(August 15, 2018, Bizwomen) A bill that would mandate women on boards of publicly held companies headquartered in California won approval from the state’s Senate earlier this month. The legislation has until the end of August to clear the Assembly.
The law, SB-826, would require companies have at least one woman on their boards of directors by end of 2019, and two women on five-person boards or three women on six-person boards by 2021 — otherwise facing a fine.
A quarter of California’s 445 publicly traded companies don’t have a single woman in their boardrooms, Calmatters reports. The San Francisco Bay Area, with only 17 percent of directors that are female, has more women on boards than Southern California or the Central Coast and Valley, according to a 2017 Board Governance Research report.
A quarter of California’s 445 publicly traded companies don’t have a single woman in their boardrooms, Calmatters reports. The San Francisco Bay Area, with only 17 percent of directors that are female, has more women on boards than Southern California or the Central Coast and Valley, according to a 2017 Board Governance Research report.
San Francisco county has the largest percentage of women-held board posts statewide, with 21 percent, followed by Santa Clara and San Mateo counties, which both have 16.9 percent. To read full article, click here.
(August 7, 2018, Equilar) As companies attempt to adapt to changing trends and technology across corporate America, new and innovative perspectives have become more necessary. Of course, with younger talent at all levels of the organization comes fresh eyes, including in the boardroom. Young directors are becoming more prevalent as companies look for new perspectives in their boardrooms. Equilar recently conducted a study on the 50 youngest directors at Equilar 500 companies.
While public companies have been known to set their mandatory retirement age at 72 or 75, there is no minimum age limit to serve as a director. According to Equilar data, the youngest director is William J. Pulte—CEO and a board member of Pultegroup Inc. –at age 29. Many other directors on the list, such as Mark Zuckerberg, CEO and Chairman of Facebook, and Benjamin J. Tisch, Vice President and Director of CNA Financial Group, are either founders or executives of their companies. The median age of the directors in the study is 39 years.
The majority of young directors on this list serve on well-known, large public companies, such as Facebook and Coca-Cola. By electing a younger director, these companies essentially bring different strategical approaches to the table that may help expand household names. While more established directors also regularly formulate fresh ideas, a younger director may add value to the board by sharing ideas from an angle that may not have been previously considered due to a generational difference. Overall, establishing early boardroom experience at large public companies may be beneficial to these directors, as a larger, more established company may assist in providing a theoretically steady understanding of an industry.To read full article, click here.
(July 26, 2018, Milwaukee Business Journal) Several major Wisconsin employers are included on a new list of the best places to work for women. Forbes' inaugural look at the nation's best employers for women includes 300 corporations, universities and organizations.
Congratulations to Acuity Insurance, American Family Insurance, Briggs & Stratton, Epic Systems, Harley-Davidson, Kwik Trip, Rockwell Automation, and Sentry Insurance!
A note on the methodology: The magazine came up with the ranking working with market research company Statista by anonymously surveying 40,000 Americans working for businesses with at least 1,000 employees. The honorees received the most recommendations and had the most gender-diverse boards and executive ranks.
To read full article, click here.
(May 2018, EY Center for Board Matters) Companies are continuing to bring fresh and diverse perspectives into the boardroom and to enhance alignment of board composition with their forward-looking strategies.
In our second annual report, we share the results of our analysis of independent directors who were elected by shareholders to the board of a Fortune 100 company for the first time in 2017 – what we refer to as the “new class of 2017.”
We looked at corporate disclosures to see what qualifications and characteristics were specifically highlighted, showcasing what this new class of directors brings to the boardroom.
- Our research was based on a review of proxy statements filed by companies on the 2017 Fortune 100 list.
- We also reviewed the same 83 companies’ class of 2016 directors to provide consistency in year-on-year comparisons.
1. Most Fortune 100 companies welcomed a new independent director in 2017.
2. The class of 2017 brings greater finance and accounting, public policy and regulatory, and operational skills to the table.
3. Most of the 2017 entering class was assigned to audit committees.
4. The Fortune 100 class of 2017 includes more non-CEOs.
5. The class of 2017 is 40% female.
6. The class of 2017 tends to be younger.To read full article, click here.
(July 12, 2018, FEI) Want to become a corporate director? There are several different tactics to make your dream to join a board a reality. So, it is not at all surprising that a frequently question is “How do I become a corporate director?
Many financial officers aspire to become corporate directors. The chance to deal with the strategic and operational issues of another business is stimulating, while leveraging many years of front-line experience and transferring that as incremental value to another company is rewarding. Corporate boards deal with high-level strategic and management talent issues and these are challenging and intellectually fulfilling.
- Networking with investors is the single best way to become a director.
- Networking with current directors is also very productive.
- Lawyers are another valuable source of introductions to board directorships.
- Serving on a not-for profit board can lead to stronger director credentials and an expanded network.
- There are a number of important groups that conduct director education. The National Association of Corporate Directors (NACD) is the leader in the field.
When an opportunity arises, be prepared to brief the interviewers on what you will bring to the table as a director. Know how you rank on the key attributes of a corporate director. Business experience, professional and collegial demeanor at the board table, good communication skills, financial acumen, along with an accomplished career that has exposed you to strategic and operational challenges.
Boardroom boom: Women joining boards at a record pace
(June 27, 2018, bizwomen, The Business Journal) In what's shaping up to be a banner year, women are joining company boards at a rapid rate.
The Wall Street Journal, citing an analysis by ISS Analytics, found that in the first five months of 2018, 248 women accounted for 31 percent of new board director seats at the country's 3,000 biggest publicly traded companies. That's the highest percentage in at least a decade, per WSJ.
If the pace continues, 2018 might become a record year for the number of women added to boards.
An Equilar study looking at board membership in the first quarter of 2018 also showed that the share of companies with all-male boards dropped below 20 percent for the first time.
And WSJ reports that in the real-estate investment trust sector, 49 women were added to board positions at 192 companies, bringing the percentage of women to 52 percent, according to the study by Ferguson Partners.
The #MeToo movement can account directly for some of the numbers, per WSJ. Three women were added to the board of Wynn Resorts after its founder, Steve Wynn, eft following multiple sexual harassment and assault allegations. To read full article, click here.
(June 13, 2018, Milwaukee Business Journal) Johnson Controls International plc appointed a new board member Wednesday, and she's the third woman to be added to the Cork, Ireland-based company's board of directors in 2018.
The board elected Jean Blackwell, a former CEO of the Cummins Foundation, the nonprofit charitable arm of Cummins Inc., the Fortune 500 engines manufacturer based in Indiana. Blackwell, who retired from Cummins in 2013, served in various leadership roles throughout the company beginning in 1997.
Cummins is the third woman to join Johnson Controls' board in 2018. In January, during the company's fiscal year 2018 first quarter earnings report, the company also nominated Gretchen Haggerty, a former executive vice president and chief financial officer of United States Steel Corp., and Simone Menne, a former chief financial officer at German pharmaceutical company Boehringer Ingelheim GmbH, and both women have since joined the board. To read full article, click here.
Here's Why British Firms Say Their Boards Lack Women. Be Ready to Cringe(New York Times, May 31, 2018) LONDON
“We have one woman already on the board, so we are done — it is someone else’s turn.”
“All the ‘good’ women have already been snapped up.”
“Most women don’t want the hassle or pressure of sitting on a board.”
Those were just a few of the worst explanations given to a British review investigating the lack of women on corporate boards in the country, the latest effort by British government officials to shame companies into addressing workplace gender disparities.
The comments, released on Thursday, were not attributed to any individual company. But they were part of a list of the 10 worst explanations given to a team questioning chairmen and chief executives of the 350 biggest publicly listed companies here over the relatively low number of women serving on company boards. Overall, about a quarter of the board members of all companies listed on the FTSE-350 stock index are women.
In an effort to rectify that imbalance, Britain has called for women to make up a third of all board members among companies listed on the index by 2020.
Britain has pursued a series of measures to publicly pressure its biggest companies into doing more to improve female representation in the workplace. This year, for example, the government has required any company with more than 250 employees to publish the differences in average pay between male and female employees, with the final data showing that the vast majority of businesses
paid men more than women. To read full article, click here.
(Chicago Tribune, May 24, 2018) A Tribune analysis of regulatory filings shows that at Illinois’ 25 largest publicly traded companies, ranked by market capitalization, women have claimed 44 percent of new directorships since the start of last year — a sign that progress is accelerating. Among those companies, 23 percent of board seats are held by women this year, compared with less than 18 percent at those same companies five years ago.
Still, to Kate Bensen, executive director of the women’s leadership group The Chicago Network, the pace of progress remains “glacial” and representation of women on boards woefully inadequate. Among the Russell 3000, a broader index that includes small-cap and midcap companies, women occupied 17 percent of board seats in the first quarter of this year, up from 12 percent in 2013, according to Equilar. Racial and ethnic diversity lags even further behind. To read full article, click here.
(McKinsey Quarterly, January 2017) The tone of much public discourse on the issue of women’s representation on boards has been pessimistic of late, and understandably so, given the crawl toward gender parity in the United States. Women currently hold 19 percent of board positions there, while in European countries such as France, Norway, and Sweden, where legislative or voluntary targets are in place, they hold more than 30 percent.
That said, some progressive companies are taking the lead, looking for female board members in new places and bringing them on board in new ways. Many feel they still have a long way to go, but their experiences are salutary for those that are lagging behind and want to better understand how to make change happen.
We recently conducted an analysis of companies in the S&P 500 to identify top performers in board diversity, defined as those with the highest percentage of women on their boards as of August 2016.1It showed that women occupied at least 33 percent of board seats among the top 50 companies (up to nearly 60 percent for the highest percentage). In all, female representation on those boards has increased on average by 24 percentage points since 2005. To read full article, click here.
(May 2018) Companies are continuing to bring fresh and diverse perspectives into the boardroom and to enhance toalignment of board composition with their forward-looking strategies.
(2020 Women on Boards, 2017 report) Since 2011, the 2020 Gender Diversity Index (GDI) has tracked the number of women on the boards of the 2010 Fortune 1000 (F1000) list of companies as a baseline of comparison. We report our findings and compare progress on this same group of companies from one year to the next looking at company size, state and sector.
Key findings of this year’s report include:
- 20% Goal Exceeded: In the 801 active GDI companies, women now hold 20.8% of the board seats, an increase from 19.7% in 2016 and 14.6% in 2011, when we first started tracking the data.
- More than Half of Index Companies are "W"s: Fifty-five percent of GDI companies (444 companies) are "W" companies, with 20% or more of their board seats held by women.The number of "Z" companies, those with no women on their boards, fell to seven percent, or 55 companies. Despite these improvements, 29% of the GDI companies still have one or no women on their boards.
- Women Gain Board Seats, Men Lose Them: Women experienced a net gain of 67 board seats, while men experienced a net loss of 183 seats since 2016’s report.
- Companies Add Board Seats to Achieve Diversity: Of the 129 GDI companies that added women, 69 (53%) did so by increasing the size of the board. The number of companies adding women without waiting to replace a man has been above 50% since we started tracking this trend in 2012.
- Thirteen States Exceed 20%: Of the 24 states with the highest percentages of company board seats held by women, 13 exceeded 20%: Connecticut and Wisconsin joined California, Florida, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Jersey, New York, Ohio and Washington this year. Three states increased their Women on Boards (WOB) percentages by over two points. To read full report, click here.
In our second annual report, we share the results of our analysis of independent directors who were elected by shareholders to the board of a Fortune 100 company for the first time in 2017 – what we refer to as the “new class of 2017.”
What we're hearing in the market is that boards are seeking slates of candidates who bring a diverse perspective and a range of functional expertise, including on complex, evolving areas such as digital transformation, e-commerce, public policy, regulation and talent management. As a result, boards are increasingly considering highly qualified, nontraditional candidates, such as non-CEOs, as well as individuals from a wider range of backgrounds. These developments are expanding the short lists of potential director candidates. To read full article, click here.
(October 18, 2017) Blair Jones offers her insights on board composition and what lies ahead in 2018 in the KPMG Board Composition Report. What could help move the needle on diversity in the boardroomBlair Jones offers her insights on board composition and what lies ahead in 2018 in the KPMG Board Composition Report. Topics include:
- How boards should approach the issue of refreshment
- What companies should communicate to investors about the composition of their boards
- Changes expected in board composition
- What could help move the needle on diversity in the boardroom
Now in its 32nd year, the Spencer Stuart U.S. Board Index examines the latest data and trends in board composition, board governance practices and director compensation among S&P 500 companies.
The spotlight on the composition of boards of directors continues to brighten. Active and activist investors are increasingly evaluating whether boards are composed of a diverse mix of skills, qualifications, perspectives and backgrounds aligned with the company’s current and future strategic objectives and risks.
Investor interest in boards has never been higher. Today investors expect boards to have meaningful processes — beyond formal policies such as mandatory retirement ages - to refresh the board and maximize board effectiveness. They are requesting details on how boards review and evolve board composition and leadership in light of emerging needs. They are seeking information on how boards evaluate the contributions and tenure of individual directors and the relevance of their experience. And they are calling for greater gender and racial diversity in the boardroom.
Boards are evolving. They are adding directors with fresh perspectives and knowledge of emerging areas of importance. Board or C-suite experience is no longer a prerequisite, with boards increasingly appointing first-time directors and executives with division, subsidiary or other leadership experience. And they are naming more women and minorities as directors — for the first time in the history of our index, just over half of incoming directors on S&P 500 boards were women or minorities. To read full report, click here.
(May 9, 2018, Equilar) For the second consecutive quarter, the Equilar Gender Diversity Index (GDI) moved closer to parity, as the percentage of women on Russell 3000 boards increased in Q1 2018 from 16.5% to 16.9%. This acceleration moved the needle on the GDI from 0.33 to 0.34, where 1.0 represents parity among men and women on corporate boards.
Nearly one-third of new directorships at Russell 3000 companies went to women in Q1 2018, a pace that has nearly doubled since 2014.
In addition, the percentage of Russell 3000 companies with all-male boards dipped below 20% for the first time ever in Q1 2018. This figure saw its largest absolute quarterly drop—1.3 percentage points—since Equilar initiated the Gender Diversity Index in early 2017. To read full article, click here.
(April 10, 2018, WTOP) It’s not a day of celebration, but more like a finish line for women. In 2018 women had to work, on average, until April 10 in order to earn as much money as men did by the last day of 2017.
Each year, women hope that the distance to our finish line will be shorter and that the gap between what men and women are paid will close a bit more.
Equal Pay Day reminds us of how far we’ve come, how far we have to go and the actions still needed to increase the earning power of our nation’s working women.
When looking at median annual salaries for each group, U.S. women are paid about 80 cents for every dollar paid to men. And the pay gap is even worse for women of color.
Why is it important for more women to be represented on corporate boards?
Boards of directors make decisions that can impact you, your community and the country.These boards choose CEOs who then make decisions about compensation and other ways to spend profits, including how to support various social causes.
That’s why we think there should be more female voices representing our viewpoints and interests.
For significant change to occur, we believe more women need to assume leadership roles, especially by serving on corporate boards.
There’s proof that having more women in board positions yields benefits for an organization’s performance, and for society as a whole. To read full article, click here.
(Equilar, February 14, 2018) Due to accelerating growth in the percentage of women on boards at Russell 3000 companies, gender parity is now expected to be achieved by 2048, according to the latest Equilar Gender Diversity Index (GDI)
Thirty years may seem like a long way away-and it is. However, this projected timeline has shortened considerably in one year. The inaugural Equilar GDI, published in February 2017, found that women occupied 15.1% of Russell 3000 boards as of 2016 proxy statements, and at the rate of growth to that date, gender parity would not have been achieved until 2055.
"Even if it's still 30 years away by this projection, I'm optimistic that the speed of change will accelerate significantly over the next decade due to a number of forces," said Susan Angele, Senior Advisor with KPMG's Board Leadership Centerand a member of the Equilar Diversity Network (EDN) Advisory Council. To read full report click here.
Please visit page 42 to view the informative article.
(Milwaukee Business Journal, March 8, 2018) High-profile chief executives from companies such as Harley-Davidson, Inc., Quad/Graphics and Rockwell Automation, Inc. convened Wednesday evening to talk gender diversity in corporate governance with nearly 50 of the most prominent women business leaders in southeastern Wisconsin. Check out the attached slideshow to see photos from the event.
Held at the University Club of Milwaukee, the event was put on by Milwaukee Women inc, an organization that strives to increase female representation on Wisconsin companies' boards of directors. The affair allowed the region's women leaders — who are also Milwaukee Women inc members — to connect with the CEOs and garner insight on their company's efforts to reach greater gender parity within their organizations.
“The progress begins at the top with the board," said Blake Moret, CEO of Rockwell Automation Inc., and one of the chief executives at the event. "Because everyone in the organization is looking at whether you are really walking the walk."
The most recent report from Milwaukee Women inc shows that, of the 50 largest publicly traded companies in Wisconsin, the percentage of women-held board seats was 17.6 percent.
During the organization's event, the women broke into small groups of eight to talk with the CEOs in an intimate roundtable setting. Conversations centered around how companies can strive to elevate women to more senior roles and leadership positions. Many women asked the CEOs for more details on how their companies conduct the search for, and then ultimately hire, new board members. Click here to read full article.
European publicly-held corporations lead the world with 18% female corporate board members, while all U.S. public companies and all companies, globally, average 12%. Large U.S. public companies have an average of 21% female board members.
Chicago, Illinois — December 1, 2017 — Director Search founder and CEO, Ken Taylor, announced today that European public companies lead the world with respect to female representation on their corporate boards. At a level of 18% female board member representation, European public companies are 50% above the global average of 12% female board members. Although the S&P 500 companies often are cited to have 21% female representation, the boards of all U.S. public companies, with 6,517 female directors out of the total 55,037 corporate directors, average 12% female representation.While 945 (94.5%) of the Fortune 1,000 companies have at least one female board member, 4,708 (64%) of the remaining 7,341 U.S. public corporations do not have a single woman on its board of directors.
Currently, more than 10% of the 306,186 board members of the world’s public companies are age 70 and older, with many being a member of more than one corporate board. In the U.S., 19% of the corporate directors are age 70 and older, compared to 7% for European companies.
This means that over the next 2-5 years, public companies, particularly those in the U.S., will replace many of these directors as they retire due to age or are not re-nominated. These factors suggest there is a significant opportunity for public company boards to consider female director inclusion and diversity. Click here to read full article.
(The Wall Street Journal, March 6, 2018) The real-estate industry’s reputation for being an old boys’ network might be hurting investors in real-estate investment trusts with boards that haven’t advanced beyond this image.
That is the conclusion of a new report by Wells Fargo Securities that analyzed 165 equity REITs from 2006 to 2017. The analysis “determined that companies with more than the average percentage of women” on their boards “achieved higher average price and total returns over that period,” the report stated.
The average percentage of women on REIT boards was 15.5%, the report said. The share prices of REITs with higher-than-average percentages outperformed those with no female representation by 1.93 to 2.33 percentage points, according to the report. The outperformance was 1.33 to 1.69 percentage points when both share price and dividend were taken into account.
“There is already a considerable volume of research that delves into the benefits of a more inclusive board,” such as different skill sets, the report said. “Our purpose here is to shine a spotlight on board diversity in real estate.” REITs have boosted female representation on their boards in the past decade to 15.5% from about 8.5%, with the greatest increase coming in the last five years. But REITs still lag the 22% female representation on other boards of companies in the S&P 500, said the report by Wells Fargo’s Jeffrey Donnelly and Dori Kesten.
Wells Fargo’s methodology consisted of looking at board compositions at year-end from 2006 to 2017 and calculating share price and total return over a forward three- and five-year period.Of the equity REITs analyzed by Wells Fargo, 34 had no women on their boards. Women made up at least one-quarter of boards at 40 REITs, the report said.
The report found that prison, advertising, and energy-infrastructure REITs had the greatest percentage of women on their boards, with over 20%.
Industrial, single-family residential and health-care REITs had the smallest percentage of women on their boards in 2017: 11% to 12%. “Timber and data centers actually have a lower percentage of women on their boards today than they did in 2006, a step backwards,” the report said.
Milwaukee Women inc Supports International Women’s Day, March 8
MILWAUKEE, March 1, 2018 – Women hold only 17.6 percent of the director seats on the boards of the 50 largest publicly traded Wisconsin companies. To ensure that this percentage continues to increase and gender equity continues to grow, Milwaukee Women inc (MWi), a Milwaukee-based nonprofit organization that works to achieve balanced representation of women on boards of directors of Wisconsin companies, today announced its support of the goals of International Women’s Day. This day, held March 8, celebrates the social, economic, cultural and political achievements of women and marks a call to action for accelerating gender parity. This year’s theme is #PressforProgress.
“Since Milwaukee Women inc’s founding in 2003, we have worked diligently to bring visibility to the value and benefits of gender diversity. Our annual research report, “Measuring Change,” has showcased the percentage of women on corporate boards. And, during the course of our research, we have found continued growth, albeit much slower than desired,” said Sandy Wysocki, chair of Milwaukee Women inc and chief development officer of the Milwaukee United Performing Arts Fund. “On International Women’s Day, we stand with the many other organizations who #PressforProgress.”
“There is ample evidence to show that companies that have greater representation of women on their boards have made conscious, thoughtful efforts to change the culture of their business. Gender diversity in leadership extends beyond the C-Suite. For leading companies, we have found that diversity and inclusion becomes a focus throughout the organization,” added Wysocki.
EY, a longtime supporter of MWi and the #PressForProgress campaign sponsor of International Women’s Day (IWD) 2018, is playing a vital role to advance equality globally and locally in Milwaukee. “We will help to guide and influence how every person and organization across the world recognize and advance women in 2018. We are calling on all people to help build a more inclusive, gender equal world — a better working world,” said David Gay, EY’s Milwaukee office managing partner.
There are several ways to join Milwaukee Women inc and EY in celebrating International Women’s Day:
Make a Pledge to #PressforProgress,
- Read Milwaukee Women inc’s Measuring Change 2017 report to learn about the state of board diversity for Wisconsin companies,
- Join EY on Facebook for a “Facebook Live” talk on March 8 from 11:00 a.m. to 12:00 p.m. CST o
- Start a conversation with your colleagues about gender diversity in the workplace.
To learn more about Milwaukee Women inc visit http://www.milwaukeewomeninc.org. More information about International Women’s Day can be found at https://www.internationalwomensday.com/.
Why Breaking Into the Boardroom Is Harder for Women
Businesses prefer veteran female directors over untested ones, research shows
Wall Street Journal, Updated Feb. 7, 2018 8:53 a.m. ET
For women like Jill O’Donnell-Tormey, an imaginary sign seems to hang outside U.S. boardrooms. It reads: “Help Not Wanted.”
The longtime chief executive of the nonprofit Cancer Research Institute has fruitlessly pursued a public company directorship for several years. With a resume that touts her decades of experience as a CEO and cancer researcher, she has reached out to business acquaintances and enlisted the help of an executive-recruitment firm. “I don’t think I even cross anybody’s mind,’’ Dr. O’Donnell-Tormey said.
Women looking to land their first board seats have a much tougher time than men, recruiters and corporate directors say. Some businesses are now trying to solve this problem in the face of intensified shareholder pressure for more female directors. BlackRockInc., the world’s biggest money manager, this month for the first time said that companies in which it invests should have at least two women on their boards.
The proportion of women on S&P 500 company boards grew just one percentage point to 22% last year—up from 16% in 2007, executive recruiters Spencer Stuart reported. And women represented 42% of the latest novice directors that S&P 500 companies disclosed in 2017 proxy statements. That is up from 32% in 2016, but down from 44% in 2015, according to Spencer Stuart. To read full article, click here.
Catalyst Sponsorship Guide
(Catalyst) Relationships are an important aspect of any work culture. Cultivating a strong network and ensuring you have advocates are critical steps for advancement and development—especially for women, who are often left out of more informal activities. Catalyst research has found that while mentoring is essential to leadership development, it is not enough, on its own, to help women advance. Our research points to a more influential professional relationship: sponsorship.
This Sponsorship Guide details relevant research, Practices, and quotes from leaders related to the importance of sponsorship relationships as well as actionable tips from Catalyst and leading organizations related to developing and sustaining sponsorship programs globally. Click here to download report.
(February 1, 2018, Korn Ferry) Whether it’s through governments passing pay-equity laws, major institutional shareholders demanding more women on corporate boards, or Hollywood stars delivering rousing speeches promoting female movie directors, empowering women has become de rigeuer.
But a lack of women in senior roles isn’t just a social issue, it’s a business problem, says Jane Stevenson, Korn Ferry’s global leader for CEO Succession and vice chairman of the firm’s Board & CEO Services practice. Women make up 45% the S&P 500 workforce, but only 27% of the S&P 500’s senior leadership positions are held by women, and fewer than 6% of the nation’s biggest corporations are run by women, according to the nonprofit research group Catalyst. “If 50% of your capabilities were underutilized, would you feel confident, as a board member, that you were doing a great job?” she says.
The study also found board directors played three critical roles in getting more women into senior leadership roles.First,
directors can help potential leaders early. According to the study, an overwhelming majority of female CEOs have best-in-class levels of adaptability, curiosity, risk-taking, tolerance for ambiguity, and composure. These traits can be identified in people as early as in their 20s or 30s, Stevenson says. Directors can ensure their organizations are identifying female workers who have these traits and attracting such high-potential women.Second,
directors can mentor or sponsor up-and-coming female leaders. Many female CEOs didn’t set out to be the top boss. Indeed, 65% of the female CEOs Korn Ferry interviewed said they didn’t think they could be a CEO until someone else told them they could. Board directors can act as guides to mid-level female professionals, Stevenson says, by talking business with them (strategy, finance, revenue) and helping them build a strategic career plan. Without that type of guidance and encouragement, firms risk letting talented women drift.Finally,
directors can help ensure women get operating experience. Having some operational experience is critical for all senior leaders, yet many high-talent women are often moved into leadership roles for noncore departments. All of the female CEOs who had operational experience found it to be pivotal, and the ones who didn’t thought it could have helped them be more prepared. To read the full article, click here.
Why America's boardrooms still cater to men
(The Business Journals, January 16,2018) Business leaders have long highlighted gender diversity as a top priority, particularly when it comes to populating board rooms and the power center commonly known as the C-suite. Nonetheless, women remain woefully underrepresented among the upper echelons of Corporate America.
A Business Journals analysis of some 3,000 publicly traded companies with at least $100 million in market capitalization found the absence of women directors particularly pronounced among two classes of companies: those with relatively limited resources compared to their larger brethren and, perhaps not surprisingly, those run by male CEOs and board chairs.
Among those thousands of companies, male directors outnumbered their female peers by a six-to-one ratio at the end of 2017. The Business Journals also identified 710 boards that reported no women directors at all, and found another 1,034 companies with just a single woman director at year's end — meaning more than half of the companies analyzed had one or fewer women directors on their boards last year. To read the full article, click here.
(StreetInsider.comm January 24, 2018) MGIC Investment Corporation (NYSE: MTG) today announced that Melissa Lora has been elected to the Board of Directors for MGIC Investment Corporation and its principal subsidiary, Mortgage Guaranty Insurance Corporation (MGIC). She will be a member of the Risk Management and Audit Committees.
"We are excited about Melissa's addition to the board," said Curt Culver, MGIC Investment's chairman. "Her substantial executive management, financial and marketing experience makes her a natural fit and we look forward to her contributions."
Melissa Lora, since 2013, has been President of Taco Bell International, a segment of Taco Bell Corp., which is a subsidiary of Yum! Brands, Inc., one of the world's largest restaurant companies. Ms. Lora served in various roles at Taco Bell Corp., including Global Chief Financial and Development Officer (2012-2013), Chief Financial and Development Officer (2006-2012) and Chief Financial Officer (2001-2006). Ms. Lora will be retiring from Taco Bell Corp. in the summer of 2018. Since 2016 Ms. Lora has served as Lead Independent Director and chairs the Audit Committee for KB Home.
Women's presence in Wisconsin's biggest boardrooms exceed national average, room to grow
(January 15, 2017, Milwaukee Business Journal) Business leaders have long highlighted gender diversity as a top priority, particularly when it comes to populating board rooms and the power center commonly known as the C-suite. Alas, women remain woefully underrepresented among the upper echelons of Corporate America.A Business Journals analysis of some 3,000 publicly traded companies with at least $100 million in market capitalization found the absence of women directors particularly pronounced among two classes of companies: those with relatively limited resources compared with their larger brethren and, perhaps not surprisingly, those run by male CEOs and board chairs.
Wisconsin public companies are doing better on average in seating women directors. Of the 52 companies with market caps over $100 million, board participation for women exceeds 16 percent. Across the country, women currently hold 14 percent of all board seats at companies with more than $100 billion in market capitalization. That national percentage averages out to about 1.3 women directors for the typical nine-member board.
For Wisconsin companies, there's room to grow. Fewer than half of the companies with more than $100 million in market capitalization exceed that 16-plus percent state average.
Milwaukee Women inc, a group of leading businesswomen advocating for board parity, has been tracking women's participation on corporate boards in Wisconsin since 2003 and has seen steady, yet slow, growth. The group's most recent report found that the largest 50 public companies in Wisconsin (based on total revenue) had 79 directors in 2017, a percentage of women-held board seats of 17.6 percent.
In announcing those results, Milwaukee Women inc chair Sandy Wysocki said there's a "long way to go before we reach real equity." To read the full article, click here.
Accumulating $1 million in retirement savings is symbolic, even if it means different things to different people.
It represents an aspirational amount of wealth to some, financial security to others or a milestone on the way to greater savings still. Of course, in a nation where 44 percent of the population does not have $400 saved for an emergency expense, reaching $1 million may seem unimaginable.
Over the last 12 years, the share of women who have amassed sums of $1 million or more in their retirement plans has doubled, according to research conducted by the investment firm Fidelity, based on the 15 million participants in the 401(k) accounts it oversees. About 20 percent of its 401(k) millionaires were women as of the end of September, the firm found, up from just under 10 percent in the same period in 2005. To read the full article, click here.
(November 29, 201, Milwaukee Business Journal) Rockwell Automation and Milwaukee Women inc hosted "Our Culture of Inclusion Journey" Tuesday, a panel discussion to highlight the Milwaukee manufacturing firm's effort to improve its diversity since 2007. Check out the attached slideshow to see photos from the event.
Rockwell CEO Blake Moret kicked off the event, which was held at Rockwell's Milwaukee headquarters, by emphasizing the importance of culture improvements made internally in the last decade at the company.
"I see examples every day that demonstrate how diverse teams make better decisions," Moret said. "We see growing diversity throughout all levels of the organization, but we know it begins at the top."
The event was keynoted by a panel featuring three Rockwell (NYSE: ROK) vice presidents: Ted Crandall, senior vice president of control, products and solutions; Susan Schmitt, senior vice president of human relations; and Lee Tschanz, vice president of global industry. The panelists shared their perspective on Rockwell's inclusion journey over the past decade.
Crandall said that metrics show that Rockwell has dramatically improved its diversity as an organization.
"Our organization is truly being transformed," he said. To view full article and slideshow, click here.
Report shows tepid growth for gender parity on Wisconsin corporate boards
(October 9, 2017, Milwaukee Business Journal) Female participation on the boards of Wisconsin's largest publicly traded companies continues to inch forward, but women are still significantly underrepresented on the boards of directors of firms based in the state.
According to an annual report from Milwaukee Women inc released Monday, a total of four new female directors were appointed to the largest 50 public companies in Wisconsin in 2017, bringing the number of women directors to 79 and the percentage of women-held board seats to 17.6 percent. That's a slight increase of 4 percent compared to 2016, when 16.9 percent of all board seats were occupied by women. To view full article, click here.
Female representation on corporate boards in Wisconsin increases ... slowly
(October 9, 2017, Milwaukee Journal Sentinel) The representation of women on the boards of directors of publicly traded companies in Wisconsin continues to increase — slowly, the latest report from a local nonprofit organization shows.
Among the state’s 50 largest public companies, 17.6% of the directors now are women, up from 16.9% a year ago, according to research by Milwaukee Women inc.
Women have gained a net of three board seats among the 50 largest companies since 2016. Seventy-nine out of 449 directors at those firms now are women, compared with 76 (out of 451 directors) a year ago. To view full article, click here.
Female Representation on Wisconsin Top 50 Public Company Boards Increases 4%
(October 9, 2017, Urban Milwaukee) Milwaukee Women inc a nonprofit organization located in southeastern Wisconsin that works to achieve balanced representation of women on boards of directors, today released its annual research report, “Measuring Change 2017.” In 2017, the percentage of women holding director seats on the boards of the 50 largest publicly traded Wisconsin companies (WI 50) grew for the fourth consecutive year to 17.6 percent, a four percent increase over 16.9 percent in 2016 and slightly above the U.S. median.
“We are seeing progress, albeit slower than desired. Since Milwaukee Women inc began reporting the percentage of women on the boards of the WI 50 in 2003, we have seen an upward trend,” said Sandy Wysocki, chair of Milwaukee Women inc and chief development officer of the United Performing Arts Fund. “Also noteworthy is that there are now only seven companies among the top 50 with no female directors. But, we still have a long way to go before we reach real equity.” To view full article, click here.
Female Representation on Wisconsin Top 50 Public Company Boards Increases 4%
Milwaukee Women inc 2017 Gender Diversity Report Also Highlights Women on Boards in
Wisconsin’s Manufacturing, Higher-Education and Health Care Industries
Milwaukee Women inc, a nonprofit organization located in southeastern Wisconsin that
works to achieve balanced representation of women on boards of directors, today released its annual
research report, “Measuring Change 2017.” In 2017, the percentage of women holding director seats on
the boards of the 50 largest publicly traded Wisconsin companies (WI 50) grew for the fourth consecutive
year to 17.6 percent, a four percent increase over 16.9 percent in 2016 and slightly above the U.S. median.
To view complete press release, click here.
Congratulations Kim Stoll, named 2017 CMO of the Year!
(August 3, 2017, Milwaukee Business Journal) The CMO of the Year and CIO of the Year awards programs are are part of the C-Suite Stars awards. The C-Suite Stars honors top chief financial officers, chief marketing officers, chief information officers and top corporate counsel. To read full article and view slideshow, click here.
Here is a list of the CMO of the Year award winners for 2017:
- Kim Stoll, Badger Meter Inc.
- Pat Boelter, Goodwill Industries of Southeastern Wisconsin
- Jennifer Dries, Valuation Research Corp.
- Robin Higgins, Zoological Society of Milwaukee
- Ann Stadler, Marcus Theatres Corp.
Even After the Glass Ceiling Yields, Female Executives Find Shaky Ground
(August 3, 2017, The New York Times) Sheri McCoy of Avon is the third prominent female chief executive to head toward the exit since June, making 2017 anything but the breakout era it was expected to be.
For the better part of five years as the chief executive of the cosmetics giant Avon Products, Sheri McCoy battled collapsing sales, a plunging stock price, a bribery scandal in China and the constant drumbeat of an attack from an activist investor.
On Thursday, Avon announced that Ms. McCoy would step down and that it had started the search for her successor. The day before, Irene Rosenfeld, the chief executive of the Oreo cookie maker Mondelez International, announced her plans to retire later this year. In June, Marissa Mayer resigned as chief executive of Yahoo after it was acquired by Verizon Communications. Like Ms. McCoy, they, too had faced pressure from activist investors.
Researchers at Utah State University concluded in a report last year that women were more likely than men to be promoted to the top job of a troubled company. And then, the researchers found, the women “often lacked the support or authority” to make the kind of changes the company needed, leading to shorter tenures. To read the full article, click here.
(July 27, 2017, New York Business Journal) Deloitte is doing away with employee groups focus on on women and minorities, a new diversity approach one scholar says must be accompanies by serious and intelligent discussions.
The New York-based financial advisory firm has the right idea, because employee affinity groups marginalize people, said Christina Hoff Sommers, a gender politics and feminism scholar. "Companies that promote diversity by offering special programs to women and minorities will be accused of insensitivity to other marginalized groups: trans, physically disabled and neuro-atypicals, to name just a few," said Sommers, a resident scholar at the American Enterprise Institute.
A recent Bloomberg report detailed Deloitte's plans for replacing affinity groups for women and minorities with "inclusion councils" that include people who used to be in different single-identity groups. They also will include white men.
But Deloitte decided to dismantle those types of groups after learning that many millennial employees don't like to be labeled by a single part of their identity. About 57 percent of Deloitte employees are millennials.
Milwaukee employers promoting diversity
(June 30, 2017, Milwaukee Business Journal, Table of Experts) To create a welcoming workplace and city, more and more companies have come to realize that inclusiveness and diversity are critical to their continued growth and to the overall social and economic health of the Milwaukee Region.
But many companies don’t know where to start or what these initiatives will ultimately entail. The Milwaukee Business Journal recently assembled a panel of experts to explore how the Milwaukee Bucks, Rockwell Automation and the LGBT Chamber of Commerce are working to promote inclusion and diversity. To read full article, click here.
It’s not a pipeline problem. It’s about loneliness,competition and deeply rooted barriers.
(The New York Times, July 23, 2017) A year ago, dressed in suffragette white and addressing a cheering, weeping convention, Hillary Clinton stood for possibility. Now she is a reminder of the limits women continue to confront — in politics and beyond. More than 40 years after women began pouring into the workplace, only a handful have made it all the way to the top of corporate America. The percentage of chief executives of Fortune 500 companies who are women just passed 6 percent, creeping up (and occasionally dropping back) at a glacial pace.
Why don’t more women get that No. 1 job?
Consider the experiences of the people who know best: Women who were in the running to become No. 1, but didn’t quite make it. The women who had to stop at No. 2. What their stories show is that in business, as in politics, women who aspire to power evoke far more resistance, both overt and subtle, than they expected would be the case by now. To read full article, click here.
MADISON, Wis., June 29, 2017 (GLOBE NEWSWIRE) -- First Business Financial Services, Inc. (NASDAQ:FBIZ) announced today that Carla C. Sanders has been appointed to the Board of Directors of First Business Financial Services, Inc.
Ms. Sanders is Senior Vice President of Human Resources and a member of the Executive Committee for AMC Entertainment Holdings, Inc. AMC is the largest movie exhibition company in the U.S., in Europe and throughout the world with over 40,000 employees worldwide. Ms. Sanders is responsible for the strategic development and implementation of benefits, community relations, compensation, employment practices, human resource systems, talent acquisition and training and development to secure and retain the highest performing talent at AMC. Ms. Sanders is a steward of AMC’s culture ensuring alignment with the long-term strategic priorities of the enterprise. To read full article, click here.
NEW YORK, June 19, 2017 /PRNewswire/ -- Global travel deals publisher Travelzoo® (NASDAQ:TZOO) today announced it has become the only U.S. listed company to have 80% of its board of director seats held by women—the highest female-to-male ratio of any NASDAQ or NYSE-listed company. The landmark event will be commemorated today with a Travelzoo sponsored discussion featuring an all-female panel moderated by Tina Brown, C.B.E, founder and CEO of Women in the World Media and creator of the Women in the World Summit. Today's event spotlights the ongoing issue of lack of gender diversity within listed companies.
"A board of directors should consist of the most qualified individuals being elected. Furthermore, having different perspectives is very important," said Ralph Bartel, founder and chairman of Travelzoo. "I find it disconcerting that only 5 of more than 4,000 U.S. listed companies have 60% or more female board members. I look forward to seeing many more listed companies around the world re-define their boards." To read full article, click here.
(Washington Post, June 19, 2017) After Arianna Huffington, a director at Uber, made a comment about what happens when more women are named to the board, fellow director David Bonderman cracked a joke that prompted his resignation. Uber named Nestle executive Wan Ling Martello to its board last week.
The push to get more women onto corporate boards of directors is getting a lot of attention lately: Investors have been urging companies to make it a priority, Uber came under fire after a director cracked a joke about more women in the boardroom, and a Wall Street statue of a little girl aimed at publicizing the lack of women directors became a viral Internet sensation.
But despite the spotlight, the percentage of female directors appointed to Fortune 500 board seats actually declined in 2016, reversing a trend that had shown seven years of growth. According to a new report from executive search firm Heidrick & Struggles, women were appointed to 27.8 percent of director seats that turned over or were added to the boardroom roster in 2016, a slight two percentage-point decline from the year prior. To read full article, click here.
(Milwaukee Business Journal, June 18, 2017) “There’s this misunderstanding that’s lingered from 20 or 30 years ago that it was difficult to find qualified women,” said Lindsay, who joined with Sponem in researching the issue and conducting interviews with leaders in a variety of industries in the hope of offering ideas to help.
That most corporate boards lack gender diversity isn’t in question. Females account for about 16% of board members nationally, according to the U.S. Government Accountability Office. That’s up from 8% in 1997, but still a very slow evolution, Lindsay and Sponem say.
Some corporations use search firms to identify board candidates, and companies increasingly are putting pressure on those firms to offer diverse choices, said Lindsay Hammerer, an audit partner in KPMG's Milwaukee office and a member of Milwaukee Women inc.
“The old process was one of, ‘Who do I know?’ whether it was board members or CEOs or companies,” Hammerer said. “It was, ‘Who do I know, who do I golf with, who’s in my network?’ And more and more companies are saying, ‘That’s not in our best interest. Our best interest is to really figure out who can add the most value to the dynamics of our board.’” To read full article, click here.
(Milwaukee Business Journal, June 14, 2017) Patricia Watson has been elected to Rockwell Automation's board of directors. Rockwell is growing its board from 11 to 12. Watson is senior executive vice president and chief information officer at Georgia-based Total System Services, a global payment provider.Watson joins two other women executives on the board. To read full article, click here.
The Fortune 500 just got a little more female-friendly.
After dropping to 21 last year, the number of women CEOs on the Fortune 500 list has increased by more than 50% - from 21 to 32. That's a new record: The 2017 ranking include more female chiefs than any previous list since the first Fortune 500 ran in 1955.
There are two ways to look at that news. On one hand, the increase means women are progressing up the American corporate ladder. On the other hand, 32 is still very, very low - just 6.4% of the list - and in no way representative of the wider population. To read full article, click here.
(Milwaukee Journal Sentinel, May 24, 2017) Women CEOS earned big bucks last year, but there are still very few of them running the world's largest companies.
The median pay for a female CEO was $13.1M last year, up 9% from 2015 according to an analysis by executive data firm Equilar and the Associated press. But the number of women in CEO roles has barely budged. Just 6% of the top paid CEOs in the U.S. last year were women according to the Equilar and AP analysis, a slight increase of about 5% from 2015 and 2014. To read full article, click here.
Women SMB Owners Achieving Growth Through Community Focus
(The Business Journals, 2017) Women-owned companies account for $1.7 trillion in sales. Their firms employ 9.5M workers. They plan to hire more full-time employees this year, and their future business outlook is positive. Their personal investment portfolios have grown 36% over the past two years and their net worth has increased 23% to $1.2million.
Women SMB owners are eager for the future and have a clear sense of purpose, about themselves and their businesses. Monetary gain is important, yet it cannot come at the cost of doing work that lacks meaning.Many are in service-oriented industries, such as healthcare, education, administrative support and other personal services, that enable them to support, mentor and care for others.
In general, their concerns about all facets of running a successful business are greater than men’s. They also show higher stress levels and concern about being able to keep up with it all.
Women SMB owners make a point of reaching out to and connecting with their local communities. They see their businesses not purely as income generators, but as community members with a responsibility to address key social and environmental issues. It follows, then, that they prefer doing business with other local businesses. Social media, along with other media vehicles, is widely used to help facilitate connection.
To download the full report, click here.
(BloombergBusinessWeek, April 27, 2017) Over the past decade, Rockwell executives have diversified what was a predominantly white male workforce. The current and former chief executive officers have made this a priority and part of managers’ performance reviews. White men are coached to understand—and change—attitudes and behaviors that make women and minorities feel unwelcome and prevent them from advancing. The result: Rockwell isn’t just recruiting more women and minority engineers and managers, it’s retaining more of them.
Building diverse teams is crucial to Rockwell’s growth, CEO Blake Moret tells managers. “This isn’t a one-season fad for us,” he says. “It’s something we’re investing in.”
Rockwell is also notable for what it hasn’t done. Unlike many tech companies and those in other industries, it never set hiring quotas or established formal mentoring programs. Instead, it focused on getting white male managers to change their attitudes. “Most companies are looking to the women and minorities to fit in or to tell them how to fix things and leaving out white men,” says Susan Schmitt, Rockwell’s senior vice president for human resources. To read full article, click here.
(St. Catherine University, March 22, 2017) Now in it’s ninth year, the 2016 Minnesota Census of Women in Corporate Leadership shows the most significant growth in the number and percentages of women on corporate boards and in the executive offices in its history.
The St. Catherine University report is produced by research from the Master of Arts in Organizational Leadership (MAOL) program and co-authored by Joann Bangs, dean of the School of Business and Professional Studies, and Rebecca Hawthorne, MAOL program director.
According to the study, available today as a special insert in the April issue of Twin Cities Business magazine, the percentage of women on the boards of Minnesota’s 85 largest public companies rose to 19 percent from 15.5 percent in 2015. To read full article, click here.
(Business Insider, Mar. 7, 2017) The world's third-largest asset manager installed a bronze statue of a defiant girl in front of Wall Street's iconic charging bull statue on Tuesday morning as part of its new campaign to pressure companies to add more women to their boards.
The money manager said it would vote against boards if a company failed to take steps to increase its number of members who are women. State Street plans to send a letter to 3,500 companies on Tuesday asking the companies to act.
State Street is a huge player in the index fund world, managing about 90% of its assets in passive funds, which are often investing in companies held in the Russell 3000 and FTSE.
The money manager has cited gender diversity as a way to improve company performance and increase shareholder value. The lack of women on boards has long been a problem. Beyond pipeline issues, some boards see no reason to increase their gender diversity, data shows.
"There has been a lot of discussion on this topic, but the needle hasn't moved materially," Lori Heinel, State Street's deputy global chief investment officer, told Business Insider after the statue's installment.
State Street wants every company it's targeting to have at least one female board member and to take steps toward fixing its gender gap, Heinel said. To read full article, click here.
Colorado CEOs leading effort for more female board members
(Denver Business Journal, December 27, 2016) For years the Women’s Leadership Foundation in Denver has been ringing the bell on the lack of women on corporate boards. Annual reports and lunches featuring the dismal numbers were highlighted and practically shouted out to the community.
And yet, the needle never moved.
“We said, this is not getting to the decision makers,” said Gloria Zamora , board member of the foundation, which is a subgroup of the Colorado Women's Chamber of Commerce.
Now, a group of Colorado CEOs is joining forces with the foundation in its “Board Bound” movement to get more women on the boards of publicly-traded companies — which currently stands at 11 percent of all board seats in Colorado, compared to 19 percent nationally.
Their goal is to get 45 women seated on Colorado boards by 2018. And they are out there making a business case one CEO at a time. To read full article, click here.
Kathryn Roedel, a former executive at Select Comfort Corp., will fill a vacancy in the Class III directors and will have a term expiring at the 2018 annual meeting. Roedel is currently an advisory board member at Minneapolis-based BrainHealth Technologies. She previously served in supply chain, product and service roles at Select Comfort and GE Medical Systems. Roedel replaces former Office Depot Inc. chief financial officer Barry Goldstein who retired from the board in 2015.
Dominick Zarcone, chief financial officer of Chicago-based LKQ Corp., will fill a Class II vacancy with a term expiring at the 2017 annual meeting. LKQ is a global distributor of vehicle parts and accessories. Prior to joining LKQ he was managing director and CFO at Baird Financial Group from 2011 to March 2015. Zarcone fills a vacancy created by the departure of Cabela’s CFO Ralph Castner earlier this year. To read full article, click here.
(The Economist, The World in 2017) The coming year will be the most remarkable for women since 1934, when Lettie Pate Whitehead joined the board of Coca-Cola - becoming on of the first women to made a director of a major American company. In 2017, expect to see companies take action to make sure more females occupy powerful positions. To read full article, click here.
Women Gain Seats in the Boardroom
(SpenserStuart, December 2016) The 31st edition of this venerable publication continues the tradition of examining the latest data in board composition, board practices and director compensation among S&P 500 companies. Among the notable takeaways from this year’s proxy analysis: An increase in new female independent directors: Women account for 32% of new independent directors, the highest rate of female representation since 1998 when we began tracking this data for the S&P 500. Last year, 31% of new directors were female. To read full article, click here.
Business Leaders Launch Paradigm for Parity Coalition and Provide Plan to Achieve Gender Parity in Corporate Leadership Positions by 2030
27 CEOs of Major Companies Commit to Unique Action Plan for Gender Parity
NEW YORK, Dec. 7, 2016 /PRNewswire-USNewswire/ -- Today, a diverse group of current and former CEOs and business leaders announced the launch of the Paradigm for ParitySM coalition, an organization committed to achieving gender parity across all levels of corporate leadership.
"We are thrilled to announce the beginning of a movement focused on achieving a new norm in corporate leadership positions: one in which women and men have equal power, status and opportunity," said Ellen Kullman, Co-Chair of the Paradigm for ParitySM coalition. "Powerful evidence links gender-balanced leadership with financial and stock market outperformance, and we are proud to partner with 27 major corporations to take definitive action to create the gender balance that will generate those tangible benefits."
"While many organizations support gender equality and call for enhanced diversity in the workplace, the Paradigm for ParitySM coalition is unique in that it outlines a specific set of concurrent actions a company can take to achieve gender parity," said Jewelle Bickford, Co-Chair of the Paradigm for ParitySM coalition. "We have spent the last 18 months developing the Paradigm for ParitySM 5-Point Action Plan, a comprehensive roadmap for increasing the number of women in leadership positions, and we look forward to working with corporate executives to implement it across their organizations." To read full article, click here.
Why There Aren't Women On Boards -- And Why There Should Be
(November 30, 2016, Forbes) It’s well known that diverse teams are smarter. Research has found, for example, that companies in the top quartile for racial and ethnic diversity were 35% more likely to have financial returns above their respective national industry median. Those in the top quartile for gender diversity were 15% more likely to have financial returns above their medians. And, it’s been shown that Fortune 500 companies with the highest representation of women board directors achieved better financial performance on average, than those with the lowest representation of women board directors. To read full article, click here.
Women in the Workplace 2016
(McKinsey & Company, September 2016) In corporate America, women fall behind early and keep losing ground with every step. More than 75 percent of CEOs include gender equality in their top ten business priorities, but gender outcomes across the largest companies are not changing. Women are less likely to receive the first critical promotion to manager—so far fewer end up on the path to leadership—and they are less likely to be hired into more senior positions. As a result, the higher you look in companies, the fewer women you see. Women in the Workplace 2016
, a study conducted by LeanIn.Org and McKinsey, elaborates on these patterns, provides some explanations for them, and suggests priorities for leaders seeking to speed the rate of progress. To read full article, click here.
Advice for Milwaukee-area women serving on corporate, nonprofit boards? Get passionate.
(Milwaukee Business Journal, November 18, 2016) Prince was among three panelists who discussed challenges and opportunities of serving on boards for companies and nonprofit organizations. That discussion was part of the Milwaukee Business Journal’s Women of Influence 2016 Confidence Symposium held Friday in the Pfister Hotel.
Prince’s emphasis on passion was echoed by UWM associate vice chancellor Phyllis King and Mary Ellen Stanek, managing director and director of asset management at Milwaukee financial services firm Robert W. Baird & Co. Inc., who currently serves on the boards of Northwestern Mutual and WEC Energy Group Inc.
All three panelists said, beyond having the time to invest in such a large responsibility, passion for the board’s mission is essential.
“You have to have time, you have to have commitment, you have to have passion for the cause,” King said. To read full article, click here.
ManpowerGroup Elects Julie M. Howard to Board of Directors
MILWAUKEE, Nov. 2, 2016 /PRNewswire/ -- ManpowerGroup (NYSE: MAN) announced today that Julie M. Howard, Chief Executive Officer and Chairman of the Board of Directors of Navigant has been elected to the company's Board of Directors, effective December 12, 2016.
Howard joined Navigant in 1998 and has since served as Chief Operating Officer, President and CEO. She is responsible for the development and implementation of Navigant's long-term strategy and for realizing shareholder value. A member of the Board of Directors for InnerWorkings, Inc. and a past member of Kemper's Board of Directors, she also serves on the Medical Center Board of Lurie Children's Hospital, and is a member of the Council of Economic Advisors for Cook County, the Economic Club and the Commercial Club of Chicago. Howard is also a champion of women's leadership development and a founding member of the Women's Leadership and Mentoring Alliance. To read full article, click here.
Milwaukee Women inc releases 2016 research on gender diversity on Wisconsin public and private corporate boards
Number of women on Wisconsin to 50 public company boards increases for third
The number of women on boards of the top 50 publicly traded Wisconsin companies (WI 50) again increased in 2016. In 2016, women held 16.9% (76/451) director seats among the WI 50, compared to 15.8% (71 seats) in 2015. The number of WI 50 companies with three or more women directors increased for the first time in a decade. Eight WI 50 companies had three or more women directors in 2016, up from five companies which had remained unchanged since 2007.
“This is the third consecutive year of measurable growth in women on Wi 50 corporate boards. At 16.9%, Wisconsin has now reached the median for the percentage of women on public company boards to compared to the nation,” said Milwaukee Women inc (MWinc) Chair Sandy Wysocki, chief development officer, United Performing Arts Fund. “But while we made progress in 2016, there is much more work to be done.” MWinc has been measuring diversity on corporate boards since 2003 to raise awareness and promote change.
The group also collected information on boards of directors for 47 of Wisconsin’s 50 largest private companies. The percentage of women on these boards was 15.7%, unchanged from 2015, with women holding 45 out of 291 director seats. However, for the private companies, only 23% of them had two or more women directors (vs. 46% for public companies), and 45% had no women at all on their boards (vs. 16% on the public companies).
“There is an abundance of evidence that shows that when women are on boards, companies are more profitable,” explained Wysocki. “Ultimately, our vision is for Wisconsin businesses to achieve a more balanced representation of diversity in their board composition in order to maximize company performance.”
Highlights from the MWinc research report include:
- Nearly half of WI 50 companies (23/50) now have two or more women on board members, as compared to only three companies in 2008.
- 84% (42/50) of the WI 50 companies have at least one woman on their board, a significant increase from 32 companies in 2008.
- One WI 50 company – Alliant Energy – has a board composition that is more than 50% women.
Milwaukee Women inc is composed of more than 80 women from throughout metro Milwaukee, representing diverse corporate and non-profit executive experience. “We are here to provide resources and serve as a sounding board for Wisconsin companies that want to include more qualified women in their board candidate pools. Diversifying the board room is a key component in building high performance boards and highly successful companies,” said Wysocki.
Links to press coverage of 2016 research report
Milwaukee Business Journal, October 11, 2016
Milwaukee Journal Sentinel, October 11, 2016
Milwaukee BizTimes, October 11, 2016
(U.S. Government Accountability Office, January 4, 2016) Representation of women on the boards of U.S. publicly-traded companies has been increasing, but greater gender balance could take many years. In 2014, women comprised about 16 percent of board seats in the S&P 1500, up from 8 percent in 1997. This increase was partly driven by a rise in women's representation among new board directors. However, even if equal proportions of women and men joined boards each year beginning in 2015, GAO estimated that it could take more than four decades for women's representation on boards to be on par with that of men's. To read full article, click here.
Kohl's Corporation Elects Adrianne Shapira to Board of Directors
(Business Wire, August 10, 2016) Kohl's Corporation today announced that its Board of Directors elected Adrianne Shapira as a new board member, effective immediately. She has been elected to a term expiring at Kohl’s 2017 annual shareholders meeting and will be eligible for re-election by Kohl’s shareholders at that time. She will initially serve on the Board of Directors’ Governance and Nominating Committee.
“Adrianne is a great addition to our board,” said Kevin Mansell, Kohl’s chairman, chief executive officer and president. “Her strong financial expertise as well as her broad understanding of the retail industry will be valuable assets to Kohl’s.” To read full article, click here.
theBoardlist Wants to Be the LinkedIn For Female Director Candidates
(Fortune, February2, 2016) The newly launched U.S. Boardlist will let anyone who is looking for board candidates to register to search the database. Users can also apply to be nominating members, which allows them to suggest and endorse candidates. Women who would like to be considered for open seats must be nominated in order to be added to the database, but once nominated, they can fill in LinkedIn-style profiles that list their board experience, expertise, interests, and a short bio. Profile pages also show any endorsements and nominations. To view full article, click here.
Join the Boardlist:
(MILWAUKEE, July 25, 2016 /PRNewswire) Harley-Davidson, Inc. announced today the election of Maryrose Sylvester and Brian Niccol to the company's board of directors, effective today. Sylvester is President and CEO of Current, powered by GE, and Niccol is CEO of Taco Bell Corp.
"We are pleased to have such highly experienced leaders join our board," said Michael Cave, Non-Executive Chairman for Harley-Davidson, Inc. "Maryrose and Brian each lead innovative companies with strong brand recognition in a very dynamic marketplace. We believe they will bring great insight and energy to Harley-Davidson."
Sylvester has held a variety of assignments during her 28 years with GE, including President of the former GE Quartz and GE Lighting Systems, President and CEO of GE Intelligent Platforms and, most recently, President and CEO of GE Lighting. To read full article, click here.
Business leader Linda Gorens-Levey joins Ixonia Bank's Board of Directors
(July 8, 2016, Business Journal) Linda Gorens-Levey, partner at General Capital Group and co-chair of the Greater Milwaukee Committee?s Downtown Task Force, has joined Ixonia Bank's board of directors.
"The addition of Linda Gorens-Levey will further strengthen an outstanding board of directors, and her areas of expertise will broaden and complement those of the existing directors," Dan Westrope, president and CEO of Ixonia Bank said. "Furthermore, Linda?s talents will provide another perspective to the board as it guides Ixonia Bank's growth and expansion."
Prior to joining General Capital in 2015, Gorens-Levey had a key role on the boards of several portfolio companies as managing director at Stark Investments. She also served as an associate director of investments in the securities department at Northwestern Mutual in Milwaukee. To read full article, click here.
(February 9, 2016) Christine Cumming, a high-profile leader in the financial services sector and former Reserve Bank executive, has joined American Family's board of directors. The board elected Christine to the position this week, increasing board membership to 14.
Christine brings 35 years of experience from the Federal Reserve Bank of New York, the last 11 years as the first vice president and chief operating officer before retiring last June. Christine joins a board of directors team comprised of leaders in a variety of sectors. She will serve on the board's Finance and Risk Committees. To read full article, click here.
(June 14, 2016) Catalyst, Knowledge Center www.catalyst.orgA statistical overview of the gender leadership gap in S&P 500 companies, representing the United States. Data include the percentage of: S&P 500 board seats held by women; S&P 500 new directorships held by women; and S&P 500 companies with 0 women. To read overview, click here.
Spencer Stuart U.S. Board Index 2015
(November 2015) The 30th edition of this venerable publication continues the tradition of examining the latest data and trends in board composition, board practices and director compensation among S&P 500 companies. This year's study places a particular focus on the growing interest of institutional investors in board composition and performance.
The notable takeaways from this year's analysis:
Download the PDF now >
- Continued low turnover in board seats: 376 independent directors were added to S&P 500 boards in 2015 compared to 371 last year; however, overall turnover remains low.
- Fewer first-time directors joined S&P 500 boards in 2015: 26% of newly elected directors in 2015 vs 39% last year.
- Women join boards at roughly the same level: Females represented 31% of newly elected directors versus 30% last year.
- Retirement ages continue to increase: 34% of boards set retirement age at 75 or older compared with 8% in 2005; 94% have a retirement age of 72 or older.
- The chairman role is increasingly independent: 29% of companies now have a truly independent chairman ?€? a non-executive director or former executive who has met the requirements of independence over time.
- Average per-director compensation rose 5% to $277,237.
So You're Thinking of Joining a Public Company Board
(February 9, 2016, Harvard Law School Forum on Corporate Governance and Financial Regulation) For a growing number of listed companies around the world the annual shareholder meeting has come to resemble a trial by ordeal. Instead of the traditional town-meeting business forum, the AGM has morphed into a jousting field where activists, proxy advisors and various special interest groups play a dominant role. This state of affairs has evolved because for the past three decades companies have been resistant to change and defensive about governance reform, while shareholders and activists have taken the lead in successfully promoting greater board accountability and stronger governance rules. To read full article, click here.
(January 28, 2016, Mercer) Women are still a staggering 118 years away from closing the gender gap ?€? in terms of labor market opportunity, education, health, and political clout ?€? according to the World Economic
Forum?€™s recently released 2015 Global Gender Gap report. 118 years! Women are under-represented at all levels, making up just 20 percent of executives according to this reportWe can ?€? and must ?€?do better, and employers and leaders have a critical role to play. The time has come for us to think and act differently.
When Women Thrive ?€? the most comprehensive look at women in the workplace. To read full article, click here.
Q&A: Gender parity on public boards inches forward in Wisconsin
(January 15, 2016, Milwaukee Business Journal) Gender parity on public boards in Wisconsin inched forward in 2015, according to a study by Milwaukee Women inc, a nonprofit organization that works to increase the number of women on corporate boards and in executive offices. Women at Wisconsin?€™s top 50 public companies hold 15.8 percent of the board seats, meaning women hold 71 director seats out of 450, gaining two seats from 2014. To read full article, click here.
(January 11, 2016, Milwaukee Business Journal) The number of women serving on boards of Wisconsin's largest 50 public companies increased slightly from 2014 to 2015. Women at Wisconsin's top public companies hold 15.8 percent of the board seats, according to a study by Milwaukee Women inc. That means women hold 71 director seats out of 450, gaining two seats from 2014. The slight 0.3 percent increase in representation was the second consecutive year of measurable growth. To read full article, click here.
(January 11, 2016, The Washington Post) The percentage of women in the board rooms of the largest U.S. companies has only increased from 15 percent in 2005 to about 20 percent a full decade later. Investors have pressured companies to disclose more about diversity and advocates have created databases of qualified women to fit director seats. Now, legislation is being drafted that would require companies to disclose gender diversity statistics and policies, or explain why they have none. To read full article, click here.
A CEO's guide to gender equality
(November 2015, Executive Briefing|McKinsey Quarterly) The case for gender equality is strong. Why is progress so slow? Progressive executives know that gender equality is not only the right thing to do but also the smart thing. That?€™s why more CEOs, heads of state, and university leaders are committing themselves to gender-equality goals for the institutions they lead. But gender equality is proving difficult to achieve. How can companies and public institutions move more quickly? This CEO?€™s guide synthesizes multiple sources to make quick sense of a complex issue. To read full article, click here.
(October 22, 2015, Bloomberg Business) Earlier this year, American International Group Inc. added Linda Mills to its board, attracted partly by her expertise in cybersecurity. In February, Wells Fargo & Co. selected Suzanne Vautrinot for its board for similar reasons. Before that, Walgreens Boots Alliance Inc. picked Janice Babiak. All directors, all focused on cybersecurity, all women. Over the last five years, as data theft has risen to the top of corporate concerns, 16 of the largest U.S. companies have appointed one or more directors with cybersecurity credentials, 10 of them women, a Bloomberg analysis shows. Given the paucity of women in boardrooms -- fewer than one in five in the Standard & Poor?€™s 500 Index -- the surge has stunned all involved. To read full article, click here.
Corporate Boards Are a Boy's Club and Men Like It That Way
(October 6, 2015, Bloomberg Business) Male directors are skeptical about diversity, a report shows. Women are more certain than men that it is critical to have diverse corporate boards, a new study shows. Sixty-three percent of women on corporate boards said that having female board members was ?€?very important?€? in PriceWaterhouseCoopers's annual survey of public company directors, while only 35 percent of men felt this way. Women hold about a fifth of all board seats at Standard & Poor's 500-stock index companies, according to Catalyst
, an advocacy group. To read full article, click here.
Five-year outlook: nearly 20% of directors poised for board exit
(September 2015, EY Center for Board Matters) A close look at data on current board members?€™ ages and tenures shows that 19% of S&P 1500 directorships are held by individuals who are age 68 or older and have served on the board for 10 years or more, up from 14% in 2010. Given that the average retirement-age policy for Fortune 100 companies is 72, we can presume that these S&P 1500 directors ?€? who are within five years of reaching age 72 and, in addition, have tenures of 10 years or longer ?€? are poised to exit the board over the next five years or so. While not a precise measurement, the data reflects that the estimated portion of directors nearing retirement is significant, and greater than it was five years ago. To read full article, click here.
Sheryl Sandberg: When Women Get Stuck, Corporate America Gets Stuck
(September 30, 2015, The Wall Street Journal) At the current pace of progress, we are more than 100 years away from gender equality in the C-suite. If NASA launched a person into space today, she could soar past Mars, travel all the way to Pluto and return to Earth 10 times before women occupy half of C-suite offices. Yes, we?€™re that far away. Today, LeanIn.Org and McKinsey & Co. are releasing Women in the Workplace 2015, a comprehensive study of the state of women in corporate America. In total, 118 companies and nearly 30,000 employees participated, sharing their pipeline data, HR practices, and attitudes on gender and job satisfaction. To read full article, click here.
(August 31, 2015, Christine Lidbury, Executive Director of The Wisconsin Women?€™s Council and Wendy K. Baumann, President of WWBIC (The Wisconsin Women?€™s Business Initiative Corporation) A recent Wall Street Journal article noted recent strides made for women-owned businesses ESPECIALLY with women and minority owned firms. We saw from the view of WWBIC (The Wisconsin Women?€™s Business Initiative Corporation) that these numbers align with our nearly 30 year MISSION, to assist in starting, strengthening and expanding small businesses and improve the economic wellbeing of our targeted clients ?€? women, minority and lower-wealth individuals. To read full article, click here.
Women Make Strides in Business Ownership
(August 19, 2015, Wall Street Journal) While the growth rate of new businesses remains stalled, fresh government data show the share of women-owned firms has climbed. The total number of U.S. firms edged up 2% to 27.6 million between 2007 and 2012, according to preliminary U.S. Census Bureau data released this week. But the number of women-owned firms grew much faster, rising 27% during that time. The overall figures provide the latest evidence of a worrisome decline in business formation. The number of firms with paid employees fell by 5% to 5.4 million between 2007 and 2012 and is 2% below 2002 levels, according to the new census data. To read full article, click here.
(July 27, 2015, Business Journal, Madison, WI) Alliant Energy Corporation named Deborah B. Dunie and Thomas F. O'Tool as directors, effective today. Ms. Dunie most recently served as Executive Vice President and Chief Technology Officer of CACI International Inc., an information solutions and services company in the government sector. Chief Marketing Officer and President, MileagePlus of United Continental Holdings, Inc., a global air carrier. Ms. Dunie was with CACI International from 2006 to 2014. Prior to that, she served in various key information policy positions in government and private businesses such as the Department of Defense - Office of the Secretary of Defense, Oracle Corporation, Raytheon Company, Martin Marietta (now part of Lockheed Martin), General Electric and ITT Corporation. To read full article, click here
Twin Disc, Inc. Appoints Janet P. Giesselman to Board of Directors
(July 01, 2015, RACINE, Wis., Business Wire) Twin Disc, Inc. announced that its Board of Directors appointed Janet P. Giesselman to the Company?€™s Board effective June 30, 2015. Ms. Giesselman will finish the term of Malcolm Moore, who resigned from the Board on June 30, 2015. Ms. Giesselman, 60, is the retired President and General Manager of Dow Oil & Gas, a business unit of The Dow Chemical Company. She has over 30 years of experience managing agriculture, energy, chemical, and manufacturing businesses in the United States, Europe, Latin America, Middle East, Africa, and Asia. To read full article, click here.
(March 13, 2015, Milwaukee Business Journal) Milwaukee grocery chain Roundy's Inc. said Thursday it has appointed seasoned marketing executive Kimberly Fiel to its board ?€? becoming the company's first woman director since Roundy's was called out in 2013 by local business leaders for having no women on its board or in its executive suite. Prior to Feil's appointment, Roundy's (NYSE: RNDY) was a member of the so-called "0:0 club" ?€? no women in its executive suite or on the board of directors. To read full article, click here
2014 Catalyst Census Data Released: Women Board Directors
(January 13, 2015) In January Catalyst released its new census, which incorporates data on the representation of women in boardrooms across 20 countries. While Norway leads the way with 35.5% of board seats held by women, the percentage of board seats held by women in several countries is still in the single digits.
Numbers are only the starting point of a broader conversation. The realities around board service vary greatly depending on location, as seen in this analysis of different global corporate governance trends.
There is some good news in the 2014 Census. Lists of S&P 500 and S&P/TSX 60 companies at which more than 25% of board seats are held by women, as well as those with zero women on their boards, are included in the census?€?and there are more companies with 25% women than there are with zero. To read full artlce, click here.
Women on US boards: what are we seeing?
(February 2015, EY Center for Board Matters, Ernst & Young LLP) Despite the value of bringing more women onto corporate boards being increasingly recognized, US companies continue a slow march toward gender diversity. While progress is being made, it is not at the pace needed to result in a significant expansion of board diversity in the near term, or to compete with public sector approaches being taken in other markets.
The report highlight three observations about gender diversity on US corporate boards: increasing board size to add female directors is common, female directors bring different experience to the board, and gender diversity is rising, but slowly. To read the full article, click here.
Gale Klappa, Chairman and CEO, Wisconsin Energy Corp., receives GMC Mary Ellen Stanek award for Diversity
(February 9, 2015) Greater Milwaukee Committee (GMC), in conjunction with Milwaukee Women inc, gave the third annual Mary Ellen Stanek Award for Diversity in Corporate Governance to Wisconsin Energy Corp. Chairman and CEO Gale Klappa at the GMC annual meeting on Monday, Feb. 9.
Pictured: John Daniels, GMC Chair; Phyllis King, MWi Chair; Gale Klappa; and Mary Ellen Stanek.
The Mary Ellen Stanek Award was established in 2013 to recognize an individual or entity exhibiting leadership, influence and impact resulting in increased diversity on corporate boards in our region. The inaugural award was given to its namesake, Mary Ellen Stanek, and the second to ManpowerGroup Chairman Jeff Joerres.
?€?Gale knows the importance to the company?€™s culture and bottom line of having women and minorities in leadership positions,?€? said Phyllis King, Milwaukee Women inc chair and University of Wisconsin-Milwaukee associate vice chancellor. ?€?Wisconsin Energy, under Gale?€™s leadership, has been recognized around the state, country and even the world for its leadership and supplier diversity practices, and serves as an important source of best practices for many of our region?€™s companies.?€?
According to the GMC, Klappa is a champion for diversity in the workplace. In fall 2014, he joined Jeff Joerres to lead the new GMC and MWi Board Diversity Initiative (see article above), housed in the GMC?€™s Future Workforce Committee, which has three goals:
- Support Milwaukee Women inc?€™s goal of moving from 15.5% to 25% women on the Wisconsin Top 50 (WI50) public companies?€™ boards by 2015. This means an increase from 69 to 111 seats, or 42 more board seats.
- Bring the number of ethnic minority directors in the WI50 from 8% in 2014 to 13% in 2018, with a goal of reaching the halfway mark of 10.5% by 2015. This means an increase from 34 to 57 seats, or 23 more board seats.
- Create quarterly engagement opportunities for board candidates and corporations, and increase the size of the board candidate list by December 2015 from 85 to 200 qualified individuals. Klappa and Joerres will meet peer-to-peer with area CEOs to share and learn best practices for increasing diversity on boards.
Wisconsin Energy is respected for its commitment to diversity, as demonstrated by its board, senior management and supplier network. It leads the way in Wisconsin with respect to women serving as directors, and ranks second in terms of highest percentage of women directors on its board among Wisconsin?€™s 50 largest public companies. As of year-end 2014, Wisconsin Energy achieved the sixth consecutive year in which its leadership team was more diverse than the workplace demographics of its service area, even as the service area is developing a more diverse workplace.
Why Some Teams Are Smarter Than Others
(Jan. 16, 2015, New York Times) The smartest teams were distinguished by three characteristics. First, their members contributed more equally to the team?€™s discussions, rather than letting one or two people dominate the group. Second, their members scored higher on a test called Reading the Mind in the Eyes, which measures how well people can read complex emotional states from images of faces with only the eyes visible. Finally, teams with more women outperformed teams with more men. Indeed, it appeared that it was not ?€?diversity?€? (having equal numbers of men and women) that mattered for a team?€™s intelligence, but simply having more women. This last effect, however, was partly explained by the fact that women, on average, were better at ?€?mindreading?€? than men. To read the full article click here.
(Jan. 13, 2015, Catalyst, NY) Some Regions Ahead of Others. Incremental Progress Not Sufficient to Disrupt Status Quo. For the first time, Catalyst takes its 2014 Catalyst Census: Women Board Directors global, as the call for gender equality on boards grows worldwide. Created in partnership with The Data Morphosis Group, the new and expanded Census focuses on women?€™s share of board seats at stock market index companies across three regions and 20 countries, including the United States, Canada, Europe (14 countries), and Asia-Pacific (Australia, Hong Kong, India, and Japan). To read full article click here. (Jan. 6, 2015, Milwaukee Business Journal) Gehl Foods Inc. president and CEO Katherine Gelh will join the Marcus Corp. board, the company said Tuesday. Gehl, 48, is the fourth-generation head of the Germantown-based food manufacturing company, which produces cheese sauces, puddings, smoothies, and diet and health drinks. Marcus chairman Stephen Marcus said in a press release Gehl was selected for her experience in strategic growth and business development.
"Her expertise in planning, technology, finance and consumer products will be especially valuable to our board and management team," he said. To read the full article click here.
Tokyo Lawyer Group Touts Women to Fill Abe?€™s Director Shortage
(Dec. 4, 2014, Bloomberg) With Prime Minister Shinzo Abe?€™s push for more outsiders on Japanese boards raising the prospect of a director shortage, lawyers in Tokyo plotting to fill the gap with another group he wants to empower: women. Companies must appoint at least two outside directors starting next year or have explanations for why they didn?€™t, according to a draft governance code published by the regulator last month. The Daini Tokyo Bar Association is building a register of women who can be board members or auditors and will publish it to coincide with the new standards, said Tetsuya Kobayashi, a member of the group. Abe, 60, made improving how businesses are run a pillar of his growth strategies in June as he seeks to enhance profitability at Japanese companies. He has also called for more women in leadership roles in society. To read full article click here.Time for diversity: accelerating performance in corporate boardrooms
(Ernest & Young, 2014) Boards that want to see optimum performance need to recognize the value in diversity and take action now. They must be proactive in seeking out people with the right mix of backgrounds and capabilities, then empower and advance them. In this report, E&Y examine how boards can capitalize on diversity to improve their own performance, particularly with regard to managing risk.
What do women bring to the table? Women make up half the world?€™s population, yet they held just 11% of corporate board positions in 2013. To read the full article click here.Fiserv Appoints Alison Davis to Board of Directors
(Nov. 19, 2014, Brookfield, WI BUSINESS WIRE) Fiserv, Inc., a leading global provider of financial services technology solutions, today announced the appointment of Alison Davis to its Board of Directors. Ms. Davis is a managing partner of Fifth Era, a firm that invests in and incubates early stage technology-enabled companies.
To read full article click here
(Nov. 6, 2014, PRNewswire) Regal Beloit Corporation announced that Ms. Anesa Chaibi will join the Company's Board of Directors effective November 10, 2014 as a Class "A" Director with her initial term continuing until the 2015 annual shareholders meeting. Additionally, the Company announced an increase in the size of the board from nine to ten directors. To read full article click here.
(October 2014, GMC website, BizTimes) Corporate boards in Wisconsin are moving in the right direction with efforts to increase racial/ethnic and gender diversity, but more work is needed, according to a Board Diversity report released Monday by the Greater Milwaukee Committee in conjunction with Milwaukee Women inc.
In addition to the report, the GMC also announced at its membership meeting it will lead a new initiative on a CEO-to-CEO basis to facilitate board inclusion. The effort will managed by the organization?€™s Future Workforce Committee, led by ManpowerGroup chairman Jeff Joerres and Wisconsin Energy Corp. chairman and CEO Gale Klappa. To read full article click here.
Diversity on Wisconsin corporate boards improving, but more work needed according to report by GMC, Milwaukee Women inc
(MILWAUKEE, October 13, 2014) Corporate boards in Wisconsin are moving in the right direction with efforts to increase racial/ethnic and gender diversity, but more work is needed according to a Board Diversity report released today by the Greater Milwaukee Committee (GMC) in conjunction with Milwaukee Women inc (MWi).
In addition to the report, the GMC also announced at its membership meeting today that it will be leading a new initiative on a CEO to CEO basis to facilitate board inclusion. The effort will managed by the organization?€™s Future Workforce Committee, led by ManpowerGroup chairman Jeff Joerres and Wisconsin Energy Corporation chairman and CEO Gale Klappa. Its goals include:
- Support Milwaukee Women inc?€™s goal of moving from 15.5% to 25% women on WI50 boards by 2015. This means an increase from 69 to 111 seats, or 42 more board seats.
- Bring WI50 companies up to the WI Fortune 50 numbers for ethnic minority directors from 8% in 2014 to 13% in 2018, with a goal of reaching the halfway mark of 10.5% by 2015. This means an increase from 34 to 57 seats, or 23 more board seats.
- Create quarterly engagement opportunities for board candidates and corporations, and increase the size of the board candidate list by December 2015 from 85 to 200 qualified individuals.
To read full article click here.Survey: Women, minorities still hold less than a quarter of public board seats in Wisconsin
(Oct. 13, 2014, Milwaukee Business Journal) A new survey on gender and racial/ethnic diversity points to slow growth at Wisconsin's top public companies, and a persistently disproportionate representation of white men. The Greater Milwaukee Committee
and women's advocacy group Milwaukee Women inc
are pushing to grow this number, pointing to study after study touting the business benefits of increased diversity of thought in company leadership. Overall, women and racial/ethnic minorities comprise about 20 percent of the 445 board seats at Wisconsin's top 50 public companies. To read the full article click here.
Greater Milwaukee Committee, Milwaukee Women inc set ambitious board diversity goals
(Oct. 13, 2014, Milwaukee Business Journal) By 2015, 25 percent of board members at Wisconsin's biggest public companies should be women, and by 2018, 13 percent of those board seats should be held by racial and ethnic minorities. The Greater Milwaukee Committee
, Milwaukee Women inc
, MWi chair Phyllis King, GMC chairman John Daniels, ManpowerGroup chairman Jeff Joerres, and We Energies chairman and CEO Gale Klappa set those ambitious goals in a letter to committee members and at the GMC's monthly meeting Monday. To read the full article click here
Getting it right: Milwaukee-area companies with board diversity
(Oct. 13, 2014, Milwaukee Business Journal) A first-of-its kind study on Wisconsin public company boards' racial and ethnic diversity out Monday showed 8 percent of seats are held by non-white members; nationally, that number is closer to 13 percent. Led by the Greater Milwaukee Committee
and Milwaukee Women
inc, the survey also listed those companies above average in both gender and racial/ethnic diversity represented on the board. Of Wisconsin's top 50 public companies, 11 companies' combined diversity ?€? both gender and racial/ethnic minority ?€? totaled 25 percent or more of board members. To read the full article click here
Push on to increase diversity on Milwaukee-area corporate boards
(Oct, 13, 2014, Journal Sentinel) Chief executives of Milwaukee-area companies will be talking with fellow CEOs about the importance of increasing the diversity of their corporate boards as part of an initiative announced Monday by the Greater Milwaukee Committee. the GMC said its new CEO-to-CEO program emphasizing minority inclusion on corporate boards will be managed by the organization's Future Workforce Committee, and will include one-on-one meetings and forums. One of the committee's goals is to support Milwaukee Women inc's objective of moving from 15.5% to 25% women on the Wisconsin top 50 corporate boards by 2015. That would mean an increase to 111 board seats from the current 69.
"This is the first time we've seen measurable improvement in gender diversity in three years, with 15.5% of directors in the Wisconsin top 50 being women, up from 14.3% in 2013," said Phyllis King, chairwoman of Milwaukee Women inc. "That said, we still have significant work to do ?€? and we look forward to working with the GMC and other organizations to continue improving these numbers." To read the full article click here.Why this Bank of America exec thinks a board seat is so much more than a resume builder
(Sept. 24, 2014 - Bizwomen) Bank of America executive Cathy Bessant says sitting on a board has made her a more skillful director at the table and leader at the bank. That's why Bessant, Bank of America's global technology and operations executive and one of two women on the board of the insurance company Florida Blue, encourages other women to make themselves candidates for board seats. To read the full article click here.
Johnson Controls appoints Suzanne Vincent vice president, corporate controller
(Sept. 23, 2014 - Johnson Controls) Johnson Controls today announced that its board of directors has elected Suzanne M. Vincent as vice president, corporate controller, making her a corporate officer immediately. Vincent joined the company in 2012 as vice president, Internal Audit, responsible for providing assurance to senior management and the Audit Committee of the board of directors regarding the adequacy and effectiveness of the company's internal financial and operational controls. To read the full article click here .The Marcus Corporation Appoints Rachel McKinney Vice President of Human Resources
(Sept. 11, 2014 - Press Release) The Marcus Corporation announces the appointment of Rachel P. McKinney s the Vice President of Human Resources. McKinney joins the company with over 30 years of human resources (HR) experience. Prior to joining The Marcus Corporation, she served as executive vice president, chief human resources officer for School Specialty, Inc. based in Appleton, Wis., for five years. Previously, she served as senior vice president, global human resources for DENTSPLY International, Inc., in York, Pa. To read the full article click here.
Sensient Technologies names two new board members
(August 21, 2014 - Milwaukee Business Journal) Sensient Technologies has tapped Deborah McKeithan-Gebhardt and Joseph Carle as the news members of its board. McKeithan-Gebhardt serves as the president and chief operating officer of Milwaukee-based Tamarack Petroleum Co. and as the CEO of Tamarack River Resources. She has been with Tamarack Petroleum, which does oil and gas exploration, since 1991. To read the full article click here.
Waterstone Financial appoints two women to board
(February 2014 - Milwaukee Business Journal) Waterstone (Nasdaq: WSBF) brought on Ellen Bartel and Kristine Rapp?©, both of whom currently serve on Wauwatosa-based WaterStone Bank's board of directors. Bartel, president of Divine Savior Holy Angels High School in Milwaukee, and Rapp?©, special adviser to the Wisconsin Energy Foundation and a former Wisconsin Energy Corp. Wisconsin executive, joined the bank's board last June. To read the full article click here.These 50 law firms have been named best for women
(August 4, 2014 - ABA Journal) Fifty law firms have been named the best for women because of family friendly policies and initiatives that help female lawyers advance. At the best law firms:?€? Twenty percent of their lawyers use full-time, flextime arrangements, up from 15 percent last year.?€? Forty percent have two or more women among their top 10 rainmakers, up from 32 percent last year. ?€? Nineteen percent of equity partners are women, compared to the national average of 17 percent.?€? The percentage of seats on committees filled by women is 24 percent on the executive committee; 25 percent on the compensation committee; 26 percent on the equity partner promotion committee.
All three numbers are two percentage points higher than last year. The firms that made the list include: Foley & Lardner, Godfrey & Kahn, and Quarles & Brady. To read the full article click here
Even Companies That Sell Tampons Are Run By Men
(July 21, 2014 - Huffington Post) There is a stunning absence of women at the top of companies that make and market products to women. The gender disparity in these industries has gotten little attention recently, as discussion has centered around the lack of women at the top of finance and tech companies. The Huffington Post and Catalyst, an organization aimed at boosting women in business, looked at 19 of the largest companies that cater in large part to women. Just one company, Avon, has a board of directors that?€™s majority women. To read the full article click here
Why companies need to appoint more women to their boards of directors
(July 19, 2014 - Cleveland Plain Dealer) Study after study shows that companies with women on their corporate boards are 42 percent more profitable, less likely to have problems with fraud, and more likely to have the kinds of healthy, productive board meetings that characterize successful companies. So why has the percentage of women on boards flatlined? Sally Gries, chairperson and chief executive of Gries Finacial LLC said:women need to do a better job being their own advocates, managing their careers and their stories as well as they do their jobs. To read the full article click here
Inside the news: Why aren't more women leading Wisconsin's public companies?
(June 2014) Mary Johnson, editor of the Milwaukee Business Journal's Bizwomen website interviews reporters Alison Bauter and Stacy Vogel Davis, who set out to find out why women continue to lag behind men in high-ranking corporate positions in the state, and to get an inside look at what most surprised them about their findings. To read the full article click here.
Behind the story: What does it take to get women on the board?
(June 2014) MWi and Phyllis King, MWi Chair are featured in the Milwaukee Business Journal's article. In Wisconsin, about 12 percent of the top public companies have women in the executive suite, and about 14 percent have women on the board, according to Milwaukee Women inc. Milwaukee Women inc is moving beyond the numbers. Instead, the group is looking closely at Milwaukee-area companies and sitting down to talk with corporations that lag behind, offering resources to help move the needle. To read the full article click here.
Wall Street Journal reports Fortune 500 companies reach 20% women on boards
(June 2014) Research firm Heidrick & Struggles has found that as of 2014, "women now hold 20.2% of total Fortune 500 board seats--an increase from 18.7% in 2013 and 17.2% in 2009, when the research began." According to the report, "with the latest data included, the trend of corporate board composition indicates women will hold 50% of Fortune 500 director seats for the first time--28 years from now in 2042." To read the full article click here.
Women in Business: Panelists devoted to community vitality
(May 2014) During the BizTimes Women in Business Breakfast at the BizExpo on Wednesday, May 21, at Potawatomi Bingo Casino Milwaukee business leaders Julia Taylor, president of the Greater Milwaukee Committee, Tami Scully Garrison, community commerce and partnerships manager for MillerCoors LLC, Phyllis King, associate vice chancellor of the University of Wisconsin-Milwaukee and Nancy Hernandez, president of ABRAZO Multicultural Marketing and Communication, discussed the economic engine generated by these strategic investments of corporate thought leadership and capital. To read the full article and view photos click here
Women recently appointed to boards of Modine Manufacturing Company & Bank Mutual Corp.
Effective May 5, 2014, Modine Manufacturing Company, a leader in thermal management technology and solutions, announced that the Company's Board of Directors has increased the size of the Board from seven to eight members and elected a new director. Christine Y. Yan, age 48, is president of Storage
and Workspace Systems of Stanley Black and Decker since July 2013. Read more here.
Bank Mutual Corp. has elected the first female director, Lisa Mauer, to its board of directors, the Brown Deer bank announced on May 6. Mauer, senior vice president of regional development at BlackHawk Industrial Distribution Inc., will serve a three-year term. Read more here.
Mentoring Monday event attract hundreds of Milwaukee-area women execs
(April 2014) More than 200 Milwaukee-area women professionals turned out April 7 for the Milwaukee Business Journal Bizwomen Mentoring Monday Event to receive advice and benefit from the experience of more than 50 mentors ?€? all of them women. Many MWi members served as mentors and were featured in the article and photo gallery. MWi sponsored the event. To read the full article and view photo gallery, click here.
Generational turning point for women to Get On Board
(March 2014) Milwaukee Women inc (MWi) Chair, Phyllis King is featured on the cover of the Milwaukee BizTimes. King and MWi member Peggy Williams-Smith are quotes in the article and MWi research is highlighted. Research shows that companies with one or more women on their corporate boards outperform those that have no women on their boards. And yet, fewer than 15 percent of the board director positions at Wisconsin's top 50 public companies are held by women. To read the full article, click here.
MWi awarded Jeff Joerres the Mary Ellen Stanek Award for Diversity and Corporate Governance at the GMC Annual Meeting
(February 2013) Milwaukee Women inc (MWi), in conjunction with the Greater Milwaukee Committee (GMC), awarded Jeff Joerres, Chairman and CEO of Manpower Group, the second annual Mary Ellen Stanek Award for Diversity and Corporate Governance at the GMC's annual meeting on February 10, 2014 at the University Club.
The Mary Ellen Stanek Award, established in 2013, is given to an individual or entity exhibiting leadership, influence and impact resulting in increased diversity on corporate boards in our region. The inaugural award was given to its namesake, Mary Ellen Stanek, an executive at Robert W. Baird & Co. Inc.
Joerres chairs the GMC's Future Workforce Committee, which focuses on strengthening the diversity of the region's workforce. Through a combination of research, recognition and initiatives, the Future Workforce Committee seeks both a short- and long-term impact on a diverse workforce across all levels of professional development, from entry-level worker to CEO to the corporate boardroom. To read the full article, click here.
Milwaukee Press Club program features MWi Chair, Phyllis King, discussing the importance of promoting women
(February 2013) The Milwaukee Press Club's Feb. 6, 2014 program focused on the importance of promoting women to executive positions. The panel included:
- Krista Brookman, a Senior Director at Catalyst, a global nonprofit organization focused on expanding opportunities for women and business and a member of MWinc's Steering Committee;
- Dr. Phyllis King, Associate Vice Chancellor for Academic Affairs at the University of Wisconsin-Milwaukee and Chair of Milwaukee Women inc;
- Jon Langenfeld, Head of Global Equities and Director of Equity Research for Robert W. Baird & Co.; and
- Kim Metcalf-Kupres, Vice President and Chief Marketing Officer for Johnson Controls
Each speaker provided a five-minute viewpoint of the topic and answered questions from a panel of journalists that included Latoya Dennis, WUWM-FM, Kathleen Gallagher, Milwaukee Journal Sentinel and Stacy Vogel Davis, The Business Journal Serving Greater Milwaukee.
Brookman commented that Catalyst was originally formed as a resource to help more women enter the workforce, but since the 1980's, the focus has shifted to improving the workplace for women. "Catalyst's research is action-oriented, helping companies learn from and inspire each other," said Brookman.
King added that the pace of change is simply not good enough. "we are losing ground as a country because of the economics (of promoting women) is compelling," she said. For full article, click here
Waterstone Financial appoints two women to board
(February 2014) Waterstone Financial Inc. added two new members to its board this week, both from its subsidiary bank's board of directors. Waterstone brought on Ellen Bartel and Kristine Rappe both of whom currently serve on Wauwatosa-based WaterStone Bank's board of directors.
Bartel, president of Divine Savior Holy Angels High School in Milwaukee, and Rapp?©, special adviser to the Wisconsin Energy Foundation and a former Wisconsin Energy Corp. executive, joined the bank's board last June. For full article, click here.
National research echoes status quo of local movement of women on boards
(2013, NPR) In December, National Public Radio aired a segment about the slow progress of women joining corporate boards. The report was based on research from Catalyst, an organization dedicated to expanding opportunities for women and business. Deborah Gillis, chief operating officer of Catalyst, says the findings, based on mid-2013 data, are very disappointing. "Frankly, it's embarrassing, because there's no excuse in 2013 for women to remain shut out of the most senior decision-making roles in these companies," Gillis says. The research examined Fortune 500 Companies and found that women hold only about 17 percent of the seats on boards of directors, and they have an even smaller share - about 15 percent - of senior executive positions.
Despite all the talk about the value of increasing gender diversity at the top, not much has changed. Click here to read a transcript of the broadcast.
Quad/Graphics Elects Kathryn Quadracci Flores to Company Board of Directors
(December 2013) Quad/Graphics, Inc. a global printer and media channel integrator, has elected Dr. Kathryn Quadracci Flores, M.D., to its board of directors, effective December 13, 2013. Dr. Flores fills the board seat formerly occupied by her mother, Betty Ewens Quadracci, who died Monday, December 9, at age 75. To read full article click here.
Women are still not making headway when it comes to getting on corporate boards or into senior leadership roles within big companies. New research out Tuesday examined Fortune 500 Companies and found that women hold only about 17 percent of the seats on boards of directors, and they have an even smaller share ?€? about 15 percent ?€? of senior executive positions.
Why gender diversity matters (20% by 2020 Women on Boards, 2011)
Most people today have no knowledge about the makeup of corporate boards, even in the companies they work for. These stakeholders would be surprised to learn how little diversity of thought and experience exists in the corporate boards and executive suites of American businesses.
Group works to get more women on company boards
Lead by MGIC, seven of Wisconsin's top companies are men's clubs, with no women in the executive suite.Women still lacking on corporate boards
(12/17/12 - BizTimes)
A recent study has determined that while the number of women holding executive positions and serving on corporate boards is on the rise, women still significantly lag behind men in membership on corporate boards. Women still lag on boards, executive positions at Wisconsin's top public companies
(12/3/12 - The Business Journal)
Not much has changed in 2012 when it comes to women business leaders in the Milwaukee area, according to the most recent report from Milwaukee Women inc.
(12/1/12 - Milwaukee Journal Sentinel)
Nearly a decade after setting out to change the look of Wisconsin boardrooms, Milwaukee Women inc is far from reaching its goal of having women represent 25% of directors at Wisconsin's 50 largest publicly traded companies by 2014.Gail Lione named to Badger Meter board (2/17/2012 - The Business Journal)
Badger Meter Inc. announced Friday that Gail Lione has been elected a director of the company.
Women make small gains on boards (11/18/2011 - The Business Journal)
Women continue to make gains in the boardrooms of the state?€™s 50 largest publicly traded companies.