LOS ANGELES, April 28, 2021 /PRNewswire/ — 50/50 Women on Boards (50/50WOB), the leading global education and advocacy campaign driving the movement toward gender balance and diversity on corporate boards, announced today that as of Dec 31, 2020, women hold 23.7% of the board seats among the largest publicly-traded companies on the Russell 3000 Index, a 1.1 percentage point increase from June 30, 2020.
Using data provided by Equilar, 50/50 Women on Boards Gender Diversity Index™ Key Findings also reveal that for the first time, the 25 states, with 20 or more headquartered companies, now have 20% or more women directors on their boards. Energy continues to be the only sector below 20% at 19.6%. Conversely, 71% of Utilities companies have three or more women, and Consumer Cyclical has more gender-balanced boards than any other sector.
Other Key Findings, as of Dec 31, 2020:
- In the last six months, 425 companies added 469 women to their boards.
- 77% of those companies did so by expanding their boards.
- 173 (6%) companies have gender-balanced boards, compared to 154 (5%) companies reported in June.
- 879 (30%) companies have 3+ women on boards, excluding gender-balanced (GB) boards.
- 917 (31%) companies only have one or no women on their boards.
- In the 25 states less than 10% of companies have gender-balanced boards, except with 12%.
- No state yet has a majority of companies with 3+ women on their boards.
- Of the 1,021 women who joined a board in 2020, 23% identified as a Woman of Color, 2% identified as White/Caucasian, and 75% are not identified at all.
“The sustained increase and progress for women is positive, but there is work to be done to achieve gender balance and diversity on corporate boards,” said Stephanie Sonnabend, Co-Founder and Chair of 50/50 Women on Boards. “After more than a decade of collaborating with corporations and action groups committed to advancing women to corporate boards, we know that what gets measured gets done. Thereby, we are furthering our commitment to diversity. In addition to women holding 50% of all the corporate board seats, we call for women of color to hold at least 20% of ALL the corporate board seats.”
According to the U.S. Census Bureau, as of 2019, the demographics for women in the U.S. were approximately 60% White and 40% women of color. Given the statistics, women of color should represent at least 20% of all corporate board seats.
“Achieving diverse and gender-balanced boards will take deliberate actions by corporations and institutional investors.” said Betsy Berkhemer-Credaire, CEO of 50/50 Women on Boards. “We continue to educate women, including women of color, about how to pursue and position themselves for board service, while we advocate and collaborate with our robust network of allies. Our 50/50WOB Diversity Advisory Council, our Board of Directors and our Alliance Partners provide powerful influence for change at the highest corporate levels so women of all racial and ethnic backgrounds can advance.”
In addition to its annual research report, 50/50WOB, will release quarterly research and insight, beginning with the fourth calendar quarter of 2020. As data is made available by race and ethnicity, or if disclosure is required by the U.S. Securities and Exchange Commission, 50/50WOB is committed to disaggregating the data. Learn more about the commitment 50/50WOB is making to women of color holding corporate board positions and steps to achieve this goal at https://5050wob.com/our-values.
About 50/50 Women on Boards (50/50WOB)
50/50 Women on Boards (50/50WOB), a 501(c)3 nonprofit, is the leading global education and advocacy campaign driving the movement toward gender-balanced corporate boards. 50/50WOB analyzes, tracks, and publishes its Gender Diversity Index (GDI) research reports online, available to the public, tracking the gender composition of corporate boards on the Russell 3000 Index, by board size, state, and sector. Educational programs produced by 50/50WOB include The Global Conversation on Board Diversity™; Get on Board! workshops for board-ready women; and Path to the Boardroom for mid-career women on how to become board-ready. For more information visit: www.5050wob.com.
SOURCE 50/50 Women on Boards