News release

From: Murdoch University

Baby Boomers could be the secret ingredient for corporate sustainability, according to a new Murdoch University study.

The academic paper, Does Older Mean Better? Analyses of Boards' Influence on Sustainability Performance investigated whether the generational makeup of company boards affected how well they performed in sustainability.

Using data from 2,162 publicly listed companies in the United States, researchers assessed how Traditionalists (born before 1946), Baby Boomers (1946-1964), Gen X (1965-1981), and Millennials (1982-2000) influenced corporate sustainability.

Sustainability was measured using global ESG benchmarks from LSEG (formerly Refinitiv) — an internationally recognised rating system that scores companies on their environmental, social, and governance performance.

According to the results, boards with Baby Boomers improved sustainability performance, while Traditionalists, Gen X, and Millennials tended to be less concerned.

Researchers found older cohorts — Traditionalists and Baby Boomers — required three directors on the boardroom to exert their respective influence, while Gen X needed two, and Millennials only required one.

Lead author on the study, Augustine Donkor from the Murdoch Business School, said Baby Boomer directors contribute a unique combination of extensive experience and long-range thinking, and their consensus-oriented approach reinforces a strong preference for collaboration.

“If companies want to strengthen their sustainability performance, having Baby Boomers in the boardroom is a smart move,” he said.

“Boomers bring long-term vision and a collaborative mindset that aligns with environmental and social goals.

“Our research shows that their presence can tip the balance toward decisions which protect both the planet and the company’s long-term success.”

Dr Donkor said their findings challenged the common belief that older directors improved environmental and social performance because of their experience and maturity.

“Experience alone isn’t enough,” he said.

“The oldest cohort, Traditionalists, often resist change, which can hold back sustainability progress.”

On the other hand, Dr Donkor said younger directors don’t necessarily boost sustainability either.

“Generations like Gen X and Millennials often prioritize short-term goals and personal career growth over long-term environmental and social commitments,” he said.

“While they bring energy and tech-savvy skills, those traits don’t automatically translate into sustainability actions and outcomes in the boardroom.”

Dr Donkor advised companies to include Baby Boomers in their boardroom makeup if they were seeking to prioritise sustainability.

“Ultimately, a mix of generations adds value, but our research shows Baby Boomers are essential for steering companies toward lasting environmental and social impact.”

This study, Does Older Mean Better? Analyses of Boards' Influence on Sustainability Performance was published in Business Strategy and the Environment. The research was co-authored by Dr Kwadjo Appiagyei of the Murdoch Business School, Dr Sally Mingle Yorke from Hong Kong Metropolitan University, and Professor Ernest Gyapong from AL Faisal University.

Dr Donkor is a Chartered Accountant, researcher, and accounting and finance lecturer for Murdoch Business School.