The Federal Government might be forced to intervene with quotas to force companies to get more women directors into boardrooms, a powerful business lobby group has warned.

While reluctant to back quotas to mandate gender diversity, Australian Institute of Company Directors (AICD) chairman Elizabeth Proust concedes it might be the last resort in the battle to get even with the blokes' club in corporate Australia.

"Quotas are not on the table for now, but clearly all options will need to be considered," Ms Proust told AM.

"If we're not able to see genuinely diverse boards, then governments are likely to take action."

The 11 ASX 200 companies with no female directors: CIMIC Group Limited

CIMIC Group Limited TPG Telecom Limited

TPG Telecom Limited Qube Holdings Limited

Qube Holdings Limited Evolution Mining Limited

Evolution Mining Limited Flight Centre Travel Group Limited

Flight Centre Travel Group Limited Investa Office Fund

Investa Office Fund Mineral Resources Limited

Mineral Resources Limited Reliance Worldwide Corporation Limited

Reliance Worldwide Corporation Limited ARB Corporation Limited

ARB Corporation Limited Australian Agricultural Company Limited

Australian Agricultural Company Limited Speedcast International Limited Source: Australian Institute of Company Directors, Gender Diversity Progress Report, June - August, 2017

Ms Proust said she was reluctant to support quotas because there are often "unintended consequences, so you need to be careful about what you wish for".

The AICD says its quest for 30 per cent female representation across ASX 200 boards by 2018 has stalled.

The institute's latest gender diversity report shows that, as of August 31, there were 25.4 per cent female directors — only marginally higher than the 25.3 per cent reached at the end of 2016.

At the time of publishing, 11 ASX 200 companies had no women on their boards.

The study also outs 64 companies that only have one female director, including 10 companies where a sole female director has been in place for more than three years.

A new glass ceiling and average excuses

Ms Proust said it is possible that some employers believe they have done enough in checking the diversity box and that gender diversity may have hit a new kind of "glass ceiling".

She slammed male-dominated companies resistant to change who made poor excuses about the difficulty in turning gender diversity policies into reality.

Some are almost representative of the dinosaur age where they say there are not enough qualified women or women aren't flexible enough," Ms Proust said.

"We also hear that women have to look after the children — that's still being said in this day and age.

"They're very average excuses, and they're just that — excuses."

Every board is on notice

Ms Proust believes the approaching season of annual general meetings will be closely watched after the Australian Council of Superannuation Investors (ACSI) flagged a plan to use its voting power to warn boards to deliver on gender diversity promises.

Elizabeth Proust says companies are making "very average excuses" for not having women on their boards. ( Suppled: La Trobe University )

"[The ACSI] will be voting against companies which are not making progress towards gender diversity," she said.

"Every board is on notice that ACSI will be voting against directors' election, against remuneration reports, and I think that should be a significant wake-up call to boards."

The HESTA industry superannuation fund said it will make a protest vote against the reappointment of a male director at the Australian Agriculture Company (AACo) at its approaching annual general meeting.

Chief executive Debby Blakey has written to the 172 ASX 200 companies that have less than 30 per cent of female directors on their boards.

"We think it's unacceptable that in 2017 some of Australia's biggest companies still have no women on their boards," Ms Blakey said.

Like Ms Proust, Ms Blakey believes quotas have unintended consequences, but concedes they may be inevitable.

"It may well be necessary; hard action might be needed at some point," Ms Blakey told the ABC.

Follow Peter Ryan on Twitter @peter_f_ryan and on his Main Street blog