The Australian Greens have committed to legislate for women to make up at least 40 per cent of board members in Australia's leading companies, according to Senator Sarah Hanson-Young.

Senator Hanson-Young, Greens spokesperson on Status of Women, says the party's initiative comes in the leadup to International Women's Day on Monday.

"Latest figures show that women hold only eight per cent of board directorships, while only two per cent of ASX200 companies are chaired by women - indeed more than half of ASX200 companies have no women on their boards,'' Senator Hanson-Young said.

"We can't afford to continue with business as usual, when women make up 51 per cent of the Australian population and 63 per cent of university graduates.

"This isn't a token reform - women have a serious role to play in business, and Australian companies are selling themselves short if they continue to operate as a "boy's club".

"It's time to change our thinking in Australian boardrooms, and the Federal Government needs to lead the way.''

The Greens will move to amend the Corporations Act 2001 to require publicly listed companies with an annual turnover in excess of $15 million to ensure that women hold 40 per cent of board positions within five years or risk closure.

The proposal is based on Norwegian legislation introduced in 2003. By the end of a five-year deadline, 93 per cent of public limited companies in Norway had met a requirement that women hold 40 per cent of board positions.

"We understand that women in the workforce face many issues, including pay equity, paid parental leave, and the impact of unpaid work and family responsibilities on their careers,'' Senator Hanson-Young said.

"The Greens believe that improving the levels of female leadership in corporate Australia will help to drive change in all these areas.''