LEADING LADIES South Africa has consistently remained the jurisdiction with the highest percentage of women on boards of listed mining companies
The outlook for the future of women on boards of South African mining companies is buoyed by the strong pipeline in place, with 19.8% of women currently in executive management positions.
This is according to a report published in January entitled ‘Mining for Talent 2015 – A review of women on boards in the mining industry 2012 – 2014’. The research was jointly conducted by nonprofit organisation Women in Mining (Wim) UK and professional services firm PwC.
The report highlights that South Africa has consistently remained the jurisdiction with the highest percentage of women on the boards of listed mining companies, according to each of Wim UK’s previous two reports.
However, the reports also note that, compared with the JSE top 100 listed companies, the South African mining sector still shows a slight lag in incorporation of women on boards.
The three-year trend of women on JSE-listed mining company boards in the top 100 shows a relatively stable position, with a only a slight decrease in representation from 18.8% in 2013 to 17.4% in 2014.
Meanwhile, the report notes that generally there has been a noticeable improvement in gender diversity in senior management and board roles within the global mining industry over the past three years.
However, the report emphasises that women continue to be significantly under-represented.
“Indeed, there remain fewer women on boards in mining than in most other sectors globally. Of the 500 mining companies surveyed in connection with this report, 7.9% of boards are female; an improvement of 3% over the past three years.
Among the larger companies, the picture is better. Within the top 100 globally listed mining companies, 11.1% of boards are female; an improvement of 3.1% over the past three years.”
Respondents to this survey highlighted several of the current challenges, which inhibited the entry of women into the higher echelons of the mining industry.
These included that it was a male-dominated culture with a ‘boys club mentality’, the small talent pool of women in the business pipeline, the lack of sponsorship and role models, working flexibly required to raise a family was seen as a hindrance to promotion and the lack of senior management commitment to diversity.
In 2012, when the first ‘Mining for Talent’ report was released, 53% of the companies of the top 100 mining companies had all-male boards. In 2014, this number fell to 39%.
“Nevertheless, at this rate of change it will take until 2039 for the top 100 listed mining companies to reach the 30% critical mass of women that has been found to have the maximum positive impact on company performance, and until 2045 for the top 500 to do the same,” the report states.
Wim UK chairperson Amanda Van Dyke says after three years of analysis, the results cannot be denied.
“The argument for more women in leadership roles in the mining industry is a business imperative, not just a debate about equality. Mining companies will find it harder to enjoy sustainable long-term best-in-class success so long as gender diversity remains off the agenda,” she states.
In conclusion, PwC director and Wim UK executive board member Stephney Dallmann says she hopes that this report will be the catalyst for the mining industry to make the required changes to welcome more female candidates to the boards of mining companies.