Women ‘flatlining’ at top levels of business, says Fortescue CEO Elizabeth Gaines

Fortescue Metals CEO Elizabeth Gaines says business needs to do more to lift women, but says women also have to be more willing to take up new opportunities.

Fortescue Metals Group chief executive Elizabeth Gaines atop a shiploader at the iron ore miner’s Port Hedland facilities

Fortescue Metals Group CEO Elizabeth Gaines has marked International Women’s Day by saying corporate Australia has to do more to lift up women into leadership ranks, while women need to “lean in” and be prepared to say yes to opportunities that come their way.

Speaking to Bloomberg TV on Monday, the female CEO of the $68bn iron ore miner said the growth of female representation in leadership roles in and out of the mining industry is stalling.

“Across corporate Australia we do see that there‘s a flatlining of representation of women in senior roles,” she said.

“This is not contained to the mining sector … Across corporate Australia there are more CEOs, probably, with the name Peter or John than there are female CEOs of ASX-listed companies.

“So there‘s more that needs to be done.”

Ms Gaines said 44 per cent of Fortescue‘s board are female as well as 36 per cent of their senior leadership, and attributed it to the company’s strong performance.

“Diversity is key to our success,” she said, adding that Fortescue was doing more to expand female representation across the whole business, which sits slightly above the 17.7 per cent mining industry average.

11/11/2020 CEO Elizabeth Gaines at Fortescue Metals AGM in Perth Convention Centre. Pic Colin Murty the Australian

“Across the whole business, we’ve got about 20 per cent female representation,” she said.

“We have to have these conversations all the time, we need to be committed to having a diverse workforce, and diversity is about more than just gender – we want diversity across our workforce and we have settings in place to encourage that, but you can‘t be complacent about it.”

Reflecting on her own success as a female business leader, Ms Gaines said she agreed with Facebook CEO Sheryl Sandberg’s maxim that women need to “lean in” to opportunities.

“I‘ve had a philosophy from the outset which is to take opportunities and embrace change,” she said, adding she believes women suffer from ‘impostor syndrome’ more than men.

“I think sometimes women in particular feel some reticence to actually taking or having the confidence to embrace those opportunities that arise.

“Say yes more often than you say no – have the confidence to take those opportunities

“It might mean moving industries, it might mean moving countries or cities, but having that approach and saying I am going to take these opportunities, that can make a big difference to someone‘s career.”