Influential women: A spotlight on the chairs of APRA's largest funds - Heather Ridout
In the third and final part of our series on the women who chair five of APRA's 10 largest funds, we shine a spotlight on Heather Ridout, chair of the country's largest industry fund, AustralianSuper, and recipient of the Order of Australia in 2014 for distinguished service to business and industry.
Heather Ridout
Independent chair, AustralianSuper
Appointed Chair?
March 2013
Other current board positions?
Reserve Bank board member
Director of Sims Metal Management
Director of ASX Ltd
Director of Image Networks Holdings Pty Ltd
Member of the boards of: the Australian Chamber Orchestra; Asialink; Advance Australia Advisory Board and L.E.K. Consulting Advisory Board
Co-Chair of the Australian-Canada Economic Leadership Dialogue
Member of the B20 Leadership Taskforce
Member of the American-Australian Leadership Dialogue
Ambassador to the Australian Indigenous Education Foundation
Education?
BEc (hons) from the University of Sydney
Honorary Doctor of Business from both Macquarie University and Ballarat University
Place of birth?
Deniliquin (south-western NSW)
First job?
Researcher with NSW Liberal senator Milivoj (Misha) Lajovic
Career background?
Joined the AI Group in 1975. Spent the last 8 years as CEO before leaving in 2012.
Most rewarding part of the role as chair?
Being Chair of AustralianSuper brings many rewards. Working with such a talented, committed and purposeful group of people is right at the top. AustralianSuper is one of Australia's foremost financial institutions and its importance is growing rapidly. To play a part in shaping its future is quite extraordinary.
Are quotas necessary to get equal representation on boards?
Encouragingly, gender equality on Boards has risen quite sharply in recent years, and this is both welcome and necessary. However, women remain underrepresented, and if further substantial progress isn't made then quotas will be necessary. Consolidating the progress made to date is not sufficient.
If so, what might be necessary to get to the AIST target of a minimum of 40% of each gender by 2017?
This will require a combination of measures:
Leadership from the top - CEOs and Boards must be committed and demonstrate commitment to these targets;
Setting targets and rigorously reporting on progress towards achieving them;
Ensuring management KPIs include progress against achieving the targets;
Where people fall short, the organisation should be willing to enforce the objective through remuneration and promotion strategies etc;
Active professional development and mentoring of female employees; and
Affirmative action in recruitment which does not accept the absence of female candidates.
Read Part One, featuring Victoria Weekes, Chair of OnePath Funds Management Limited & OnePath Custodians Limited, Angela Emslie, chair of HESTA, and Anne Ward, chair of Colonial First State Investments.
Read Part Two, featuring Nicole Smith, chair of MLC Superannuation Trustee.
