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Top 100 ASX firms fail to acknowledge cultural diversity – ground-breaking study

July 28, 2018 Business News No Comments Email Email

Australia’s leading firms are failing to take advantage of the nation’s cultural and linguistic diversity and are losing out as a result, according to ground-breaking research which looked at the makeup of boards that govern our top 100 companies.

A research report titled ‘Beyond the Pale: Cultural Diversity on ASX 100 Boards’, which details the big end of town’s failure to reflect the diversity of Australia’s population and workforce, will be launched on Monday (30th July).

In the report, Race Discrimination Commissioner, Tim Soutphommasane, describes Australia is a multicultural triumph. However he also says that it’s time for more cultural diversity in the leadership of organisations. “There’s a challenge to get board diversity right – and not just on gender. This research will guide the action leaders need to take.”

‘Beyond the Pale’ will be launched by Dr Soutphommasane, the General Manager (Advocacy) at the Australian Institute of Company Directors, Louise Petschler; the Chair of AMP Capital Funds Management Limited, Ming Long, and the Dean of University of Sydney Business School Professor Greg Whitwell.

The research was undertaken by the University of Sydney Business School’s Associate Professor Dimitria Groutsis, Professor Rae Cooper and Professor Greg Whitwell.

“It reveals that we have a long way to go before our boards are really capitalising on the skills and capabilities of culturally diverse leaders in our community,” said Dr Groutsis.

Media representatives are urged to attend the launch of ‘Beyond the Pale: Cultural Diversity on ASX 100 Boards’.

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