New Financial Women’s Association report shows the number of women on boards or in executive positions either decreased or remained the same compared to 2008
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March 16, 2010, New York - The Financial Women's Association (FWA) released today its annual FWA100® Report, a study that analyzes the presence of women at the highest levels of major corporations in New York. For the 2009 study, the data was flat; the number of women in board and executive positions either increased marginally or decreased as compared to the 2008 study.
According to the study, the percentage of women at the top of the ladder fared the worst: The number in C-suite positions decreased from 10.3 percent in 2008 to 9.8 percent in 2009, while the number of companies with zero women included among their most highly compensated executives increased from 58 to 65, an increase of more than 12 percent.
The percentage of board seats held by women in large public companies did little better, increasing from 17.6 percent in 2008 to 17.8 percent in 2009 – a net addition of only a single seat in the survey population. The number of companies in the sample with no women on their boards actually increased by 22 percent, from 26 to 33 in 2009.
Further, the number of companies that have no women executives at all listed in their filings increased nearly 27 percent, from 26 to 33.
“The data is very disappointing, given that women represent consumers and expertise in almost every industry,” said Ziporah Janowski, co-chair, FWA Directorships & Corporate Governance Committee. “Companies who don’t incorporate their voice may be doing so at their financial peril. In the wake of this recession, it’s more important than ever for companies to realize that having a diverse board and corporate leadership improves a company’s economic performance.”
“It’s clear that the needle is barely moving when it comes to boardroom diversity in New York,” said Stephanie Hauge, president of the FWA. “These results underscore the need for organizations like the FWA, which work to develop future female leaders and advocate for women in key decision-making roles, especially the board rooms of corporations.”
The FWA 100® study examined a cross-section of the largest public companies (ranked by revenue) in the metropolitan New York area. Proxy statements filed with the SEC, along with other SEC filings, articles, and company websites, were examined to obtain the composition of each company’s board and executive team.
About the FWA: The Financial Women's Association (FWA) is a New York-based network of female professionals from various sectors of the financial world. The organization is focused on enhancing the role of women in finance, as well as fostering the development of young female leaders.
