The next generation of Australian companies is not doing a lot for gender diversity.

None of the 20 biggest new listings on the ASX this year has a female chief executive, and only one has a female chair.

Women represented just 19.6 per cent of the boards of newly listed companies, down from the average of 23.4 per cent amongst existing ASX 200 companies.

The number of women in managerial positions is at 17.7 per cent of the IPOs, but 26 per cent in the broader market.

Future Fibre Technologies is the only big new company with a female chair while two other companies - Digimatic Group and Wonhe Multimedia –were the only ones to employ female chief financial officers.

Bigger companies tend to have more women in senior positions, but workforce diversity specialist Conrad Liveris says this is not just because they can afford to meet diversity targets.

“To achieve a diverse and inclusive workforce companies don't need to spend lots of money, what they need is will,” Mr Liveris said.

“Gender diversity seems to be held with some scepticism with start-ups and emerging companies.”

Mr Liveris said emerging companies should be able avoid the long-standing inequality of the ASX200.

“They are newer, with smaller staff bases and have had greater access to knowledge on management and diversity issues,” he said.

“A lack of gender diversity, as a signpost for further inclusion, is a mark of underperformance, an unproductive culture and workplace and an old management style that is increasingly unprepared for the modern economy.”