the female ftse board report 2009 norway and spain join our census to benchmark corporate boards by...
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The Female FTSE Board Report 2009Norway and Spain join our Census to benchmark corporate boards
By Dr Ruth Sealy, Professor Susan Vinnicombe OBE and Elena DoldorWith contributions from Dr Celia de Anca and Dr Marit Hoel
Agenda
08.15 Dame Marjorie Scardino, CEO, Pearson
08.23 Rona Fairhead, CEO, Financial Times Group
08.30 Maria Eagle MP Minister of State for Justice and Deputy Minister for
Women & Equalities
08.45 Professor Susan Vinnicombe and Dr Ruth SealyOverview of the Female FTSE 2009
09.10 Questions (Chaired by Rona Fairhead)Joining the panel will be:Dr Celia de Anca, Director, Center for Diversity in Global
Management, IE Business School, Madrid and Dr Marit Hoel, CEO, Center for Corporate Diversity, Oslo
09.30 Closing comments
Dame Majorie ScandinoChief Executive
Rona FairheadChief Executive
Marie Eagle MP
Minister of State for Justice and Deputy Minister for Women and Equalities
Key sponsors
Supporting sponsors:
Dr. Celia de AncaDirectorCenter for Diversity in Global ManagementIE Business SchoolMadridSpain
Dr Marit HoelCEOCenter for Corporate DiversityNorway
In collaboration with:
Female FTSE Index 2009
Female FTSE 100 2009 2008
Female held directorships
131 (12.2%)
131 (11.7%)
Female Executive directorships
17 (5.2%)
17 (4.8%)
Female NEDs114
(15.2%)114
(14.9%)Women holding directorships 113 113
Banking Sector
YearNo. of banks in FTSE 100
No of banks with female
directors
Total no. female
directors in banks
Percentage female
directors in banks
2004 8 8 16 12.8%
2009 5 3 7 9.3%
David Walker who is currently carrying out a review of corporateGovernance for the Treasury, was recently quoted as saying:
“Boards aren’t golf-club committees, they are challenging environments. The climate – the culture – has to change materially. Challenging the Board environment, rocking the boat, is very important.”
Female FTSE Index 2009
Female FTSE 100 2009 2008
Companies with female executive directors 15 16
Companies with at least one female director 75 17
Companies with multiple female directors 37 39
Companies with no female directors 25 22
Composition of Boards 2009
FTSE 100 Boards 2009 2008
Total FTSE 100 NEDs 748 763
Total FTSE 100 Executive Directorships 330 353
Total FTSE 100 Directorships 1078 1116
Multiple Directorships
FTSE 100 Boards
Total Directors
1 Seat 2 Seats 3 Seats 4 Seats
Male Directors 833
88.4% (736)
9.8% (82)
1.6% (13)
0.2% (2)
Female Directors 113
87.6% (99)
8.8%(10)
3.5% (4)
0
New Appointments
Female FTSE 100 2009 2008
New female appointments 23 16
New male appointments 133 133
Total new appointments 156 149
Female % of new appointments 14.7% 11%
New women on FTSE 100 Boards
Euleen Goh (Singapore) Jacqueline Tammenoms Bakker (Netherlands) Ambassador Janice Obuchowski (USA)Betsy de Haas Holden (USA)Peggy Bruzelius (Sweden)Professor, Dr. Louise Fresco (Netherlands)Ann Marie Fudge (Netherlands)Sheelagh Whittaker (Canada)Anne Quinn (New Zealand)Dambisa Moyo (Zambia)Julia Wilson (UK)Zaure Zaurbekova (Kazakhstan)Inès ReinmannEvelyn Bourke (Ireland).
Executive Committee Members by Gender
Executive Committee Members2009
Female2008
Female
Executive Directors17
(4.8%)17
(4.8%)
Senior Executives175
(18.1%)139
(13.0%
FTSE 250 Companies andFemale Directors
At September 2009 FTSE 100 FTSE 250
Female-held directorships131
(12.2%)145
(7.3%)
Female executive directorships
17 (5.2%)
25 (3.8%)
Female non-executive directorships
114 (15.24%)
120 (9.0%)
175 women on FTSE 100Executive committees
Pipeline to FTSE 100 Boards
1692 women on other FTSE listed boards and senior
teams
414 women FTSE 250Boards and Exec Committees
Women Board Directors in the Nordic 500in 2004 & 2008
2008
CountryNo. of Female
Board Directors
Total Number Directors
% age Females
Norway 229 732 31.3%
Sweden 339 1550 21.9%
Finland 114 678 16.8%
Denmark 109 893 12.5%
TOTAL 792 3860 20.5%
Female Norway Top 100 2009
AS Companies
ASA (quota) Companies
Female-held directorships136
(26.9%)327 (30.5%)
Female Chairs7
(10.8%)2
(5.7%)
Female executive directorships
93(17.2%)
41(16.6%)
Companies with women on Executive Board
47(72.3%)
25(71.4%)
Companies with no women on Executive Board
18(27.7%)
110 (28.6%)
The 2007 Conthe Code
“When the number of female Board members is small or zero,the Board needs to explain the reasons why, as well as theinitiatives undertaken to correct such situation and, in particular,that the Nomination Committee will provide that, whenincorporating new Board members:
(a) The selection process does not have any bias that may hinder the nomination of women board members;
(b) The company is deliberately looking for, and will include as potential candidates, women that may fulfil the required profile (Unified Good Governance Code, 2006, p 18.)”
Equality Law, 2007
According to Article 75
“Companies … will endeavour to include a sufficient number of women on their Boards of Directors to reach a balanced presence of women and men within eight years of the entry into effect of this act”,
Balanced presence being defined by the law as 40/60 of either sex.
Female Directors Evolution in Spain 2006 - 2008
Most Liquid Spanish Listed Companies
2006 2008
Female-held directorship 86 (6.2%)111
(7.6%)
Companies with female executive directors
11 (8.7%)6
(4.6%)
Companies with multiple female directors
11 (8.7%)25
(19.2%)
Companies with at least one female director
60 (40.2%)
72 (55.4%)
Companies with no female directors67
(52.8%)58
(44.6%)
Female Directors in Spanish IBEX Companies 2006 - 2009
IBEX35 Spanish Listed Companies 2006 2009
Companies with at least one female director
19 (54.3%)
26(74%)
Total number of female directors 26 (5.2%) 48 (9.5%)
Female executive directorships 42
(2.4%)
Using the “comply or explain” principle, companieswith a lower proportion would have to explain if theyproposed to fill a vacancy with a man. Chairmen of companies with all-male boards – a quarter of theFTSE 100 – should explain in the annual report whythey think this is acceptable.
Questions