The small number of female chief executive officers in Australia is about to get even smaller next week when prominent Westpac boss Gail Kelly steps down.

Her seven-year tenure at the top began in 2008 at the height of the global financial crisis and since then the number of women on boards of top 100 ASX-listed companies has slowly grown from 11 per cent to 23 per cent.

But the data compiled by the Australian Council of Superannuation Investors, who advises industry super funds on corporate governance issues, found of the nation’s top 200 companies only 10 have female CEOs.

While poorly represented at the pointy end, ACSI’s chief executive officer Gordon Hagart said the role of women in companies is vital to help strengthen their ability to deliver strong investor returns.

“We believe boards that are diverse will perform better and they will make more money for the shareholders,’’ Hagart said.

“A couple of years ago only about 10 per cent of ASX200 company directors were female. That’s deplorable and that’s a real risk for investors.

“It’s up around 20 per cent now but it’s a long way from job done.”

South-African-born Kelly has been at the forefront of gender equality in the workplace, tackling the issue head on by initiating a gender pay gap analysis, more flexible working hours and paid parental leave to include superannuation.

Her efforts at the top didn’t go unnoticed globally, she was ranked eighth in the prestigious Forbes list of the world’s most powerful women in 2010.

A trailblazer in every respect, Kelly leaves an impressive legacy for women — at all stages of their career and life — when she retires on February 1.

Following in her wake is highly-regarded female success story, Boost Juice founder Janine Allis — her business has spread to more than 227 stores nationally and 128 internationally.

Despite her success, the 49-year-old mother-of-four acknowledges many women with the potential to be at the top of their game simply don’t want to be.

“It’s a double-edged sword in some respects, some of the women I’ve come across have been absolutely extraordinary and can become CEO of any business in Australia but have chosen to opt out,’’ Ms Allis said.

“They’d rather start their own business and have flexibility to have a family, life balance, there’s a large chunk of women that don’t want the corporate life.’’

One woman who does want the everyday business grind — and is wildly successful — is Jetstar group chief executive officer Jayne Hrdlicka.

She took up the role in 2012 running the subsidiary of airline giant Jetstar.

Another business powerhouse is Lorna Jane Clarkson, the brains behind the fitness activewear of the same name.

Her company success down under has led to her become a well-known brand name in the US.

Prominent businesswoman Elizabeth Proust remains instrumental in her leadership roles in both the public and private sector for more than three decades and is another female to fly the flag for women.

Business Council of Australia chief executive Jennifer Westacott has also played a vital role in these sectors and had held important leadership roles in both Victoria.

Foreign Minister Julie Bishop — the nation’s first woman to hold the portfolio — is one of Australia’s most recognisable faces and holds herself with poise.

A recent poll put her level with Tony Abbott as preferred Liberal leader.

But publicly, Ms Bishop has said she has no intention of challenging Prime Minister Abbott, whom she admires and has dutifully served around the world.

SNAPSHOT OF SUCCESSFUL AUSTRALIAN WOMEN

Julie Bishop, 58, Foreign Minister. The Liberal Party’s first deputy leader. Previously a lawyer, she was managing partner of Clayton Utz from 1994 to 1998 before moving into politics.

Janine Allis, 49. Founder and managing director of Boost Juice. Previous roles includes executive director of Salsa’s Fresh Mex., CIBO Espresso and Hatch Chicken Shop.

Lorna Jane Clarkson, 50, created international fitness brand giant Lorna Jane. Formerly a fitness instructor on the Gold Coast.

Elizabeth Proust, AO. Has held been a trailblazer for women in both the government and corporate sectors. She is Bank of Melbourne Advisory Board Chairman. Other roles include Nestle Australia chairwoman and director of Perpetual Ltd. Began working in the private sector.

Jayne Hrdlicka. Jetstar Group chief executive officer. Earlier in her career she worked as a consultant and was CEO of two publishing and marketing-related businesses.

This article was originally published on News.com.au 28th January. Read the original article here.