Female CFO Representation Falls Sharply in Australia

The decline in female CFOs is part of a broader stagnation in gender diversity across corporate Australia. In 2025, a quarter of ASX 300 companies saw a decrease in the representation of women in leadership roles. Shockingly, 18 companies within the ASX 300 still have no women in their executive leadership teams at all. This trend is not isolated to the CFO position. The number of female CEOs in the S&P/ASX 300 also saw a slight decline from 26 in 2023 to 25 in 2024. Overall, women hold only 10% of CEO positions and 31% of executive leadership roles in the ASX 300, with progress toward parity moving at a crawl of about 1% annually. A significant factor contributing to this issue is a blocked pipeline to the top. Men currently hold 80% of the traditional CEO pipeline roles, which include CFO, COO, and Group Executive positions. This dominance in key operational roles makes it less likely for women to be selected for the highest leadership positions. Some experts suggest that economic uncertainty can lead to a "glass cliff" scenario, where women are appointed to leadership roles during crises, only to be replaced by men when the situation is perceived to have stabilized. There is also a belief that in turbulent economic times, businesses may revert to a more traditional, "aggressive" leadership model, which is often associated with male leaders. The disparity is also reflected in compensation. Men are almost twice as likely as women to hold jobs in the top pay bracket in Australia. For female CEOs, the pay gap is significant, with women in these roles earning an average of $170,000 less than their male counterparts. Organizations like Chief Executive Women are advocating for companies to set and adhere to gender diversity targets, such as a 40:40:20 model (40% men, 40% women, 20% any gender). Their research indicates that companies with rigorous gender targets are 2.7 times more likely to achieve a balanced leadership team. The conversation around diversity, equity, and inclusion (DEI) appears to be waning in some corporate circles. A 2025 analysis of annual reports from 81 of Australia's largest companies found that 54 of them had reduced their mentions of DEI and related terms. Looking forward, the focus is on creating a more robust pipeline of female leaders. Initiatives are being called for that go beyond just hiring, to include providing meaningful and intellectually challenging work for women returning from parental leave, and fostering mentorship and sponsorship programs to support their career progression.