BOSTON - (Business Wire) In a troubling trend, women continue to lose ground in the executive suites of Massachusetts’ 100 largest public companies, according to a new report by The Boston Club (www.thebostonclub.com.) The report, “Building for the Future or Stuck in the Past? The 2009 Census of Women Directors and Executive Officers of Massachusetts Public Companies” finds that women continue to hold a very small percentage of corporate leadership positions in Massachusetts. Among key findings:
- The number and the percentage of women executive officers in the 100 largest Massachusetts public companies are at their lowest points since the Census began in 2003. In 2009 only 8.6% of all executive officers in these companies are women.
- The number of companies with no women executive officers reached a record high (56) since the Census began in 2003. This is an increase from 47 companies just two years ago.
- The percentage of women holding board positions in the 100 largest public companies in Massachusetts remains static, hovering between 11.0% and 11.5%; the total number of seats filled by women directors has ranged between 92 and 96.
- Thirty-eight (38.0%) of the Census companies continue to have no women on their boards of directors.
Kathleen Stone, president of The Boston Club, called on Massachusetts CEOs to reverse this trend. “The dramatic drop in women executive officers is of particular concern to us. Fewer women in the “C”- suite means fewer qualified women in the pipeline for board service. There is ample evidence showing that diverse points of view in the boardroom benefit a company’s performance. It’s time that we made leadership diversity a business priority in Massachusetts.”
Stagnation in the number of women directors is not attributable to lack of opportunity, the report showed. In the past year alone, the total number of board seats in the companies tracked by the Census increased by ten. However, of 47 new, independent directors added, only eight (17%) were women.
Compensation is also lagging. In another record low this year, only 23 companies in the Census had women among their top paid executives officers. This represents a significant decline since 2006 when 30 companies listed a woman among their most highly compensated executives.
The news was not all bad, however. Nine companies this year have three or more women directors, up from six in the previous three years. Also, the number of companies in the Census that have at least one women director has increased from 50 to 62 (24.0%) since 2003 when The Boston Club began publishing these data.
JoAnn Cavallaro, chair of The Boston Club’s Corporate Board Committee, commented, “Advancing women to leadership positions in Massachusetts has been a long, slow process, but we are firm in our resolve. We believe that tracking and publishing the Census results each year is a valuable impetus for change. In the last year, The Boston Club placed ten women on corporate boards. We have a great track record of presenting outstanding candidates. We stand ready to work with CEOs and nominating committees to identify qualified women to serve on their boards.”
The 2009 Census of Women Directors and Executive Officers of Massachusetts Public Companies is produced by The Boston Club in partnership with Bentley University and Mercer. The Census results will be presented at the organization’s Corporate Salute on November 5, a celebration that honors New England companies with more than two women on their boards of directors. Copies of the Census can be obtained by contacting The Boston Club at info@thebostonclub.com, or by downloading a PDF version from the organization’s website: www.thebostonclub.com.
About The Boston Club: Created in 1976, The Boston Club is an influential community advancing women leaders, offering connection, access and professional development. The Boston Club places women on the boards of corporations and nonprofit organizations, conducts research on issues of importance to women’s leadership, and provides a needed network for senior-level women to meet, share ideas and learn from each other.
For The Boston Club
Malli Gero
617-277-1675 o
617-875-9327 c
mgero@gerocom.com
