Professor Douglas Branson University of Pittsburgh University of - - PowerPoint PPT Presentation
WOMEN ON BOARDS Professor Douglas Branson University of Pittsburgh University of Pittsburgh NO SEAT AT THE TABLE NO SEAT AT THE TABLE NO SEAT AT THE TABLE NO SEAT AT THE TABLE H How Corporate Governance How Corporate Governance H C C t
WOMEN ON BOARDS
University of Auckland University of Auckland August 15, 2008 August 15, 2008 By: Douglas M. Branson By: Douglas M. Branson W Ed d S ll Ch i i B i L W Ed d S ll Ch i i B i L
University of Pittsburgh University of Pittsburgh Pittsburgh, Pennsylvania, USA Pittsburgh, Pennsylvania, USA Permanent Senior Fellow (Law) Permanent Senior Fellow (Law) U i it f M lb U i it f M lb University of Melbourne University of Melbourne Victoria, Australia Victoria, Australia
DOUGLAS M BRANSON CORPORATE GOVERNANCE DOUGLAS M BRANSON CORPORATE GOVERNANCE
► DOUGLAS M. BRANSON, CORPORATE GOVERNANCE
DOUGLAS M. BRANSON, CORPORATE GOVERNANCE (1993)(SUPPLEMENTED) (1993)(SUPPLEMENTED) CORPORATE GOVERNANCE PROBLEMS (1997) CORPORATE GOVERNANCE PROBLEMS (1997)
► CORPORATE GOVERNANCE PROBLEMS (1997)
CORPORATE GOVERNANCE PROBLEMS (1997)
► UNDERSTANDING CORPORATE LAW (1999)(2d ed. 2004)(3
UNDERSTANDING CORPORATE LAW (1999)(2d ed. 2004)(3rd
rd ed.
ed. forthcoming 2009) forthcoming 2009) forthcoming 2009) forthcoming 2009)
► BOARDROOM CHRONICLES (2002)
BOARDROOM CHRONICLES (2002)
► QUESTIONS AND ANSWERS: BUSINESS ORGANIZATIONS (2004)
QUESTIONS AND ANSWERS: BUSINESS ORGANIZATIONS (2004)
► BUSINESS ENTERPRISES: LEGAL STRUCTURES, GOVERNANCE &
BUSINESS ENTERPRISES: LEGAL STRUCTURES, GOVERNANCE & , POLICY (2008) POLICY (2008)
► THE LAST MALE BASTION; THE CEO SUITE IN AMERICA’S
THE LAST MALE BASTION; THE CEO SUITE IN AMERICA’S ; PUBLIC COMPANIES AND GENDER (2008) PUBLIC COMPANIES AND GENDER (2008)
1 1
Wh th B t M f th J b i W Wh th B t M f th J b i W
1. 1.
Why the Best Man for the Job is a Woman Why the Best Man for the Job is a Woman
2. 2.
Be Your Own Mentor Be Your Own Mentor
3 3
Pla like a Man Win like a Woman Pla like a Man Win like a Woman
3. 3.
Play like a Man, Win like a Woman Play like a Man, Win like a Woman
4. 4.
Play Hardball Play Hardball
5 5
Breaking the Glass Ceiling (2) Breaking the Glass Ceiling (2)
5. 5.
Breaking the Glass Ceiling (2) Breaking the Glass Ceiling (2)
6. 6.
Smashing the Glass Ceiling Smashing the Glass Ceiling
7 7
Nice Girls Don’t Get The Corner Office Nice Girls Don’t Get The Corner Office
7. 7.
Nice Girls Don’t Get The Corner Office Nice Girls Don’t Get The Corner Office
8. 8.
Going to the Top Going to the Top
9 9
Same Game Different Rules Same Game Different Rules
9. 9.
Same Game, Different Rules Same Game, Different Rules
10.
Women Don’t Ask
11.
Off-
Ramps and On-
Ramps
12.
Skirt Rules!
13.
Seducing the Boys Club
14 14
Get to Work Get to Work – A Call to Arms for Women of the A Call to Arms for Women of the
14.
Get to Work – A Call to Arms for Women of the A Call to Arms for Women of the World World
► Law
Law – – Matriculates Matriculates MBA MBA – – Degrees Degrees
► 22.9%
22.9% -
1977 11.6% 11.6% -
1976
► 28.1%
28.1% -
1979 19.2% 19.2% -
1979
► 37%
37% - 1984 1984 Mid 20s Mid 20s - late 80s late 80s
► 37%
37% - 1984 1984 Mid 20s Mid 20s - late 80s late 80s
► 42.6%
42.6% -
1995 36.9% 36.9% -
1995
► 48.3%
48.3% -
2002 39.8% 39.8% -
2000
40.7% 40.7% -
2001 Jean Kirkpatrick Jean Kirkpatrick – 1980 1980 Sandra Day O’Connor Sandra Day O’Connor -
1981
1 1
W 12% f l l d W 12% f l l d
1. 1.
Women are 12% of upper level managers and Women are 12% of upper level managers and 4% of bylaw officers. They are 2.3% of CEOs in 4% of bylaw officers. They are 2.3% of CEOs in the Fortune 1000. the Fortune 1000. the Fortune 1000. the Fortune 1000.
2. 2.
They are only 7% of the equity partners and They are only 7% of the equity partners and 15.6% of all law firm partners. 15.6% of all law firm partners. p
3. 3.
Catalyst, Inc., reports that women are 14.6% of Catalyst, Inc., reports that women are 14.6% of Fortune 500 directors, up from 11.2 % in 2001 Fortune 500 directors, up from 11.2 % in 2001 and down from 14 7 plus percent in 2005 and down from 14 7 plus percent in 2005 and down from 14.7 plus percent in 2005. and down from 14.7 plus percent in 2005.
4. 4.
The Conference Board reports that of 662 The Conference Board reports that of 662 publicly held firms (all sizes) 36% of the publicly held firms (all sizes) 36% of the publicly held firms (all sizes), 36% of the publicly held firms (all sizes), 36% of the manufacturers and 31% of services firms have manufacturers and 31% of services firms have no female directors. no female directors.
► Eight percent in 2001 and 10.7 percent in 2005 of
Eight percent in 2001 and 10.7 percent in 2005 of Fortune 500 directors are women (compare Fortune 500 directors are women (compare directors verses directorships). directors verses directorships).
► There were 5,821 directors in 2001 and 5,161 in
There were 5,821 directors in 2001 and 5,161 in , , , , 2005. 2005.
► 51.2% of Fortune 500 corporations have either no
51.2% of Fortune 500 corporations have either no
► 51.2% of Fortune 500 corporations have either no
51.2% of Fortune 500 corporations have either no women directors or a token (2005). women directors or a token (2005).
► There were only 9 inside women directors in 2001
There were only 9 inside women directors in 2001
► There were only 9 inside women directors in 2001
There were only 9 inside women directors in 2001 and 11 in 2005. and 11 in 2005.
Indirect evidence: the vast increase in women trophy Indirect evidence: the vast increase in women trophy
►
Indirect evidence: the vast increase in women trophy Indirect evidence: the vast increase in women trophy directors, from 30 in 2001 to 79 in 2005. directors, from 30 in 2001 to 79 in 2005.
► 2001: Anne McLaughlin
2001: Anne McLaughlin Korologos Korologos & Jackie Ward (9 & Jackie Ward (9
► 2001: Anne McLaughlin
2001: Anne McLaughlin Korologos Korologos & Jackie Ward (9 & Jackie Ward (9 each); Rosanne Ridgeway (8). each); Rosanne Ridgeway (8).
► 2005: Susan
2005: Susan Bayh Bayh (8); Barbara Bowles, Bonnie Hill, Shirley (8); Barbara Bowles, Bonnie Hill, Shirley
► 2005: Susan
2005: Susan Bayh Bayh (8); Barbara Bowles, Bonnie Hill, Shirley (8); Barbara Bowles, Bonnie Hill, Shirley Jackson & Jackie Ward (7 each). Jackson & Jackie Ward (7 each).
► Newest Species: the academic trophy director (17).
Newest Species: the academic trophy director (17).
► Indirect Evidence that the Glass Ceiling Still Exists
Indirect Evidence that the Glass Ceiling Still Exists (Sidesteps): 68 % of women who hold board seats side (Sidesteps): 68 % of women who hold board seats side stepped from law consulting academe government not stepped from law consulting academe government not stepped from law, consulting, academe, government, not stepped from law, consulting, academe, government, not- for for-
profits, etc.; they did not rise vertically through positions in business positions in business
► The best chance of being a woman director is to be a
The best chance of being a woman director is to be a
► The best chance of being a woman director is to be a
The best chance of being a woman director is to be a tenured professor in law, business or the health sciences at tenured professor in law, business or the health sciences at an elite university (14 female Harvard professor held 23 an elite university (14 female Harvard professor held 23 t i 2001)(I L f h ld 40 t i 2001)(I L f h ld 40 seats in 2001)(Ivy League women professors held 40 seats in 2001)(Ivy League women professors held 40 board seats in 2005). board seats in 2005).
► While 18.3% list their endeavor as business, 17.2% of
While 18.3% list their endeavor as business, 17.2% of , women directors list university professor as their calling. women directors list university professor as their calling.
► Be patient but not passive, work your way upward in the
Be patient but not passive, work your way upward in the business world? 37 2 % of women directors come from business world? 37 2 % of women directors come from business world? 37.2 % of women directors come from business world? 37.2 % of women directors come from not not-
for-
profits, academe, or government.
► Adding in law and consulting, 68 % of women “sidestep”
Adding in law and consulting, 68 % of women “sidestep” into
te di e to hip into
te di e to hip into corporate directorships. into corporate directorships.
► In 2006, only 32 % ascended vertically, from positions in
In 2006, only 32 % ascended vertically, from positions in publicly held businesses. publicly held businesses. p y p y
► Women have been 35
1. 1.
Retaliation (25,000 EEOC gender discrimination Retaliation (25,000 EEOC gender discrimination letters to sue issued per year). letters to sue issued per year).
2. 2.
Hostile mid and upper level work environments. Hostile mid and upper level work environments.
3. 3.
Sandbagging upwardly mobile women. Sandbagging upwardly mobile women.
3. 3.
Sandbagging upwardly mobile women. Sandbagging upwardly mobile women.
4. 4.
RIFs and mini RIFs. RIFs and mini RIFs.
5 5
New bosses New bosses
5. 5.
New bosses. New bosses.
6. 6.
Application of stereotypes (too feminine, too Application of stereotypes (too feminine, too l d b b ll b d l d b b ll b d masculine, secondary earner bias, bully broad, masculine, secondary earner bias, bully broad, iron maiden, queen bee, ice queen, and more). iron maiden, queen bee, ice queen, and more).
►
Two wage earner families increased but have begun to decline: 23% Two wage earner families increased but have begun to decline: 23% in 1960 60% in 1995 and 50% in 2005 in 1960 60% in 1995 and 50% in 2005 in 1960, 60% in 1995, and 50% in 2005. in 1960, 60% in 1995, and 50% in 2005.
►
Women with a single child and no time on the mummy track will earn Women with a single child and no time on the mummy track will earn 99% of the comparable male at 40; women with more than one child 99% of the comparable male at 40; women with more than one child 99% of the comparable male at 40; women with more than one child 99% of the comparable male at 40; women with more than one child and additional time will earn 60% (Stanford, Michigan studies) at age and additional time will earn 60% (Stanford, Michigan studies) at age 40. 40.
►
Part time work is stigmatized (“recreational”); a request for flex Part time work is stigmatized (“recreational”); a request for flex scheduling flex scheduling is termed “ scheduling flex scheduling is termed “hari hari karri.” karri.”
►
Eight percent of women remained childless in 1950, 10% in 1976, and Eight percent of women remained childless in 1950, 10% in 1976, and 20% in 2005. 20% in 2005.
► The number of stay
The number of stay-
at-
home mothers has increased 13% since the mid 1990s. 1990s.
► Of women partners in large Chicago law firms, 60 % have no children.
Of women partners in large Chicago law firms, 60 % have no children.
► Turbo Capitalism
► Quality of life: housekeeping goes first,
► Opting Out: only 38% of female Harvard
► Opting Out: only 38% of female Harvard
1. 1.
2. 2.
3. 3.
4. 4.
4. 4.
5
5. 5.
►
Boundary heightening by the dominants: stereotype the Boundary heightening by the dominants: stereotype the
►
Boundary heightening by the dominants: stereotype the Boundary heightening by the dominants: stereotype the tokens (too emotional, a woman, intuitive versus tokens (too emotional, a woman, intuitive versus analytical) and emphasize their similarities (cement analytical) and emphasize their similarities (cement th l t th ) th l t th ) themselves together). themselves together).
►
Performance pressures on the token (only black, only Performance pressures on the token (only black, only woman. woman.
►
Coping strategies: Coping strategies:
1. 1.
Become invisible. Become invisible. h h f h h f
2. 2.
Be the mother figure. Be the mother figure.
3. 3.
Become one of the boys. Become one of the boys.
4
Be the butt of humor or the clown Be the butt of humor or the clown
4. 4.
Be the butt of humor, or the clown. Be the butt of humor, or the clown.
5. 5.
Queen bee syndromes. Queen bee syndromes.
6. 6.
Become the mascot. Become the mascot.
►
The half hour versus the hour interview. The half hour versus the hour interview.
►
Continued reliance on the corporate “promotion Continued reliance on the corporate “promotion p p p p tournament.” tournament.”
►
Subjective promotion processes (“the law of Subjective promotion processes (“the law of
►
Subjective promotion processes ( the law of Subjective promotion processes ( the law of inverse certainty”). inverse certainty”).
►
“Rank and yank” rating schemes “Rank and yank” rating schemes
►
Rank and yank rating schemes. Rank and yank rating schemes.
►
The long hours and the maximum face time The long hours and the maximum face time norms norms norms. norms.
►
Absence of alumnae and welcome back programs Absence of alumnae and welcome back programs
1. 1.
2. 2.
3. 3.
B li t i li fi i l i t il f d B li t i li fi i l i t il f d Boo lists: airlines, financial services, retail, food Boo lists: airlines, financial services, retail, food products. products. No “market reciprocity”: Campbell's Soup (2 of 16) No “market reciprocity”: Campbell's Soup (2 of 16) No market reciprocity : Campbell s Soup (2 of 16), No market reciprocity : Campbell s Soup (2 of 16), Hershey's (1 of 11), Nike (1 of 11), and McDonalds Hershey's (1 of 11), Nike (1 of 11), and McDonalds (2 of 15). (2 of 15). ( ) ( ) Honor role: SBC (6), Wells Fargo (5), Boise Cascade Honor role: SBC (6), Wells Fargo (5), Boise Cascade (4). (4). Trickle downs: Xerox (5), Avon (5), Golden West Trickle downs: Xerox (5), Avon (5), Golden West Financial (5). Financial (5). Boo list 2005: computer hard and software media Boo list 2005: computer hard and software media Boo list 2005: computer hard and software, media. Boo list 2005: computer hard and software, media. But: Nike (2 of 11 in 2005). But: Nike (2 of 11 in 2005).
I S&P/ASX 200 I d i h ld 8 65% f
► In S&P/ASX 200 Index companies, women hold 8.65% of
directorships.
► Number of women is less (but not much less) than ► Number of women is less (but not much less) than
positions held: 26 women hold 64 board positions; 2 hold 4, 8 hold 3, and 16 hold.
► Ninety women hold 128 of 1479 positions available
(6.1% ).
► 97 of 200 companies have no women directors ► 97 of 200 companies have no women directors. ► Financial & Property Trusts (35); Consumer Discretionary
(25); Materials (15). (25); Materials (15).
► Boo list: Utilities & Healthcare (5 each);
Telecommunications (4); Information Technology (2).