The dismal record of having just 8.6 percent women directors in our top 100 listed companies’ boardrooms needs to be changed, Women’s Affairs Minister Pansy Wong told the Institute of Directors’ AGM in Wellington today.

International research continues to show that women directors add competitive advantage to companies and boost performance. For example, a recent study conducted by Leeds University in the UK looked at 17,000 companies and found that those with at least one woman director were 20 percent less likely to go bankrupt.

The Harvard Business Review looked into legislation in Norway - which requires companies to have a 40 percent quota of women directors - finding companies had no negative feedback.

France also recently introduced a quota system for women on boards, while Australia’s listed companies are required to disclose the number of women they have on their boards.

“New Zealand is in a unique position where the Government has joined forces with Business New Zealand and the Institute of Directors to tackle our dismally low levels of women directors,” Mrs Wong says.

“The business case has been proven, the candidates are out there and business communities around the world are starting to realise the competitive edge that gender diversity brings to the boardroom.

“All we need for companies to reap the benefits is for them to give women directors a fair go. I am determined to be the catalyst of change by working with Business New Zealand and the Institute of Directors”.

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