2005 Catalyst Census of Women Board Directors of the Fortune 500 Shows 10-Year Trend of Slow Progress and Persistent Challenges; At the Current Growth Rate, Parity between Women and Men on Corporate Boards Might Not Be Achieved for 70 Years!NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- The number of women board directors on Fortune 500 company boards has increased over the past 10 years, but the rate of growth is sluggish, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the 2005 Catalyst Census of Women Board Directors of the Fortune 500 released today. Catalyst, the leading research and advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal organization working to build inclusive environments and expand opportunities for women at work, has monitored the progress of women in board director positions since 1995 and reports on trends in its milestone 10th anniversary report on women board directors. E[acute accent acute accent n. A mark (´) indicating: a. that a vowel is close or tense, as é in French été. b. that a vowel or syllable has a high or rising pitch, as in Chinese or Ancient Greek. c. ]In its 2005 Catalyst Census of Women Board Directors of the Fortune 500, Catalyst found that women held 14.7 percent of all Fortune 500 board seats, up from 13.6 percent in 2003 and 9.6 percent in 1995, when Catalyst began its census. The rate of progress over the past decade has been, on average, one-half of one percentage point per year. E[acute accent]"Our research reveals that if we continue at this pace, it could take 70 years for women to reach parity with men on corporate boards!" said Catalyst President Ilene H. Lang. "Increased globalization globalization Process by which the experience of everyday life, marked by the diffusion of commodities and ideas, is becoming standardized around the world. Factors that have contributed to globalization include increasingly sophisticated communications and transportation and shifting demographics dictate that diversity and the advancement of women on corporate boards are strategic business imperatives that 21st-century companies cannot afford to ignore." E[acute accent]Key findings from the 2005 Catalyst Census of Women Board Directors of the Fortune 500 are: E[acute accent]The Good News E[acute accent]--Since 1995, the number of Fortune 500 companies without any women directors fell by almost 50 percent, from 96 to 53. E[acute accent]--The number of Fortune 500 companies that had 25 percent or more women board directors increased almost six-fold, from 11 in 1995 to 64 in 2005. E[acute accent]--Since 2003, the average number of board seats held per woman decreased from 1.4 to 1.3, indicating that more new women are being recruited into the boardroom. E[acute accent]The Bad News E[acute accent]--From 1995 to 2005, the average rate of increase in women's representation on Fortune 500 corporate boards was, on average, one-half of one percentage point per year. E[acute accent]--At that rate of growth, it could take another 70 years for women to hold approximately 50 percent of Fortune 500 board seats and reach parity with men. E[acute accent]--Women hold only 14.7 percent of all Fortune 500 board seats. E[acute accent]--Women of color not of the white race; - commonly meaning, esp. in the United States, of negro blood, pure or mixed. See also: Color hold only 3.4 percent of all Fortune 500 board seats. E[acute accent]--One in nine Fortune 500 companies has no women on its board. E[acute accent]--Women on boards are significantly underrepresented un·der·rep·re·sent·ed adj. Insufficiently or inadequately represented: the underrepresented minority groups, ignored by the government. as chairs of the most powerful board committees, including audit, compensation, and governance, which may exclude them from key leadership, agenda-setting, and decision-making opportunities. E[acute accent]"To ensure long-term sustainability and to represent all company stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. , corporate boards must adapt to today's realities and anticipate tomorrow's marketplace," said Lang. "Companies must position their boards in the same way they position their businesses. Diverse boards yield a crucial breadth of perspective and expertise, provide role models for future talent, and promote good governance The terms governance and good governance are increasingly being used in development literature. Governance describes the process of decision-making and the process by which decisions are implemented (or not implemented). ." E[acute accent]Catalyst research reveals there are many qualified women in the pipeline who are excluded from the key leadership positions and development opportunities that lead to corporate board selection. Companies must, therefore, strategically and operationally address the issue of board diversity by assessing broader business needs and looking beyond the traditional candidates. E[acute accent]More diverse representation on corporate boards requires direct commitment and intervention. In its report, Catalyst suggests the following steps: E[acute accent]--Position the company for the future: Identify board diversity as part of the overall diversity strategy and a business priority. E[acute accent]--Understand the business case for board diversity: Recognize the advantages of more representative boards, including a greater diversity of thought, better stakeholder stakeholder n. a person having in his/her possession (holding) money or property in which he/she has no interest, right or title, awaiting the outcome of a dispute between two or more claimants to the money or property. representation, increased independence and better governance, role models, and long-term sustainability. E[acute accent]--Shift the profile and broaden the field: Expand leadership networks to identify talented women in other industries and regions. Do not rely solely on the same sitting CEOs and traditional candidates. E[acute accent]--Expand leadership opportunities for women on boards: Appoint women to lead and serve on powerful committees, such as auditing, compensation, and governance. E[acute accent]--Commit to diverse slates and diverse outcomes: Acknowledge that the status quo [Latin, The existing state of things at any given date.] Status quo ante bellum means the state of things before the war. The status quo to be preserved by a preliminary injunction is the last actual, peaceable, uncontested status which preceded the pending controversy. is insufficient and direct action must be taken to recruit qualified women candidates. E[acute accent]--Seek critical mass and not tokenism to·ken·ism n. 1. The policy of making only a perfunctory effort or symbolic gesture toward the accomplishment of a goal, such as racial integration. 2. : Understand the potential danger of marginalization mar·gin·al·ize tr.v. mar·gin·al·ized, mar·gin·al·iz·ing, mar·gin·al·iz·es To relegate or confine to a lower or outer limit or edge, as of social standing. and isolation when women serve solo on boards. E[acute accent]--Do not overlook women of color: Recognize that women of color represent a growing pool of talent and reflect the shifting demographics of the global marketplace. E[acute accent]DuPont and Heidrick & Struggles are the sponsors of the 2005 Catalyst Census of Women Board Directors of the Fortune 500. E[acute accent]FULL REPORT AVAILABLE AT www.catalyst.org. E[acute accent]About Catalyst E[acute accent]Catalyst is the leading research and advisory services organization working with businesses and the professions to build inclusive environments and expand opportunities for women at work. As an independent, nonprofit membership organization, it conducts research on all aspects of women's career advancement and provides strategic and web-based consulting services globally. With the support and confidence of member corporations and firms, Catalyst remains connected to business and its changing needs. In addition, Catalyst honors exemplary business initiatives that promote women's leadership with the annual Catalyst Award. With offices in New York, San Jose San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , and Toronto, Catalyst is consistently ranked No. 1 among U.S. nonprofits focused on women's issues by The American Institute of Philanthropy The American Institute of Philanthropy (AIP) was created by Daniel Borochoff in 1992[1] to address the continuing need for thoughtful information regarding the financial efficiency, accountability, governance and fundraising practices of charities. . |
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