The proportion of female directors on the boards of NZX-listed companies is down compared with this time last year.
However, the ratio of female officers at the same companies has increased.
The data, released by the stock exchange operator this morning, captures all firms who released their annual report in the first three months of this year.
Disclosures from these companies reveal that 87 per cent of their directors are male while 13 per cent are female.
This is a lower proportion to the same period last year, when women made up 14 per cent of directors.
Co.OfWomen co-founder and chief executive Tara Lorigan said the latest statistics were disappointing but not surprising.
Because of the length of tenure of directors, change would take time, Lorigan said.
"Organisational behaviour is changing but it's not going to change rapidly because you have ... a lot of people in those positions who will retain those positions," she said.
"The reason we're in this position is because of a whole lot of ingrained behaviours ultimately and it will take time. Younger generations have quite a different thinking about diversity so in time we will absolutely see change," Lorigan said.