There are almost 3000 paid public board positions in Victoria with women accounting for 1459 of those in February, according to government figures.

Two years ago, women held about 38 per cent of paid positions on government boards.

Dina McMillan, who was appointed Victorian Commissioner for Gaming and Liquor last year, said she hoped more private companies would follow suit and appoint more women to their boards.

She said it was important that the benefits of equal representation were clearly conveyed to the private sector.

"You don't want people to do it as some sort of social sacrifice," she said.

However, Dr McMillan said organisations with women in high positions encouraged women at every level.

And more inclusive companies would result in better decision-making, she said.

Dr McMillan hoped that equality on boards would lead to more women being appointed to other top jobs, including chief executive officer positions.

Minister for Women Fiona Richardson said the latest figures proved that targets worked.

"We must be bold in setting goals for women who struggle for an equal share in the decision making process," she said.

Ms Richardson urged all businesses to set targets for women in leadership roles and on boards.

"This is a crucial way to create change and see results," she said.

Late last year Fairfax Media revealed the equal representation target was on track with a snapshot showing the average proportion of women in public boardrooms had reached 49 per cent.

The government has also set targets for women to hold half the senior roles in the public sector, local government and courts. That strategy was launched in December last year.

However, so far the government has set time frames only for the local government target. Women make up 41 per cent of councillors in Victoria.

The government has also flagged plans to review laws against sexist advertising and gender-based hate speech.