Company boards still have a long way to go to fully reflect New Zealand's gender and cultural diversity, a new report shows.
However, the pay gap between male and female company directors is closing.
Māori account for just 1.5 percent of board chairs and 2 percent of directors, with Asian representation even lower. Photo: 123rf
An Ernst and Young report compiled for the Institute of Directors showed board director fees rose 3 percent in the year ended in March, to a median rate of nearly $43,000.
That was on top of a 4 percent rise the year earlier.
Institute chief executive Simon Arcus said the difference between the sexes narrowed over the year to 10 percent, compared with a gap of 21 percent the previous year.
The median rate paid to women non-executive directors rose nearly $3000 to $39,800, while the rate paid to men fell by $1000 to $44,000.
"There are good economic arguments for getting the right skill mix, and gender, onto boards," Mr Arcus said.
"Research shows even one woman on a board can enhance its performance."
EY director Una Diver said Asian and Māori people were also under-represented on boards, with Māori accounting for just 1.5 percent of board chairs and 2 percent of directors, with Asian representation even lower.
"Different perspectives that different skill groups bring to a board, actually make it function better as a whole," Ms Diver said.
"[They] will then deliver better return for the shareholder."