Gender equality on corporate boards has become a prominent issue. Equilar’s Gender Diversity Index (GDI) tracks representation of females on Russell 3000 boards. Based on their research, as of March 31, 2017, women accounted for 15.9% of Russell 3000 directorships, up from 15.1% in 2016. Nearly one-quarter (24.3%) of new directors added to boards in the first quarter of 2017 were women. A female was added to 24 previously all-male boards and boards with female representation between 40-50% increased by 4 from the year 2016 to 46, and a total of 22 boards of the Russell 3000 have reached gender parity.
While these numbers have all increased in a positive direction from the previous year, it still shows how far we have to go before gender parity on corporate boards becomes a norm, not an exception. In fact, according to Equilar, it will take over 40 years to reach gender parity on boards based on the current statistics. The following are well-known companies that are leading the charge on board gender parity and have at least 50% female representation on their corporate boards. These companies should not only be celebrated, but also looked up to as leaders and role models for presenting a standard that all companies should strive towards. They have closed the gender gap on their executive boards, and hopefully their actions will inspire many more companies to follow suit.
General Motors: 6 out of 12 board members are female.
In 2016, GM quietly became the first major industrial company to have gender parity on its board of directors. This was a welcomed surprise, considering that the auto industry ranks as one of the bottom five industries when it comes to representation of women on boards. Hopefully having an industrial giant such as GM lead the way will inspire many more companies to increase their female representation.
Build-A-Bear Workshop: 4 out of 8 board members are female.
After adding more women to the board, Build-A-Bear has been doing better than ever. With Sharon Price John becoming CEO of the company in 2013, Build-A-Bear was able to return to profitability after a six month loss.
Tootsie Roll Industries, Inc.: 3 out of 4 board members are female.
With a female CEO and a 75% female board of directors, Tootsie Roll Industries is setting an example for big name food companies.
Michael Kors Holdings Ltd.: 4 out of 8 board members are female.
Although the Michael Kors’ brand was created by a man, a surprisingly common trend in fashion, having a 50% female board of directors is a positive change for the hugely successful fashion brand.
American Water Works Co.: 4 out of 7 board members are female.
As the largest investor-owned U.S. water and wastewater utility company, having a majority female board is a great step in a positive direction.
Viacom: 5 out of 10 board members are female.
An American multinational media conglomerate with the sixth largest revenue in broadcasting and cable companies, Viacom is a media giant. Having gender parity on its board of directors sets a solid example for other big media companies.
Select Comfort: 5 out of 10 board members are female.
Shelly Ibach has been president and CEO of the Sleep Number company since June 2012. When she joined the board that year, she was the third female board member. Now, besides the board representation, women make up 40 percent of the company’s senior leadership.
Alliant Energy: 5 out of 10 board members are female.
A public utility holding company, Alliant Energy has made it a point to have gender equality on their board. And with 50-50 representation, they have shown that it is more than possible for public companies to achieve gender parity.
By: Cianna Allen