expand its recommendations on Diversity came on 7 December 2009. See for the latter, Australian Securities Exchange, above n 76.
86 Black, above n 5, 10.
87 See Ruth Williams, ‘Gender Mender on Agenda’ The Age (Melbourne) 11 December 2009, 7 and Elizabeth Broderick, ‘Mandatory quotas may be needed on boards’ Australian Financial Review (Sydney), 8 April 2010, 63.
88 Productivity Commission, above n 15, 366.
89 Equal Opportunity for Women in the Workplace Agency, ‘Annual Report 2009–2010’ (Equal Opportunity in the Workplace Agency, 28 November 2010) 8.
90 See in relation to boards and conferences Women on Boards, ‘Gender Matters: 3rd Women on Boards Conference’ Sydney 27–29 April 2011 <http://www.womenonboards.org.au/events/conference2011/>; Corporate Women Directors International, Report on Accelerating Board Diversity, 2010 <http://www.globewomen.org/CWDI/CWDI.htm>.
91 Australian Prudential Regulatory Agency, above n 73, 3. See also NSW Premier & Cabinet Office for Women's Policy, Increasing Women's Representation on NSW Government Boards and Committees, (2 February 2011) <http://www.women.nsw.gov.au/leadership/women_on_boards_and_committees>.
92 Australian Institute of Company Directors, ‘Directors take the lead in helping put women on boards', (Media Release, 22 April 2010).
93 Chartered Secretaries Australia and Women on Boards, ‘Looming Issue for ASX Rules on Gender Reporting’ (Media Release, 9 August 2010).
94 See ASX Group, ‘Diversity — Resources for Listed Companies’ <http://www.asxgroup.com.au/diversity-resources.htm> which includes the names of diversity consultants providing services in this area.
95 Parker, above n 55. See also Black, above n 81, 171.
96 For examples see: Australian Institute of Company Directors, Director Pipeline Project, <http://www.companydirectors.com.au/In-My-State/WA/Pipeline-Project>; Women On Boards, Getting Serious: Your Directorship Action Plan <http://www.womenonboards.org.au/professional-development/gettingserious1.htm>
97 Australian Human Rights Commission, ‘Male Leaders Build Momentum for Women in Business’ (Press Release, 18 April 2010).
98 Deloitte Global Center, above n 43. See also Ernst and Young, ‘Women in Leadership: Engaging Australian Business’ 2011 <http://www.ey.com/Publication/vwLUAssets/Women_in_leadership._Engaging_Australian_business/$FILE/WomeninLeadership.pdf>.
99 Lenore Taylor and Kirsty Needham, ‘Abbott Breaks with Hockey Over Board Quotas for Women', Sydney Morning Herald (online), 9 March 2011 <http://www.smh.com.au/national/abbott-breaks-with-hockey-over-board-quotas-for-women-20110308-1bmoi.html>.
100 Tony Wright, ‘G-G Calls For Female Quotas’ The Age (Melbourne), 8 March 2011 <http://www.theage.com.au/executive-style/executive-women/gg-calls-for-female-quotas-20110307-1bl80.html?from=smh_ft>.
101 Women on Boards, Boardroom Diversity, <http://www.womenonboards.org.au/pubs/bdi/2011/asx.htm>.
102 Ross-Smith and Bridge, above n 56, 72–73.
103 Geof, Stapledon, and Jeffrey, Lawrence, Corporate Governance in the Top 100: An Empirical Study of the Top 100 Companies’ Boards of Directors, (Centre For Corporate Law and Securities Regulation University of Melbourne, 1996)Google Scholar.
104 Elinor Ostrom, A Polycentric Approach for Coping with Climate Change’ (World Bank Policy Research Working Paper No 5095, World Bank, 2009).
105 Neil, Gunningham, Dorothy, Thornton and Robert, Kagan, ‘Motivating Management: Corporate Compliance in Environmental Protection’ (2005) 27 Law & Policy 289, 311Google Scholar.
106 Large companies have been disclosing information about social and environmental issues through a variety of regimes including the continuous disclosure regime under ASX Listing Rule 3.1 where information that is likely to have a material effect on share price has to be disclosed; under s 1031D Corporations Act 2001 (Cth) which requires specific product disclosure by superannuation and life insurance companies; and under the Australian Standard 8003 (2003) which requires integration of social and environmental concerns into their operations and their interaction with stakeholders.
107 Parker, above n 60. See also David Levi-Faur, ‘Jerusalem Papers in Regulation & Governance: Regulation & Regulatory Governance’ (Working Paper No 1, The Hebrew University, February 2010).
108 Colin Scott, ‘Reflexive Governance, Meta Regulation and Corporate Social Responsibility: the “Heineken Effect“’ in Nina Boeger, Rachel Murray and Charlotte Villiers, Perspectives on Corporate Social Responsibility (Edward Elgar, 2008) 177–78.
109 See Cameron, Holley, Neil, Gunningham and Clifford, Shearing, New Environmental Governance (Earthscan, 2011) 183–4Google Scholar. The authors use definitional guidance, participatory incentives and enforcement capability as the categories for state involvement. As the last of these categories, enforcement capability, is minimal in the area of women's participation on corporate boards, I have not adopted it for my analysis. Instead I have used ‘feedback’ as it better reflects the state's role in this particular regulatory site.
110 Ibid.
111 See Productivity Commission, above n 15, 366.
112 Australian Prudential Regulatory Authority, above n 73, 14.
113 Australian Government, ‘Review into the Governance, Efficiency, Structure and Operation of Australia's Superannuation System', Super System Review Final Report Part Two: Recommendation Packages, 2010, 64.
114 Deloitte Global Center, above n 43, 15.
115 See s 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, 18 Stat § 342 (2010). See also Lord Davies of Abseroch, above n 31, 23.
116 Women on Boards, National Sporting Organisations 2011 <http://www.womenonboards.org.au/pubs/bdi/2011/nso.htm>.
117 Women on Boards, Cooperative Research Centres 2011 <http://www.womenonboards.org.au/pubs/bdi/2011/crc.htm>.
118 Women on Boards, Rural Research & Development Corporations 2011 <http://www.womenonboards.org.au/pubs/bdi/2011/ruralresearch.htm>.
119 Monitoring Commissie Corporate Governance Code, ‘Corporate Governance Code Monitoring Committee', <http://commissiecorporategovernance.nl/Monitoring_Committee>.