The Inaugural Chair and founding member of the Aboriginal and Torres Strait Islander Chartered Accountant Committee, Joshua Duke, says the lack of First Nations people at the top end of corporate Australia is not good enough.
The proud Dunghutti man said there were several reasons why so few Indigenous people are on ASX-listed company boards, including historical disadvantage, network and connection gaps, lack of opportunities and cultural barriers.
While many First Nations people have taken up key chief executive roles in recent times, there are currently only three on ASX100 boards – former Western Australian treasurer Ben Wyatt (Rio Tinto), Worrorra Walmajarri woman Katina Law (IPS Consultants) and Putejurra woman Kate George (Ten Sixty Four).
"First Nations people have faced systemic disadvantages since the colonisation of Australia, including social, economic, and educational disparities," he told the National Indigenous Times.
"This is evidenced every year as we read the closing the gap reports which demonstrate that there's still a clear gap, despite continuing efforts, their commitment wanes and waxes depending on the Government of the day, it isn't closing.
"Traditional cultural values, communication styles, and perspectives may not always align with the existing corporate culture, which can present additional challenges for First Nations people in boardrooms. Overcoming these barriers and creating inclusive environments is crucial to fostering diversity and representation."
Mr Duke, who holds several directorships including Bangarra Dance Theatre and the YMCA Canberra, is confident more First Nations people will be elected to ASX boards down the track.
He said potential future Indigenous business leaders may still have to overcome unconscious biases and stereotypes that could be influencing their selection onto boards.
"These biases may have affected the consideration of First Nations candidates, as stereotypes and misconceptions can undermine their qualifications and potential contributions," he said.
"I can see those numbers improving in the years to come and have great confidence that we will see these numbers increase. There's a lot of goodwill out there for First Nations peoples and the next generation coming through the ranks will change the world."
Mr Duke, who recently discussed the lack of Indigenous leaders on corporate boards on Monash Universities Business School's podcast Black Magic Woman podcast, said ASX companies needed to recognise the unique skills, perspectives and lived experience that First Nations people can bring to boardrooms.
"In an Australian context, I think it's incredibly important," he said.
"Those who get this right will lead the way in creating social impact as well as having unrivalled employee value propositions, it also enables access to a pipeline of talent in the market...particularly when competing for young talent who see the world differently and understand the stakes for ignoring this imperative and as we know from my earlier point, this is something we really do care about."
