The Australian Institute of Company Directors (AICD) has set a target for 30% of board seats to be filled by women by the end of 2018, as reported by the Australian Financial Review.

AICD Chief Executive John Brogden has argued that this target is not only the right thing to do in order to promote gender diversity in the workforce, but that it also equates to better business performance: “Numerous research demonstrates a positive link between the level of female representation on boards and improved corporate performance.”

Indeed, the financial company Goldman Sachs agrees with this sentiment, claiming that narrowing the gap between male and female employment in Australia would boost our GDP by 11% (Broderick, Elizabeth. 2010. ’What does a world of gender equality look like?’. https://www.humanrights.gov.au/news/speeches/what-does-world-gender-equality-look-2010)

In order to reach these targets and narrow this gender gap, Brodgen and Nicola Wakefield Evans, a member of Chief Executive Women suggest having available and flexible childcare for women in order to increase female participation in the workforce. They argue that there is a considerable portion of the female population that currently work outside-work hours or part time, in order to look after families. Brodgen argues that offering a tax deductible child care solution would help encourage women back into the workforce and more importantly into leadership roles.

The AICD target is hot on the heels of Melbourne Premier Daniel Andrews’ announcement early last week, regarding his decision to legislate that all public boards must now have a quota of at least 50% of women serving as board members.

To find out more, read the full Financial Review article written by Nassim Khadem: http://www.afr.com/business/australian-institute-of-company-directors-wants-30-women-on-boards-by-2018-20150409-1mh0qt