Accelerating Board Diversity:
Are Quotas and Other Initiatives Working?
Irene Natividad
Chair, Corporate Women Directors International and
President, Global Summit of Women
Colloquium on Global Diversity:
Creating a Level Playing Field for Women
IFC/World Bank
February 24, 2012
CWDI Report: Women Board Directors of
Fortune Global 200
Companies in Fortune Global 200, 2004 and 2011
90
80
70
60
50
40
30
20
10
0
78
59
24 27
19
18 20
17 20
France
Germany
14 16
3
United States
Japan
China
Number of Companies in 2011 Fortune Global 200
Number of Companies in 2004 Fortune Global 200
__________________________________________________________________________
©2011. Information may not be reproduced without permission from CWDI
United
Kingdom
CWDI Report: Women Board Directors of
Fortune Global 200
Percentage of Women Board Directors in 2011
Fortune Global 200 Companies
13.8%
Men
86.2%
__________________________________________________________________________
©2011. Information may not be reproduced without permission from CWDI
Women
CWDI Report: Women Board Directors of
Fortune Global 200
Fortune Global 200 Companies with No
Women Directors
24.5%
75.5%
Companies with No Women Directors
Companies with at least 1 Woman Director
__________________________________________________________________________
©2011. Information may not be reproduced without permission from CWDI
Number of Companies with No Women
Directors, by Country
Japan
18
China
11
South Korea
5
Italy
2
Mexico
2
Russia
2
USA
2
Brazil
1
Germany
1
India
1
Netherlands
1
Switzerland
1
Taiwan
1
Venezuela
1
CWDI Report: Accelerating Board Diversity
The Quota Legislative Strategy: A Global Overview
(listed in order of enactment)
Countries with Quotas for Public
Limited Companies
Countries with Quotas for StateOwned Companies
Norway
(2003)
Israel
(1993)
Spain
(2007)
South Africa
(1996)
Iceland
(2010)
France
(2010 )
Netherlands
(2011)
Malaysia
(2011)
Italy
(2011)
Belgium
(2011)
Municipal and Provincial Quotas
Berlin
(2002)
Quebec
(2006)
Denmark
(2000)
Finland
(2004)
Nuremberg
(2009)
Ireland
(2004)
Proposed Quotas
Iceland
(2006)
Canada
Austria
(2011)
__________________________________________________________________________
©2011. Information may not be reproduced without permission from CWDI
CWDI Report: Women Board Directors of
Fortune Global 200
Comparison of Percentage of Women Board
Directors in Countries with Quota Legislation and All
Fortune Global 200 Companies
16.5%
16.1%
16.0%
15.5%
15.0%
14.5%
13.8%
14.0%
13.5%
13.0%
12.5%
Percentage of Women Directors in
Countries with Quota Legislation
__________________________________________________________________________
©2011. Information may not be reproduced without permission from CWDI
Percentage of Women Directors in
Fortune Global 200 Companies
CWDI Report: Women Board Directors of
Fortune Global 200
Percentage Increase of Women Board Directors in France
and Spain Fortune Global 200 Companies, 2004-2011
25%
20.1%
20%
15%
10%
9.2%
7.2%
5%
1.9%
0%
France
Percentage of Women Directors - 2004
Spain
Percentage of Women Directors - 2011
__________________________________________________________________________
©2011. Information may not be reproduced without permission from CWDI
CWDI Report: Women Board Directors of
Fortune Global 200
Who Are Women Directors of France CAC40 since 2009?
Profession Breakdown of Women
Directors Appointed Since 2009
Executives - 67%
13% (9)
Entrepreneurs - 3%
7% (5)
Academics - 3%
Politicians - 7%
7% (5)
3% (2)
3% (2)
Professionals - 7%
67% (47)
__________________________________________________________________________
©2011. Information may not be reproduced without permission from CWDI
Employee Reps - 13%
CWDI Report: Women Board Directors of
Fortune Global 200
Corporate Governance Code, Stock Exchange, and Securities Exchange Commission Initiatives
Stock Exchange Commissions
SPAIN (2007)
Corporate Governance Commissions
FINLAND(2003, 2008)
Corporate Governance Commissions
Cont’d
FRANCE (2010)
SWEDEN(2004)
UK (2010)
JAPAN (2009)
NETHERLANDS (2008)
AUSTRALIA
(2011)
AUSTRIA (2010)
BELGIUM (2009)
Securities and Exchange Commissions
USA (2010)
LUXEMBOURG
(2009)
GERMANY (2010)
__________________________________________________________________________
©2011. Information may not be reproduced without permission from CWDI
DENMARK
(2010)
POLAND (2010)
CWDI Report: Women Board Directors of
Fortune Global 200
Comparison of Percentage of Women Board Directors in
Countries with Corporate Governance Codes with Diversity
Requirement and All Fortune Global 200 Companies
17.0%
16.5%
16.8%
16.0%
15.5%
15.0%
14.5%
13.8%
14.0%
13.5%
13.0%
12.5%
Percentage of Women Directors in
Countries with Corporate Governance
Code with Diversity Requirements
__________________________________________________________________________
©2011. Information may not be reproduced without permission from CWDI
Percentage of Women Directors in
Fortune Global 200 Companies
CWDI Report: Accelerating Board Diversity
Percentage Increase of Women Board
Directors of Australia’s ASX 200,
2010 - present
14.0%
12.9%
Percentage Increase of Women Board
Directors of Finland’s Listed Companies ,
2008 - present
20.0%
18.0%
18.0%
12.0%
16.0%
10.0%
14.0%
8.3%
12.0%
12.0%
8.0%
10.0%
6.0%
8.0%
6.0%
4.0%
4.0%
2.0%
2.0%
0.0%
0.0%
2010
2011
2008
2011
Note: Percentage is for all Listed Companies; Percentage for large-cap
companies is 23%
__________________________________________________________________________
©2011. Information may not be reproduced without permission from CWDI
CWDI Report: Women Board Directors of
Fortune Global 200
Reaching Critical Mass:
NUMBER OF COMPANIES WITH 3 OR MORE WOMEN DIRECTORS
56
60
46
50
40
37
39
2004
2007
30
20
10
0
__________________________________________________________________________
©2011. Information may not be reproduced without permission from CWDI
2009
2011
CWDI Report: Women Board Directors of
Fortune Global 200
Companies in Fortune Global 200 with Highest Percentage of
Women Board Directors
Rank
Company Name
1
PROCTOR & GAMBLE
2
WELLPOINT
3
STATOIL HYDRO
4 (tie)
GENERAL MOTORS
4 (tie)
TARGET
5 (tie)
5 (tie)
6
Fortune Global
200
Rank
Country
Total Number of
Board
Members
Number ofWomen
Board
Members
Percentage of
Women
Board
Members
80
USA
11
5
45.6%
135
USA
12
5
41.7%
67
Norway
10
4
40%
20
USA
11
4
36.4%
106
USA
11
4
36.4%
WELLS FARGO
63
USA
14
5
35.7%
HP
28
USA
14
5
35.7%
DEUTSCHE BANK
146
Germany
20
7
35%
7 (tie)
FRANCE TELECOM
121
France
15
5
33.3%
7 (tie)
PEPSICO
137
USA
12
4
33.3%
7 (tie)
MCKESSON
37
USA
9
3
33.3%
8 (tie)
BNP PARIBAS
26
France
16
5
31.3%
8 (tie)
SOCIETE GENERALE
72
France
16
5
31.3%
USA
13
4
30.8%
Germany
20
6
30%
USA
10
3
30%
9
DOW CHEMICAL
152
10 (tie)
DEUTSCHE POST
93
10 (tie)
INTEL
195
__________________________________________________________________________
©2011. Information may not be reproduced without permission from CWDI
CWDI Report: Women Board Directors of
Fortune Global 200
Percent Change of Women Board Directors, by Country, from 2004 to 2011
Percentage of Women Directors
Fortune Global 200 – 2011
Percentage of Women Directors
Fortune Global 200 – 2004
Percent Change from
2004-2011
FRANCE
20.1%
7.20%
13.90%
SPAIN
9.2%
1.90%
7.30%
SWITZERLAND
13.1%
7.70%
5.40%
8%
2.80%
5.20%
GERMANY
15.40%
10.30%
5.10%
ITALY
6.60%
1.80%
4.80%
UK
16.80%
12.50%
4.30%
NETHERLANDS
12.50%
8.60%
3.90%
USA
20.80%
17.50%
3.30%
JAPAN
1.80%
0.70%
1.10%
0%
0%
0
8.30%
11.10%
-2.80%
Country
CHINA
SOUTH KOREA
BRAZIL
__________________________________________________________________________
©2011. Information may not be reproduced without permission from CWDI
CWDI Report: Women Board Directors of
Fortune Global 200
US Women Directors of Fortune Global 200 vs. US Fortune 500
25%
20.8%
20%
15.7%
15%
10%
5%
0%
US Fortune Global 200 Companies
__________________________________________________________________________
©2011. Information may not be reproduced without permission from CWDI
US Fortune 500 Companies
CWDI Report: Women Board Directors of
Fortune Global 200
Industries with Highest and Lowest Percentage of
Women Board Directors, 2011
28.0%
25.6%
23.7%
20.5%
20.0%
7.8%
7.1%
7.0%
5.8%
__________________________________________________________________________
©2011. Information may not be reproduced without permission from CWDI
Trading
Electronics
Insurance: Life,
Health
Motor Vehicles
and Parts
Metals
Computer
Software/Hardwar
e
Wholesalers:
Health Care
Mail, Package,
Freight Delivery
General
Merchandisers
1.9%
Food, Consumer
Products
30%
25%
20%
15%
10%
5%
0%
CWDI Report: Women Board Directors of
Fortune Global 200
THE BUSINESS CASE:
MORE DIVERSE BOARD INCLUDING WOMEN LEADS TO INCREASED CORPORATE PROFITABILITY
Country/ Researcher
USA
Pepperdine University
-Professor Roy Adler
Canada
Conference Board
on Canada
Publication Date and
Sample Size
November 2001;
US Fortune 500 companies
2001;
500 Canadian companies
Netherlands
Vrije University
2004; 80 largest Dutch
companies
Denmark
Aarhus School of
Business
2005; 2500 largest Danish
Companies
US
Catalyst
2007; US Fortune 500
Companies
US
Oklahoma State
University
2007; US Fortune 500
Companies
Europe
McKinsey and Co.
2007; 600 European
companies
Global
Eversheds LLP
Country/ Researcher
2011; 250 companies in
Europe, US, and Asia
__________________________________________________________________________
©2011. Information may not be reproduced without permission from CWDI.
Finland
Finnish Business
and Policy Forum
Publication Date and Sample
Size
2007; 12,728 Finnish companies
with over 10 employees
Spain
Univ.of Stirling and;
Univ. of Cartegena
2007; 68 listed Spanish
companies
US
CalPERS
2009; US Fortune 100
companies
US
Columbia University
2009; 1,500 largest U.S. Public
Companies
France
Ceram Business
School
2009; 40 largest companies in
France (CAC40)
Vietnam
Mekong Capital
2009; 247 publicly-listed
companies in
Netherlands
Erasmus University
2010; 99 listed Dutch
companies
Turkey
Sabanci University
2010; 100 largest companies
listed on Istanbul Stock
Exchange
Accelerating Board Diversity
Irene Natividad
Chair, Corporate Women Directors International and
President, Global Summit of Women
Colloquium on Global Diversity:
Creating a Level Playing Field for Women
IFC/World Bank
February 24, 2012