While in the ASX 100, 31.8 percent of all seats are held by women, this drops down to 22 percent in the ASX 201-300. "While good progress has been made, I had hoped the rate of change would have been greater â therefore its important diversity continues to be a key priority for the board and the CEO. Key is the personal perspective, not the gender of the chair. For the market, diversity signals that an organisation is set up to take on growth, which can drive investor interest in the company. View photos . Without diversity specific policies, boards will likely miss out on representation from the wider community. "Companies in the ASX 201-299, aspiring to break into the higher index of the ASX, should now consider the benefits of putting in place board diversity. "Successful companies can capitalise on diversity and inclusion as a source of competitive advantage.With 23 per cent of ASX 201-299 boards having no female board members and a further 36 per cent only having one female board member, boards must consider alternative signals that demonstrate diversity is a priority within the organisation, even if there is a lack of diversity on the board level. "Gender is the first hurdle in diversity. Though a quarter of businesses in that bracket had achieved the 30 percent target for female representation, more than half had only one female director or none at all. Alison Kitchen, Chairman, KPMG AustraliaWe believe this advice is particularly well timed. "ASX 300 boards may not have institutional shareholders and may have founder shareholder, which can impact diversity"AICD provided KPMG with publicly available S&P/ASX 300 (ASX 300) information dating back to 2015 that detailed gender diversity on boards, along with ASX 300 market capitalisation data sourced by KPMG. "Additionally, with the business world more volatile than ever causing a broader scope of risk, considering NEDs from a range of sectors is seen as invaluable. They want to join a board where they know their voice will be heard and valued. "ASX boards should look to widen their focus to achieve 30 per cent female representation in senior management and executive roles. Just a few faces of the only 15 women CEOs of ASX300 companies. Organisations need to respond with speed to a raft of challenges around increasing consumer expectations and emerging technologies and disruption as well as more recent challenges presented by the COVID-19 pandemic. In order to lift female representation in senior leadership roles boards must create a company environment that is conducive to female career progression. Companies will be engaging with a very different consumer as we emerge from the COVID-19 restrictions; looking in the rear-view mirror will not set companies up well to tackle tomorrowâs problems. While the chair should be held accountable for driving leadership on boards, pressure from institutional stakeholders and male champions of change can also be effective in driving gender diversity. Companies within the ASX 201-299 need to focus on the external signals they send to the market and understand that prioritising diversity and inclusion within all levels of an organisation, is a key source of competitive advantage to attract, develop and retain talented females.Professional recruitment firms play a critical role in identifying candidates that are outside a boardâs personal networks. The board plays a key role in setting the tone for diversity within an organisation, however they can also play an influential role in inspiring and supporting women into management roles through mentorship and female role modelling.