(2)  The Agency may name the employer as having failed to comply with this Act, and set out details of the non‑compliance, in a report under: (b)  section 46 of the Public Governance, Performance and Accountability Act 2013. (1)  Subject to this section, any information relating to remuneration that is included in a public report lodged by a relevant employer under section 13A: (2)  Information referred to in subsection (1) (except personal information) may be so published or used if the relevant employer has, by written notice given to the Agency, agreed to that information being so published or used. This might be linked to the fact that more companies have appointed women directors and there is an overall rise in the universe of companies included in the study, making it more likely to find statistically significant correlations. Some companies have responded to the stresses of the pandemic by providing flexible work arrangements, recognizing that a number of employees have found themselves balancing work with childcare or care for a loved one during the crisis. We apologize for any inconvenience this may cause. Having more women in executives positions will therefore make it easier for companies to appoint women directors with the adequate skill set and this could in turn increase these directors’ influence on the overall decision-making process, potentially improving the trickle-down effects on other women in the workforce. The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. Having more women in leadership will also diminish the biases and negative stereotypes around women’s ability to lead, hopefully addressing issues around unequal pay and gender pay gaps. Forbes15 Smith, N. (2018) Gender quotas on boards of directors. As a result, most large-scale corporate and financial initiatives tend to still focus on mainstream gender metrics. Relevant employers to prepare reports relating to gender equality indicators. (1C)  Subsection (1B) does not limit subsection (1A). (5)  If, on the 100% sale day, Part 3 of the Schedule has not commenced, then, on the day on which Part 7 of the Schedule commences, Parts 3 and 6 of the Schedule are taken to have been repealed. But why? However, more research has been conducted showing that gender diversity in the boardroom matters because it brings a broader collection of experience, viewpoints and backgrounds which result in better decision-making14. Below, we’ve outlined 5 of the key elements mentioned in the report that is linked to gender equality advancement within an organisation. Simply focusing on appointing more women on the board is not enough to achieve gender equality across companies. (1)  Despite section 46 of the Public Governance, Performance and Accountability Act 2013, the annual report prepared by the Director for a period for the purposes of that section must be given to the Minister by the last day of the fifth month after the end of the period. Flexibility can be an effective tool in recruiting and retaining women. (1)  The Minister may appoint a person to act as the Director: (a)  during a vacancy in the office of Director (whether or not an appointment has previously been made to the office); or. (e)  having special knowledge or interest in relation to gender equality in the workplace, the functions of the Agency or the operation of this Act. The push to integrate gender diversity in investment criteria has increased over the years: at least 15 new publicly traded gender lens equity funds have been launched since 2015. (1)  A relevant employer may, before the end of the 2 months within which the relevant employer is required to lodge with the Agency a public report under section 13B, apply to the Agency to extend the period for a further period to enable the employer to lodge the public report. (1)  Before making a legislative instrument under this Act, the Minister must consult the Agency and have regard to any recommendations of the Agency. In my opinion, three things could significantly promote gender equality in the workplace: 1. Share of women in the total workforce per industry, Share of women in junior management positions per industry, Share of women in senior management per industry, Methodology: The list of sub-industries included in every GICS sector is available at https://www.spglobal.com/spdji/en/documents/methodologies/methodology-gics.pdf. (1)  This section applies if a relevant employer, without reasonable excuse, fails to comply with this Act. Methodology: Our universe of assessed companies in Africa is almost exclusively composed of South African companies, which is why we single out South Africa when analysing regional trends. The Gender Equality Act 2020 will improve workplace gender equality in the Victorian public sector, universities and local councils. means information which, at the time when it is supplied by a relevant employer, the relevant employer has specified as being supplied in confidence. (2)  While a person is acting as the Director, the person has and may exercise all the powers, and shall perform all the functions, of the Director. S&P Global.24 Gapsquare (2020). As digitalisation will increasingly change our lives and that of future generations, companies and governments have the responsibility to ensure that all genders, combined with other identity markers such as race, age, ability, religion, sexuality, are represented in these developments. (c)  pays the trainee, and receives payments from the host employer, for the services rendered by the trainee to the host employer; the trainee is taken to be employed by the Scheme and not by the host employer. CFA Institute. If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. 14A  Information of a kind specified by the Minister. (1A)  Subsection (1) does not apply to a person’s conduct if the person is: (a)  performing a duty or function, or exercising a power, under, or in connection with, this Act; or. S53), Affirmative Action (Equal Employment Opportunity for Women) Amendment Act 1989, Broadcasting Services (Transitional Provisions and Consequential Amendments) Act 1992, Affirmative Action (Equal Employment Opportunity for Women) Amendment Act 1992, Sch 4 (items 6, 7): 25 Oct 1996 (s 2(1)), Workplace Relations and Other Legislation Amendment Act 1996, Public Employment (Consequential and Transitional) Amendment Act 1999, Sch 1 (items 54, 55): 5 Dec 1999 (gaz 1999, No S584 and s 2(1), (2)), Equal Opportunity for Women in the Workplace Amendment Act 1999, Sch 1 and 3: 1 Jan 2000 Remainder: Royal Assent, Corporations (Repeals, Consequentials and Transitionals) Act 2001, s 4–14 and Sch 3 (item 173): 15 July 2001 (gaz 2001, No. This prediction has been widely used as a shock therapy to push governments, NGOs, associations, investors and companies into action. (4)  Nothing in this Act shall be taken to require a relevant employer to take any action incompatible with the principle that employment matters should be dealt with on the basis of merit. exp = expires/expired or ceases/ceased to have, (md) = misdescribed amendment can be given, Application, saving and transitional provisions, Affirmative Action (Equal Employment Opportunity for Women) Act 1986, Employment, Education and Training Act 1988, Industrial Relations (Consequential Provisions) Act 1988, s 1 and 2: 8 Nov 1988 Remainder: 1 Mar 1989 (s. 2(2) and gaz 1989, No. (c)  produce to any person a document relating to confidential information of another person furnished for the purposes of this Act. 19E  Agency to offer relevant employers advice and assistance if employers fail to meet minimum standards. (2)  An advisory committee shall consist of such persons as the Minister from time to time appoints. (6)  A person appointed to act as the Director may resign by writing signed and delivered to the Minister. A Union of Equality: Gender Equality Strategy 2020- 2025.20 International Labour Organization (2020). Furthermore, it is expected that having more women on the board will have trickle-down effects on the rest of the workforce. Proportion of companies according to the percentage of women on their board. One of our representatives will be in touch soon to help get you started with your demo. 13  Relevant employers to prepare reports relating to gender equality indicators. (9)  Subsections (7) and (8) have effect subject to the Remuneration Tribunal Act 1973. Amending laws are annotated in the legislation history and amendment history. Navigating a pathway to a low-carbon global economy requires a new plan. Having more women in senior management will in turn ensure that they have the adequate skill sets and required experience to be appointed as board members, enabling companies to reach their quotas and align with the increasing number of regulations around the percentage of women on corporate boards. The threat of burnout is real and could have dire consequences for women’s advancement in the workforce in particular. 22 McKinsey & Company (2020). The benefits of diversity apply not only at board level but throughout companies more broadly, and the question has therefore been raised whether better representation at board level improves overall diversity metrics of a company. (1)  Subject to this section, information of a kind specified in an instrument under subsection (2): (2)  The Minister may, by legislative instrument, specify kinds of information for the purposes of subsection (1). In 2018, BlackRock announced that it expected the companies it invested in to have at least two women on the board and urged the Russell 1000 companies with fewer than that to act on their lack of diversity. (26 September 2020) Pandemic Will ‘Take Our Women 10 Years Back’ in the Workplace. 17 McKinsey & Company (2017). If, despite the misdescription, the amendment can be given effect as intended, the amendment is incorporated into the compiled law and the abbreviation “(md)” added to the details of the amendment included in the amendment history. lodging a public report under section 13A, inform: that lodgement, provide those employees and shareholders or members with access (whether electronic or otherwise) to the public report (excluding information to which subsection (3) applies). But nearly half of companies with more than 30% of women on the board offer some form of remote-work option. The research found that companies with equal recruitment policies and flexible hours tend to recruit more women. Note 1:       In 2012, the text of an international agreement in the Australian Treaty Series was accessible through the Australian Treaties Library on the AustLII website (www.austlii.edu.au). The Minister may grant leave of absence to the Director upon such terms and conditions as to remuneration or otherwise as the Minister determines. Gender Lens Investing: Where to from Here? Daycare facilities and nursing homes closed and schooling moved online in many parts of the world, leaving many caregivers with fewer support options during the traditional workday. (a)  determine the terms and conditions of appointment, including remuneration and allowances, of a person appointed to act as the Director; and. Pyramid: Women in S&P 500 Companies. 9 Equileap (2019). Gestion de Fortunes. The gender pay gap could also contribute to pushing women out of the workforce amid the pandemic. The effects of gender-based violence are far reaching. A survey conducted by the Canadian Women’s Foundation in May found that four out … Women have dropped out of the workforce at a … The same observation can be made in the Asia-Pacific region, where companies based in countries with regulations or recommendations in place performed better than their regional peers and than the regional average in terms of board gender diversity. Relevant employer to make public reports accessible to employees and shareholders etc. (11)  By virtue of this subsection, this Act has the effect it would have if each reference in this Act to a relevant employer were, by express provision, confined to a relevant employer that is a corporation incorporated in a Territory. Journal of Social Policy, 49 (4).13 McKinsey & Company (2020). Similarly, companies with greater gender board diversity appear more likely to offer flexible working arrangements. EDGE Certification, the leading global assessment and business certification for gender equality, with which S&P Global has been collaborating over the years, determines 30% as the critical threshold for a group to achieve substantive representation. 17.......... Agency may grant extensions........................................................... 18.......... Simplified outline.............................................................................. 19.......... Minister will set minimum standards in relation to gender equality indicators. % of women at different levels of responsibility in developed and emerging markets. 156) concerning Equal Opportunities and Equal Treatment for Men and Women Workers: Workers with Family Responsibilities, done at Geneva on 23 June 1981 ([1991] ATS 7); or, (e)  the International Covenant on Economic, Social and Cultural Rights, done at New York on 16 December 1966 ([1976] ATS 5); or. Turn up to any meeting on gender equality and the room will be full of women. World Employment and Social Outlook: Trends 2020..21 Stovall, N.; Nematzadeh, A.; White, L. & Skufca, L. (2020). 100) concerning Equal Remuneration for Men and Women Workers for Work of Equal Value, done at Geneva on 29 June 1951 ([1975] ATS 45); or, (c)  the ILO Convention (No. (b)  to produce in a court a document relating to confidential information of which the first‑ mentioned person has custody, or to which that person has access, by reason of that person’s office, employment or engagement under or for the purposes of this Act or by reason of that person being or having been so authorised; except where it is necessary to do so for the purposes of this Act. S&P Global. (3)  This subsection applies to the following information: (b)  information relating to remuneration that the relevant employer considers should not be subject to the requirement in subsection (2); (c)  information of a kind specified in an instrument under section 14A. The European Union has been the most proactive in this domain, issuing a proposal for a directive on improving the gender balance on corporate boards as early as 201210. Relevant employer to inform employees and employee organisations of the opportunity to comment. The percentage of women in the total workforce in developed and emerging markets has stayed relatively stable, averaging around 35% over the past five years. CFA Institute.5 White, L. & Dholakia, G. (17 September 2018). then, during the period of 28 days beginning on the day the report is lodged, the Agency must not give the employer a notice under subsection (4) of this section in relation to the lodgement of that report. However, the lack of data on other diversity indicators and how they intersect with gender has made it difficult for companies and investors to measure their performance and consistently identify gaps in the domain. According to the Global Gender Gap Report 2020 1, it will take another 100 years to achieve gender equality based on the current rate of progress. Indeed, European companies headquartered in countries with regulations or recommendations on the number of women on the board mostly had an average percentage of women on the board which was higher than the regional average. The economic and social contributions made by women in the family, the workplace, and society tend to be devalued. The Director may resign the office of Director by writing signed and delivered to the Governor‑General. Although this criterion poses obvious challenges, as for example in 2020 women made up nearly half of the employees of S&P 500 companies but only 6% of their CEOs7, it is the first such fund and makes a strong case for more venture capital investment in women entrepreneurs. Gapquare’s research found that in the face of COVID-19, flexible working is now seen as “essential for any employee, instead of inherently gendered.”. governing body of a relevant employer means the board of directors, trustees, committee of management, council or other governing authority of the employer. Greece, which up until then had a soft quota in place, announced the adoption of a 25% binding quota for the end of 2020. (3)  For the purposes of the finance law (within the meaning of the Public Governance, Performance and Accountability Act 2013): (b)  the Director of Workplace Gender Equality is the accountable authority of the Agency; and, (c)  the persons referred to in subsection (2) are officials of the Agency; and. Note:          If the employer does not have a reasonable excuse for the failure, the Agency may name the employer in a report given to the Minister or by electronic or other means: see section 19D. The outlook for gender lens investing is geared to move beyond its current focus on large-cap companies and developed markets, to also set expectations on smallcap companies and in developing markets8. Application, saving and transitional provisions for provisions and amendments. As a result, six EU member-states have adopted binding quotas for gender board diversity: Belgium, Italy, Portugal, Germany, Austria and France. Forbes. In some instances, employers have moved quickly to adapt their policies for working parents. Note:          For example, the Agency may do this on the Agency’s website or in a newspaper. In November 2019, Fox Gestion d’Actifs, a subsidiary of Groupe Premium, launched its Valeurs Feminines Global Fund, which invests only in publicly-listed companies whose CEOs are women6. A Union of Equality: Gender Equality Strategy 2020-2025. includes any tribunal, authority or person having power to require the production of documents or the answering of questions. Relevant employer to make public reports accessible to employees and shareholders etc. Compilation date:                              1 July 2016, Includes amendments up to:            Act No. (2)  The Director holds office, subject to this Part, on such terms and conditions as are determined by the Governor‑General. Women represent 39% of the global workforce but accounted for 54% of job losses as of May 20203. For the purposes of section 19D, a relevant employer is taken to fail to comply with this Act if: (a)  the employer lodges a public report under section 13A and any information included in the report is false or misleading; or. CFA Institute.9 Equileap (2019). (3)  By virtue of this subsection, this Act has the effect it would have if each reference in this Act to employment were, by express provision, confined to employment in connection with the provision of a broadcasting service specified in section 11 of the Broadcasting Services Act 1992. (3)  For the purposes of assisting the Minister in the appointment of the members of an advisory committee, the Agency may provide the Minister with a list of the names of persons: (a)  representing industry or business (including a part of an industry); or, (b)  representing employee organisations; or, (c)  representing registered higher education providers; or. (b)  the Director is the Head of that Statutory Agency. (1)  The Agency is to exercise its powers and perform its functions in accordance with general instructions given by the Minister in writing. For more information on any uncommenced amendments, see the series page on the Legislation Register for the compiled law. There are hundreds of companies and thousands of … (3)  Nothing in this section prohibits a person from: (a)  divulging or communicating information, or producing a document, to the Agency or an officer of a State, in accordance with an arrangement in force under section 33; or. What caused this increase in the percentage of women on the board, and how can it drive change within corporations more broadly? Gender Equality in Kenya: Assessing 60 leading companies on workplace equality. We noticed you've identified yourself as a student. Title..................................... am No 181, 1992; No 183, 1999; No 179, 2012. s 1........................................ s 2A..................................... s 2B..................................... s 3........................................ am No 80, 1988; No 87, 1988; No 30, 1989; No 105, 1992; No 181, 1992; No 60, 1996; No 183, 1999; No 55, 2001; No 105, 2002; No 127, 2002; No 150, 2003; No 54, 2009; No 40, 2011; No 179, 2012; No 5, 2015; No 33, 2016. s 4........................................ s 5........................................ am No 105, 1992; No 183, 1999; No 179, 2012. s 5A..................................... Part II................................... s 6........................................ s 7........................................ s 8........................................ rs No 181, 1992; No 183, 1999; No 179, 2012. s 8A..................................... am No 183, 1999; No 179, 2012; No 62, 2014. s 9........................................ s 10...................................... s 11...................................... s 12...................................... am No 181, 1992; No 179, 2012; No 62, 2014. s 13...................................... s 14...................................... s 15...................................... s 16...................................... s 17...................................... am No 181, 1992; No 183, 1999; No 144, 2001; No 179, 2012. s 18...................................... s 19...................................... s 20...................................... s 22...................................... s 26...................................... s 27...................................... s 29...................................... s 30...................................... s 31...................................... am No 181, 1992; No 43, 1996; No 183, 1999; No 179, 2012. s 32...................................... am No 181, 1992; No 142, 2001; No 144, 2001; No 179, 2012. s 33...................................... Act No. (3)  The Agency may, by electronic or other means, name the employer as having failed to comply with this Act and set out details of the non‑compliance. 3 Mahajan, D.; White, O.; Madgavkar, A. 16A  Relevant employer to inform employee organisations of lodgement of public report. Considering the growing regulatory frameworks and transparency expectations around remuneration practices, companies tackling these issues now will profit from lower compliance costs in the future. (2)  Where the Minister gives a direction under subsection (1), the Minister shall cause a copy of the direction to be laid before each House of the Parliament within 15 sitting days of that House after the direction is given. (b)  during any period, or during all periods, when the Director is absent from duty or from Australia or is, for any reason, unable to perform the duties of the office of Director; but a person appointed to act during a vacancy shall not continue so to act for more than 12 months. (9)  By virtue of this subsection, this Act has the effect it would have to the extent that this Act is appropriate to give effect to, or carry out the purposes of: (a)  the Convention on the Elimination of all Forms of Discrimination Against Women, done at New York on 18 December 1979 ([1983] ATS 9); or, (b)  the ILO Convention (No. (1)  At the time of lodging a public report under section 13A, a relevant employer must, in writing (either in the report or otherwise), inform the Agency of the information included in the report that is personal information. Something’s Gotta Give: COVID-19 Could Rapidly Expand FamilyLeave Policies; It Could Also Deal A Serious Blow To Women In The Workforce. 19C  Relevant employer fails to comply with Act if employer fails to improve against minimum standard, (a)  a relevant employer lodges a public report under section 13A in respect of a reporting period (the base period); and, (b)  in a case where a minimum standard (the base standard) applies in relation to the employer and the base period—at the end of the base period, the employer fails to meet that standard; and, (c)  the employer lodges a public report under section 13A in respect of the second reporting period (the comparison period) after the base period; and.