South African mining companies have the best level of female representation at board level globally, according to a new PricewaterhouseCoopers (PwC) study.

South Africa is followed by Canada, while Australia lags with the lowest percentage of women in executive management positions.

“South Africa is a leader when it comes to female representation at board level and in senior leadership roles,” says Gerald Seegers, PwC Director for Human Resources Services, Southern Africa.

“The complex regulatory environment in which South African mining companies operate their businesses has played an important role in driving the development and representation of women in the mining industry,” he adds.

According to the study, the proportion of South African women sitting on the boards of the Top 100 listed mining companies is 23.8%. This figure is 21.4% for women sitting on the boards of the Top 500 mining companies.

“Research shows that there is a strong correlation between having more women in management positions and on the board, with improved company performance across a number of metrics, including governance, financial, social and environment,” notes Seegers.

However, the report also shows, for the second year running, that the mining industry has fewer women on boards that any other major industry, including oil and gas. “At present, between 5%-10% of the workforce in the mining industry is female, the smallest of any major global industry,” the report states.

In the top 500 listed mining companies in the world, 7.2% of directors are women, with the top 100 listed companies having 10.3% women directors. Of the top 500 listed mining companies in the world, only seven have women CEOs. Since Cynthia Carroll stepped down as CEO of Anglo American in 2012, there is now only one female CEO in the top 100 listed mining companies.

According to study findings, of the 106 female directors in the top 100 mining companies, only three held more than one directorship. Out of the 500 listed mining companied surveyed, just 14 had reached the critical mass of 30% of women on their boards.

“It is clear that women are not yet participating fully in the leadership of the mining industry,” notes Seegers.

The survey was carried out by PwC in the UK in conjunction with sponsors Anglo America, Rio Tinto and BHP Billiton. The report analyses the largest 100 and largest 500 mining companies (ranked by market capitalisation) that were publicly traded as of 22 July 2013 on any recognised stock exchange.

Together these mining companies have a market capitalisation of $200 billion.

The data will be used to track, measure and analyse changes in trends in female development and retention in the mining industry over the next three years.