“Organisations with higher levels of diversity, particularly within executive teams, are generally better able to innovate, attract top talent, improve their customer orientation, enhance employee satisfaction, access more wide ranging networks, and secure their licence to operate.”
JSE Limited Sustainability Disclosure Guidance, 2022
This is the third edition of Just Share’s Women in Leadership briefing, in which we analyse publicly available data on the representation of women in board and executive roles at South Africa’s leading publicly listed companies: the JSE Top 40.
Our inaugural 2023 assessment found that women held, on average, 35% of board positions and 25% of executive roles in the JSE Top 40, despite comprising 46% of South Africa’s economically active population.
In 2024, the proportion of women on boards increased marginally to 36%, while representation in executive positions declined to 23%.
Building on insights from previous editions, this report presents key findings from the latest gender diversity data and examines patterns of progress, stagnation, and regression in women’s leadership representation within the Top 40 during FY25. This analysis aligns with Just Share’s broader advocacy for more transformed and inclusive boards and management teams, and our call for ambitious targets that reflect South Africa’s demographic reality.
Why gender diversity in leadership matters
Gender equality is fundamentally a matter of human rights and social justice. Empowering women and girls and closing gender gaps benefits not only individuals but also societies, businesses, and economies at large. Conversely, extensive evidence shows that persistent gender inequalities hinder social and economic development.
The World Economic Forum (WEF) Global Gender Gap Report underscores that, despite women’s significant educational gains at tertiary level, they remain underrepresented in both the workforce and leadership positions.
This disconnect highlights persistent systemic inefficiencies in translating educational attainment and skill preparedness into economic participation and leadership opportunities. The WEF further notes that achieving a greater balance between women’s and men’s representation across industries would enhance creativity and innovation, help address talent and skills shortages, and contribute to narrowing wage gaps, particularly in the context of ongoing technological transformation and demographic change.
