Momentum builds in push to embrace diversity 

Leaders looking to the long-term health of their organisations must capture the diversity dividend, said retired Chief of Army, Lieutenant General David Morrison at The Property Congress.

Speaking to a packed room of more than 700 property professionals at the Gold Coast on Monday, Morrison said the key to improving diversity was to “change the language from one focused on altruism to one focused on capability”.

Just a quarter of all management positions across the property industry are held by women, but the Property Council is determined to change this statistic and to drive gender diversity as a strategic business decision.

The Property Council established the Property Male Champions of Change in 2014 to increase the number of women in senior leadership roles. The group is currently tackling six areas of action.

Chair Carol Schwartz AM, former Property Council National President and Convenor of the Property Mal Champions of Change, says a solid business case for diversity is well established – and now it’s time for property companies to take action.

The financial benefits of having more women around the decision-making table are clear. The UK’s 30% Group has found companies with a higher percentage of women on boards are involved in fewer governance-related controversies, including fraud, bribery and corruption. McKinsey has found the companies with the highest ratios of women in senior positions far outperform industry averages.

In an interview with The Australian last week, Property Council Chief Operating Officer Kathy Mac Dermott (pictured at The Property Congress with Grocon’s Carolyn Viney) said, “When you look at the size and the weight of money and international investment flowing into [the industry], you can see that the skill base is far different from what it used to be – it requires a whole new set of skills”.

One member of the Property Male Champions of Change is Stockland’s managing director and chief executive officer, and Property Council National President, Mark Steinert.

“Diversity starts with leadership,” says Steinert, speaking alongside General Morrison during a panel session at The Property Congress on Monday. But, he said, a lot more work needs to be done to address unconscious bias in the industry.

Jonathan Callaghan, managing director of Investa Property Group, and also a Property Male Champion of Change, called on the industry to “change the discussion about the talent pool. Recognise that it’s not about growing it – but about changing the way we perceive and assess the talent pool”.

According to The GPT Group’s CEO, Bob Johnston, most boards are “pretty enlightened”, but it’s up to the industry’s leaders to “put forward the business case [for diversity] and the rationality behind it.”

Raynuha Sinnathamby, managing director of Springfield Land Corporation, hosted the first national Women and Diversity Roundtable at Congress on Sunday.

The secret is to “ensure diversity is demonstrated and harnessed for economic wellbeing,” said Sinnathamby told delegates.

For Sinnathamby, property companies must look beyond “having something nice to say in your annual report,” and instead make it an integral part of the strategic business plan.