Gender diversity and gender equality in SA boardrooms are advancing far too slowly, despite clear evidence that female leadership delivers measurable benefits to business performance and corporate governance. Current trends suggest it could take more than a century before South Africa achieves gender parity in board composition.
The United Nations estimates that at the present pace, women will only hold equal managerial positions to men in 140 years. This is despite global studies showing that gender-diverse companies consistently outperform those with fewer female directors in leadership roles.
Representation on boards: SA lags behind
Less than one in five directors of JSE-listed companies, including the JSE Top 40, are women directors (19.1%), a figure that has barely shifted in the past five years. This leaves South Africa trailing behind the global average of 23.3% in terms of board gender diversity, while countries such as France and Norway are approaching near parity with boardroom quotas.
“South Africa’s progress in gender transformation is, in a word, glacial,” said Professor Anita Bosch, Research Chair in Women at Work at Stellenbosch Business School and editor of the 2025 Women’s Report. “A short-term, reasonable and feasible target would be 30% female representation on corporate boards.”
Why gender diversity and gender equality in SA matters
Women make up 51% of South Africa’s population, 46% of its economically active population, and attain higher tertiary education rates than men. Yet, they remain under-represented in corporate decision-making and executive management roles.
Bosch explained, “Creating a world where female board members are valued with the same enthusiasm and opportunity as their male counterparts is not only ethically right but also makes solid business sense in terms of board effectiveness and competitive advantage.”
The business case for women on boards
Research shows that gender-diverse boards lead to more transparent reporting, stronger oversight, and enhanced reputational credibility. Female executives often foster collaborative decision-making, avoid groupthink, and bring customer-focused insights, which are particularly valuable as women drive the majority of consumer spending.
A Morgan Stanley study of 1,875 companies confirmed this advantage, finding share price outperformance of 7.1% in Europe, 3% in Japan, and 2% in the USA for firms with higher board gender diversity. Sector analysis revealed especially strong performance in consumer discretionary (13.8%) and healthcare (9%).
South Africa’s commitments – but no mandates
Although South Africa signed the SADC Protocol on Gender and Development, which calls for 50% representation in decision-making roles, there is no legislated quota for gender diversity initiatives in SA. Instead, the King IV Code encourages companies to set and disclose gender diversity targets, leaving implementation of gender diversity policies voluntary.
Quotas vs targets: a global comparison
Countries adopting quotas, such as Norway and France, have seen dramatic results in gender mainstreaming, nearing 40% female board representation. In contrast, the UK and Australia, which favour voluntary targets with government backing, have achieved progress through accountability and public reporting on board appointments.
“While quotas and targets are bearing fruit, there is no single recipe for success,” Bosch noted. “Quotas can be aggressive and polarising, leading to unintended consequences like femwashing or overboarding a select few women. A target of 30% female directors, with 40% as a stretch, is both reasonable and feasible for board composition.”
The need for momentum
The data is clear: gender diversity in SA has not kept pace with international trends, despite overwhelming evidence that women on boards strengthen governance, decision-making, and business outcomes. For South Africa to compete globally, businesses must treat diversity not as a compliance exercise but as a strategic imperative for board effectiveness.
To accelerate progress, companies should focus on developing robust gender diversity policies, setting clear targets for female representation in both non-executive director roles and executive management positions. By prioritising gender equity in board appointments and fostering an inclusive corporate culture, South African businesses can tap into the full potential of female leadership and drive sustainable growth in an increasingly competitive global landscape.
