Susan Stautberg, co-founder and co-chair of the group, says
“lack of knowledge about qualifi ed candidates,” not family responsibilities, is the major factor holding back women from board directorships. Accordingly, the fi rst principle of the 10 is to “build the pipeline through advocacy and mentorship.” One of its charges is to “declare board diversity a neces-
sary component of good governance.” Under this concept, “regulatory agencies, stock exchanges, and governance com- munities around the world should encourage nominating committees to secure diverse directors and to explain their Board selection process in their proxies.” Last year, in fact, the Securities and Exchange Commission
for the fi rst time required publicly traded companies to disclose in their proxy statements the factors that they use, including diversity, when they select people for board positions. T ey must announce whether they have a diversity policy and how such a policy is implemented and monitored. However, the new SEC requirement neither defi nes diversity nor does it require diverse boards; it is simply a matter of disclosure, and a company is free to defi ne the term “diversity” as it wishes. Advocacy for women board directors has gone much
further in other countries. In 2003, Norway passed a law that requires all publicly traded companies to reserve 40 percent of their board positions for women. Spain and France have also passed laws along these lines, and in July, the European Parliament passed a nonbinding resolution calling for
that people are lazy and their networks are limited. Men are likely to pick more men. Women are likely to pick more women. And I think that laziness and that small network approach could be augmented by legislation that broadens people’s horizons so when they’re thinking about who to hire, they do so more broadly.” Many observers suggest that market
forces, rather than quotas or government rules, are likely to bring about change. Tech blogger Swisher points out that for many companies, women form 50 percent or more of the consumer base. A company with a signifi cant number of women direc- tors would probably have a better perspec- tive on women’s purchasing patterns than a company without any. T ere may be other advantages. A very
recent study by Lu Zhang, assistant professor of management at Penn State Harrisburg, indicates that boards with higher percentages of women are more likely to reach out to all stakeholders in the company than are boards mostly composed of men. Zhang found that female board members are often more inter- ested in improving corporate governance than men, who are more concerned with immediate profi t-making. Zhang was quoted in a university press release as saying that women “may bring valuable resource advice and social networking skills to fi rms.” T e case for more women on boards is
clear, but the process may take a good deal of time. Women themselves, many experts say, need to do their part and take the initiative, building careers that will make them can- didates for board positions in the next few decades. Experts say they need to network relentlessly, to seek out mentors, and to look for positions on the boards of nonprofi ts as stepping stones to slots on corporate boards. Bradshaw, a trailblazer for women in
European Union legislation also setting aside 40 percent of board seats for women by 2020. T is type of quota legislation hasn’t found much traction
in the United States, even among strong supporters of women on boards. T e absence of interest in a legislative solution might be a result of this country’s general resistance to top-down regulation. Says Bradshaw, “Coming from a libertarian viewpoint,
I’m interested in seeing that the best person for the job fi lls that role, whether they’re a man or woman. But I do believe
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technology, has a few recommendations. “First, I think for women who are already
progressing in their careers, there needs to be a relentless and aggressive push toward get- ting credit and promotions,” she says. “T ey should always fi nd a diplomatic way to do it, but they shouldn’t play second fi ddle. Fight hard for the fi rst chair. Negotiate every- thing. Negotiate your salary. Negotiate your promotion. Even if you’re given something, negotiate for 20 to 30 percent more.” D&B
SEPTEMBER/OCTOBER 2011 DIVERSITY & THE BAR®
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