Major companies need to introduce scorecards, link executive pay to diversity, equity and inclusion targets and fast-track women into leadership through targeted talent management to improve the gender balance at the top of corporate Australia.

The recommendations are contained in a new report outlining five ways companies can increase the number of women in senior executive teams. The report, which will be released on Tuesday by Chief Executive Women and Bain & Company, is based on research from 22 companies including BHP, Mirvac, Telstra, Deloitte, QBE, CoreLogic and Lendlease.