Infinitas Asset Management and Centre for Gender Economics & Innovation Launch Diversity Index

Steve MacDonald, Infinitas Asset Management, Senator Clare Moore, Susanne Moore, Centre for Gender Economics and Innovation, Senator Larissa Waters, Senator (Minister) Maurice Payne

Steve MacDonald, Infinitas Asset Management, Senator Claire Moore, Susanne Moore, Centre for Gender Economics and Innovation, Senator Larissa Waters, Senator (Minister) Marise Payne

Infinitas Asset Management in partnership with the Centre for Gender Economics & Innovation has launched a performance index for companies within the S&P/ASX200 Index having a minimum of 25% female Board Directors. The index will provide investors with a tool to gauge the performance of companies with gender diversity among Board members and to benchmark investment portfolio performance.

The Infinitas/C4GEi Diversity Index will be published by Infinitas on an on-going basis. The investment management firm has developed investment products and services for investors who seek to have a professionally managed portfolio that is invested in companies with gender diverse Boards and that will be benchmarked against the Infinitas/C4GEi Diversity Index.

In a rare show of cross-party political consensus, Senators from the three major parties – Senator Marise Payne, Senator Larissa Waters and Senator Claire Moore – spoke in support at the Index launch.



The index is managed and updated by Infinitas Asset Management

The Infinitas / C4GEi Diversity Index measures the investment performance of ASX200 companies having at least 25% of Board positions filled by women. The index is market capitalisation weighted. It commenced on 23 April 2015 with a commencing value of 100.00.  SEE THE INDEX HERE

Over time, as ASX200 companies increase their gender diversity, the 25% qualification level will be progressively increased to a target level of 50%.


ABC LOGOBoards featuring women perform better than all-male ones, Centre for Gender Economics and Innovation study finds.

Talking yesterday with ABC World Today with Lindy Kerin 23 April, 2015

“Australian companies where women hold at least a quarter of the board positions perform better than those with all-male boards, research has found. The Centre for Gender Economics and Innovation (C4GEi) and Infinitas Asset Management released the results of the study analysing the effects of women on the financial performance of companies.” see the full article here or

Womens Agenda

Womens Agenda

The ‘All blokes’ versus the ‘Gender Diverse’. Guess which boards perform better?

Womens Agenda, Angela Preistley 23 April 2015

“For many people, it’s simple common sense. Gender diverse boards offer more diverse ideas and better decision-making.

But for those who need the proof, new research from the Centre for Gender Economics and Innovation and Infinitas Asset Management offers some compelling data. Indeed, the 34 all-bloke boards on the ASX 200 have some work to do when it comes to financial performance.

The research launched today finds that companies with at least 25% female representation on their boards perform 7% better than those with men only, and 2% better than those that are male-dominated.”

See the full article here


The Infinitas / C4GEi Diversity Index is an index of the investment performance of companies drawn from the S&P/ASX200 Index having women filling at least 25% of the Board Director positions.

The Infinitas / C4GEi Diversity Index has been developed by Infinitas Asset Management Limited and the Centre for Gender Economics and Innovation to enable investors to track the performance of companies with gender diverse Boards and to assist in the benchmarking of investment portfolios.

Infinitas will be publishing the index on an ongoing basis. The boutique portfolio management firm will also be providing managed portfolios that are benchmarked against the Infinitas /C4GEi Diversity Index for investors who want to have their portfolios managed with Board diversity considered as an integral part of the investment process.

Back-testing of the index since 2010 shows that the companies with gender diverse boards outperform the ASX200 Accumulation Index by a significant 2% pa margin.

Infinitas has also modelled an “All-Blokes” Index of ASX200 constituent companies with no female Board Directors and here the gender diverse Infinitas / C4GEi Diversity Index performance was over 7% pa better than the All-Blokes (13.27% pa v 6.66% pa).

As of March 2015, there are 63 companies among the constituents of the ASX200 index – the leading, largest companies on the Australian Securities Exchange – that have at least 25% of Board positions filled by women.

Infinitas Asset Management and the Centre for Gender Economics and Innovation attribute the better performance from the companies within their index to the benefits of diversity. They consider that diversity of life experiences and outlooks within a boardroom contribute to companies being more likely to identify risks and opportunities and being better equipped to develop strategies to deal with both.

In developing the Diversity Index, Infinitas and the Centre for Gender Economics and Innovation hope that the index will quickly become redundant – that having meaningful Board and senior management diversity will become the norm across ASX listed companies.

In the meantime, the Infinitas / C4GEi Diversity Index provides a reminder of the importance of having our major corporations governed with diversity a central plank of Board construction. Also in the meantime, the Infinitas / C4GEi Diversity Index will demonstrate the benefits to investors that come from having people with diverse backgrounds and perspectives on company Boards.

Amongst the companies in the “All-Blokes” set of companies with no female Directors are well known names including Ramsay Healthcare, Cabcharge and logistics company Qube Holdings.

Recently privatised Medibank Private is the only ASX200 company with a majority female Board.

About the Index

The Infinitas / C4GEi Diversity Index is composed of companies that are constituents of the S&P/ASX200 Index with at least 25% of Directors being female. The index is market-capitalisation weighted and re- weighted in the week of a change to a company’s qualification for inclusion. Companies will be removed or added from or to the index within a week of changes to the components of the ASX200 index and/or changes to companies’ Boards having 25% or more female Directors.

It is intended that over time the 25% qualification level will be raised progressively to a final target level of 50% as ASX200 companies increase their level of Board diversity.

The initial level of 25% female participation on Boards was selected to correspond with the Barclays Women In Leadership Index of US S&P500 companies and to provide a sufficient number of qualifying companies for investors to have well-constructed investment portfolios drawn from the Index.

As of March 2015, the Infinitas / C4GEi Diversity Index consists of 63 companies.
The commencement date of the Index will be 23 April 2015 with an initial index value of 100.

The index will be published on a weekly basis on the Infinitas Asset Management website, .

About Infinitas Asset Management

Infinitas Asset Management Limited is a Values-based portfolio management firm established in 2008 servicing private investors and the philanthropic/not for profit sector. It is an Australian leader of gender focused investment strategies and products. Infinitas has published reports titled Investing Like A Woman and The Value of Women which are available at

About The Centre for Gender Economics & Innovation

The Centre for Gender Economics and Innovation aims to be the world’s leading social enterprise improving women’s contributions to the economy and helping women achieve their leadership potential. The Centre’s Diversity Program Review Framework (DPRF™), which is operated under a global licence, is a proprietary methodology for determining an organisation’s diversity capability.

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