PricewaterhouseCoopers (PwC), leading multinational consulting and auditing corporation is telling big banks in Australia to prepare for legislation that will mandate workplace diversity reporting.  This news follows the introduction of similar mandatory reporting laws for gender pay gaps in the United Kingdom.

According to Jule McKay, chief diversity and inclusion officer as PwC, while Australia may not look to introduce diversity reporting laws now, “in three to five years from now, we will be operating in an environment where there is tighter legislation around it,”

Currently, “women account for only 26.7 per cent of ASX 200 directorships according to AICD figures, and the average OECD woman earns about 15 per cent less than her male counterparts, according to PwC.”

PwC recently introduced new gender-based targets at the director level, to correct its 16 per cent pay gap between female and male partners. At this stage, it does not have a target date for achieving parity at the partnership level, but will report its progress to the Workplace Gender Equality Agency every two years.