CTPartners Issues “Women on Boards: Review and Outlook,” Firm’s First Annual Report on Status of Women on Fortune 1000 Boards »
NEW YORK–(BUSINESS WIRE)–CTPartners (AMEX: CTP) (http://www.ctnet.com), a leading global retained executive search firm, today issued “Women on Boards: Review and Outlook,” (http://www.ctnet.com/uploadedFiles/Women On Boards-Review-Outlook_10-2011.pdf) the firm’s first annual report detailing the status of women on Fortune 1000 boards and providing a framework for change.
According to Julie C. Norris, Partner in the CEO and Board Practice at CTPartners and co-author of the report, “We are starting to see changes in the boardroom that mirror the macro changes in the economy, including demand for directors with insights into new customers, technology, distribution channels and global markets. Boards are looking for diverse perspectives, and the next generation of directors has the opportunity to include more women.”
“Women on Boards: Review and Outlook” includes statistics by company, industry, functional background, board leadership positions and other categories. The data was researched by CTPartners and supplemented by interviews with 50 directors, CEOs, CHROs and governance experts. The report includes suggestions to help boards add more women, tips for women interested in serving on boards, and steps for women serving on boards to strengthen their roles.
Marie E. Kelly, co-author of the report and Partner in the CEO and Board Practice at CTPartners, commented, “Our research uncovered pockets of improvement in the participation of women on boards as well as areas of concern. Our goal was to capture the data, as well as the best ideas from our interviews, to offer boards and women executives a path toward greater involvement of women in corporate governance.”
The report reveals that opportunities exist to help boards finally move beyond the good-old-boys’ network. Some positive signs (data specific to Fortune 1000 boards):
For the 12 months ending June 15, 2011, 83 women across industries joined boards, with an average age of 54;
More than 1,100 directors are currently over age 70, with nearly 300 boards having at least 2 members over age 70 – potential retirements create opportunities for women;
A strong supply of talented women is in place, including 78 CFOs, only 25 of which serve on an outside board;
133 boards have 3 or more women on their boards.
At the same time, the data show that there is continuing reluctance to add female directors. Some examples (data specific to Fortune 1000):
Only 14.7 % of board directors are women;
140 boards have no women directors;
29 consumer companies still have no women directors, despite the fact that women make 75% percent of consumer purchase decisions.
CTPartners CEO Brian Sullivan added, “Accomplished, qualified women executives are available, and we know that boards are made stronger through diversity. Boards are committed these days to refreshing their skills and perspective, and we look forward to greater opportunities for women as a result.”
The full CTPartners Report is available on request or online at “Women on Boards: Review and Outlook,” (http://www.ctnet.com/uploadedFiles/Women On Boards-Review-Outlook_10-2011.pdf.
Read CTPartners Issues “Women on Boards: Review and Outlook,” Firm’s First Annual Report on Status of Women on Fortune 1000 Boards now »
By Tim Spagnola
Weekly news and industry insights delivered straight to your inbox.