HESTA 40:40 Vision Progress Report 2025

The HESTA 40:40 Vision Progress Report arrives at a pivotal moment.

With just five years remaining until the 2030 deadline for the United Nations Sustainable Development Goals (SDGs), this second biennial report provides both a measure of progress and a clear call to action on achieving gender balance in ASX300 executive leadership teams by 2030.

Gender diversity has long been a focus of Australia’s responsible investment agenda.

Initiatives such as the 30% Club and Australian Council of Superannuation Investors (ACSI's) work on board diversity have laid strong foundations, and it is encouraging to see that commitment endure even amid global volatility and changing international policy landscapes.

Notably, 95% of surveyed 40:40 Vision signatories reported no change to their company's commitment or approach to gender diversity.

The evidence is compelling. Gender balance in leadership is increasingly recognised as a strategic imperative supporting stronger company performance, greater innovation and long-term value creation.

Removing barriers to women’s full and equal participation in the workforce could unlock $128 billion for the Australian economy [1].

Recent research from the Workplace Gender Equality Agency (WGEA) and the Bankwest Curtin Economics Centre (BCEC) found that companies with gender-balanced leadership teams have stronger market value, profitability and shareholder returns. Their net company values are around 7% higher. [2].

Targets continue to play a critical role in driving progress. ASX300 companies with 40:40 gender targets report 11% higher female representation in executive leadership teams and are 2.7 times more likely to achieve gender balance than companies without targets [3].

Furthermore, over 90% of survey respondents believed that target setting had been a useful way to drive progress towards gender balance in leadership. However, challenges remain.

Around one-third of respondents identified difficulties in meeting their gender targets, often pointing to industry-wide or market-level barriers. This highlights the importance of sustained leadership, collaboration and accountability to drive lasting change.

This report recognises the progress achieved to date while reinforcing the urgency of continued action. With 2030 in sight, the message is clear: ambition, leadership and commitment remain essential to delivering gender balance at the highest levels of Australian business.

References

[1] Women’s Economic Equality Final Report 2023 https://www.pmc.gov.au/sites/default/files/resource/download/womens-economic-equality-taskforce-final-report.pdf

[2] WGEA & BCEC. (2025). Gender Equity Insights 2025: The Power of Balance WGEA & BCEC. (2025). Gender Equity Insights 2025: The Power of Balance HYPERLINK "https://www.wgea.gov.au/sites/default/files/documents/BCEC-WGEA-2025-Gender-Equity-Insights-Report.pdf"https://www.wgea.gov.au/sites/default/files/documents/BCEC-WGEA-2025-Gender-Equity-Insights-Report.pdf

[3] Chief Executive Women 2025 Census: https://cew.org.au/hubfs/25_01 CEW CENSUS DISPATCH A3.pdf?hsLang=en-au

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