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.
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."