Opposition frontbencher Joe Hockey says he would back enforced quotas that ensure 30 per cent of board positions are occupied by women.
He says corporate Australia has been given long enough to improve gender equality on the executive level after talking about it for more than a decade.
"If they don't meet a reasonable target within a period of time, then more punitive measures need to be taken by the parliament," he told ABC television on Monday.
"I would think that you would need to have a target of about 30 per cent."
Women make up about 25 per cent of board appointments in Australia at the moment, but it slips to 11 per cent for the top 200 companies listed on the Australian Securities Exchange.
On the eve of International Women's Day, Mr Hockey said it was time for real action, although he insists quotas were a last resort.
"Corporate Australia has had so many warnings, they've put in place so many programs ... but Australia has actually fallen behind," he said.
"I just don't understand how you can claim that as a director of a company, that all wisdom and knowledge lies in the hands of men only."
Minister for the Status of Women Kate Ellis said the government was committed to its election pledge to have women make up 40 per cent of public board positions by 2015.
It is hoping for improvements in female board numbers when a census wraps up in 18 months, but Ms Ellis wouldn't be drawn on taking faster action with the opposition's help.
She said businesses were shown to be more productive with female board members and it was time Australia got the return from educating and training them.
Westpac chief Gail Kelly, one of Australia's most prominent female executives, said she was already seeing significant changes in the boardroom.
But she'd like to see organisations left alone to make their own targets, rather than be forced by law.
Ms Kelly earlier laughed off her standing as one of Forbes magazine's 10 most powerful women in the world, noting that she was "sandwiched between Lady Gaga and Beyonce".
"I absolutely hate it when people introduce me in that way. It's one of those sort-of, lovely, causes-a-laugh kind of conversations."
He says corporate Australia has been given long enough to improve gender equality on the executive level after talking about it for more than a decade.
"If they don't meet a reasonable target within a period of time, then more punitive measures need to be taken by the parliament," he told ABC television on Monday.
"I would think that you would need to have a target of about 30 per cent."
Women make up about 25 per cent of board appointments in Australia at the moment, but it slips to 11 per cent for the top 200 companies listed on the Australian Securities Exchange.
On the eve of International Women's Day, Mr Hockey said it was time for real action, although he insists quotas were a last resort.
"Corporate Australia has had so many warnings, they've put in place so many programs ... but Australia has actually fallen behind," he said.
"I just don't understand how you can claim that as a director of a company, that all wisdom and knowledge lies in the hands of men only."
Minister for the Status of Women Kate Ellis said the government was committed to its election pledge to have women make up 40 per cent of public board positions by 2015.
It is hoping for improvements in female board numbers when a census wraps up in 18 months, but Ms Ellis wouldn't be drawn on taking faster action with the opposition's help.
She said businesses were shown to be more productive with female board members and it was time Australia got the return from educating and training them.
Westpac chief Gail Kelly, one of Australia's most prominent female executives, said she was already seeing significant changes in the boardroom.
But she'd like to see organisations left alone to make their own targets, rather than be forced by law.
Ms Kelly earlier laughed off her standing as one of Forbes magazine's 10 most powerful women in the world, noting that she was "sandwiched between Lady Gaga and Beyonce".
"I absolutely hate it when people introduce me in that way. It's one of those sort-of, lovely, causes-a-laugh kind of conversations."
