PwC is advising its high-level clients, including major banks and CEO-level leaders, to plan for government-mandated reporting and diversity policies. Women account for only 26.7 per cent of ASX 200 directorships according to AICD figures, and the average OECD woman earns about 15 per cent less than her male counterparts, according to PwC. The persisting inequities create a climate for legislative intervention which large Australian businesses will need to brace for, according to PwC’s chief diversity and inclusion officer Julie McKay.
A likely policy outcome would be mandatory reporting laws for gender pay gaps, which was introduced this year in the UK. “What this is demonstrating [internationally] is a sense of frustration about the slow rate of progress. Some governments are saying enough is enough, and they are going to intervene,” said Ms McKay. “I don’t think in Australia there is the political courage to do that yet, but I think in three to five years from now, we will be operating in an environment where there is tighter legislation around it,” she said.
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