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Kean to publish corporate heroes and laggards list on gender equality

Jacob Greber
Jacob GreberSenior correspondent

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The NSW government will begin publishing an annual list of the state’s best and worst companies on gender equality as part of a raft of budget measures to drive up women’s economic participation.

Treasurer Matt Kean will unveil the plan at The Australian Financial Review ESG Summit in Sydney on Wednesday to spur corporate Australia into a “race to the top”.

“Unlocking the full potential of our people is not just a task for government,” Mr Kean will say. “It is a task for every person in our economy, and especially the business community – the ultimate steward of our economic value and future prosperity.”

Treasurer Matt Kean (left) argues that increasing scrutiny of companies handling of gender equality is about raising living standards. “These reforms, while ambitious and wide-reaching, are not radical.” Janie Barrett

The annual gender equality achievement statement will cover the biggest listed companies in NSW using data collected by the federal government’s Workplace Gender Equality Agency (WGEA).

All companies and organisations employing more than 100 staff are by law required to provide the agency with detailed information about gender splits and the proportion of men and women in senior roles.

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Mr Kean will also work with recruitment platforms such as Seek to display whether a company is an “employer of choice” that prioritises and acts on gender equality in their workplace.

A third measure will involve updating the state government’s procurement policy to leverage its buying power and encourage large suppliers to support women across their own workforce.

Finally, next week’s state budget will see $1.4 billion spent on improving the affordability of preschool for families over the next four years.

Mr Kean will suggest that the social movement that emerged around Brittany Higgins and Grace Tame means women will increasingly penalise companies that fall short on gender equality.

“A woman who feels passionately that we need to better recognise her human dignity is not going to want to invest and buy from companies that have poor sexual harassment records,” he will say.

“Women will vote with their feet – and their wallets.”

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Mr Kean will say another reason for highlighting good and bad companies on gender equality will be to encourage more women into the workforce.

“Businesses that stamp out harassment, which have women in senior leadership roles, which respect the contributions women make are going to be able to hire better staff, empower and motivate huge swaths of their workforce and reap the commercial rewards along the way,” he will say.

“Businesses tell me all the time that we have a skills’ shortage – well there is no better way to address that skills’ shortage than by applying the skills of some of the most highly credentialed women in the world.

“As the treasurer of the state, I want to see us embrace the economic value of our full potential.

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“This is why the NSW government will make a once in a generation investment into addressing the barriers women face in this year’s budget.”

Mr Kean cited last year’s NSW Intergenerational Report finding that the state’s economy would be 8 per cent larger by 2060 if women’s economic participation reached parity with men. It would generate the equivalent of an extra $22,000 in annual income per household in today’s dollars.

“These reforms, while ambitious and wide-reaching, are not radical,” he will say.

“By helping address the structural barriers that prevent women from having true freedom of choice over their lives and careers, we can underwrite the prosperity of the NSW economy for decades to come.”

Jacob Greber writes about politics, economics and business from Canberra. He has been a Washington correspondent and economics correspondent. Connect with Jacob on Twitter. Email Jacob at jgreber@afr.com

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