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 t G G and Law Keep Women Out and Law Keep Women Out and Law Keep Women Out and Law Keep Women Out of the Boardroom of the Boardroom of the Boardroom of the Boardroom NYU Press NYU Press – – 2007 2007
University of Auckland University of Auckland August 15, 2008 August 15, 2008 By: Douglas M. Branson By: Douglas M. Branson W Ed W. Edward Sell Chair in Business Law W. Edward Sell Chair in Business Law W Ed d S ll Ch i i d S ll Ch i i B B i i L L University of Pittsburgh University of Pittsburgh Pittsburgh, Pennsylvania, USA Pittsburgh, Pennsylvania, USA Permanent Senior Fellow (Law) Permanent Senior Fellow (Law) U i U i University of Melbourne University of Melbourne it it f M lb f M lb Victoria, Australia Victoria, Australia
“We Have Seen Perfection and It Is Us” “We Have Seen Perfection and It Is Us” We Have Seen Perfection and It Is Us We Have Seen Perfection and It Is Us - Pogo Pogo g ► Reinier Reinier Kraakman Kraakman & Henry & Henry Hansmann Hansmann, , “The End of History for Corporate “The End of History for Corporate The End of History for Corporate The End of History for Corporate Law,” 89 Georgetown Law Journal 439 Law,” 89 Georgetown Law Journal 439 (2000). (2000).
PRI OR PUBLI CATI ONS PRI OR PUBLI CATI ONS PRI OR PUBLI CATI ONS PRI OR PUBLI CATI ONS ► 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) rd ed. UNDERSTANDING CORPORATE LAW (1999)(2d ed. 2004)(3 rd ► UNDERSTANDING CORPORATE LAW (1999)(2d ed. 2004)(3 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)
I NSPI RATI ON I NSPI RATI ON I NSPI RATI ON I NSPI RATI ON Wh Why the Best Man for the Job is a Woman Wh Why the Best Man for the Job is a Woman th th B B t M t M f f th th J b i J b i W W 1. 1. 1 1 Be Your Own Mentor Be Your Own Mentor 2. 2. Pla Play like a Man, Win like a Woman Play like a Man, Win like a Woman Pla like a Man Win like a Woman like a Man Win like a Woman 3. 3. 3 3 Play Hardball Play Hardball 4. 4. Breaking the Glass Ceiling (2) Breaking the Glass Ceiling (2) Breaking the Glass Ceiling (2) Breaking the Glass Ceiling (2) 5. 5. 5 5 Smashing the Glass Ceiling Smashing the Glass Ceiling 6. 6. Nice Girls Don’t Get The Corner Office Nice Girls Don’t Get The Corner Office Nice Girls Don’t Get The Corner Office Nice Girls Don’t Get The Corner Office 7 7. 7. 7 Going to the Top Going to the Top 8. 8. Same Game, Different Rules Same Game, Different Rules Same Game Different Rules Same Game Different Rules 9. 9. 9 9 10. Women Don’t Ask Women Don’t Ask 10.
AND AND AND AND 11. Off Off- -Ramps and On Ramps and On- -Ramps Ramps 11. 12. Skirt Rules! Skirt Rules! 12. 13. Seducing the Boys Club Seducing the Boys Club 13. 14. Get to Work Get to Work Get to Work – A Call to Arms for Women of the Get to Work – A Call to Arms for Women of the A Call to Arms for Women of the A Call to Arms for Women of the 14 14 14. World World
EXPECTATI ONS EXPECTATI ONS EXPECTATI ONS EXPECTATI ONS ► Law Law – – Matriculates Matriculates MBA – MBA – Degrees Degrees ► 22.9% 22.9% - - 1977 1977 11.6% 11.6% - - 1976 1976 ► 28.1% 28.1% - - 1979 1979 19.2% 19.2% - - 1979 1979 ► 37% ► 37% 37% - 1984 37% - 1984 1984 1984 Mid 20s - late 80s Mid 20s - late 80s Mid 20s Mid 20s late 80s late 80s ► 42.6% 42.6% - - 1995 1995 36.9% 36.9% - - 1995 1995 ► 48.3% 48.3% - - 2002 2002 39.8% - 39.8% - 2000 2000 40.7% 40.7% - - 2001 2001 Jean Kirkpatrick Jean Kirkpatrick – 1980 1980 Sandra Day O’Connor Sandra Day O’Connor - - 1981 1981
REPORTED NUMBERS REPORTED NUMBERS REPORTED NUMBERS REPORTED NUMBERS W Women are 12% of upper level managers and W Women are 12% of upper level managers and 12% 12% f f l l l l d d 1 1 1. 1. 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. They are only 7% of the equity partners and They are only 7% of the equity partners and 2. 2. 15.6% of all law firm partners. 15.6% of all law firm partners. p Catalyst, Inc., reports that women are 14.6% of Catalyst, Inc., reports that women are 14.6% of 3. 3. 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 The Conference Board reports that of 662 The Conference Board reports that of 662 4. 4. 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.
THE REALI TY THE REALI TY THE REALI TY THE REALI TY ► 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.
Does the Glass Ceiling Still Exist? Does the Glass Ceiling Still Exist? Does the Glass Ceiling Still Exist? Does the Glass Ceiling Still Exist? 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 2001: Anne McLaughlin Korologos 2001: Anne McLaughlin Korologos Korologos & Jackie Ward (9 Korologos & Jackie Ward (9 & Jackie Ward (9 & Jackie Ward (9 each); Rosanne Ridgeway (8). each); Rosanne Ridgeway (8). ► 2005: Susan ► 2005: Susan 2005: Susan Bayh 2005: Susan Bayh Bayh (8); Barbara Bowles, Bonnie Hill, Shirley Bayh (8); Barbara Bowles, Bonnie Hill, Shirley (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 profits, etc.; they did not rise vertically through positions in business positions in business
Important New Title: Alice H. Eagly & Linda L. Important New Title: Alice H. Eagly & Linda L. Carli, “Women and the Labyrinth of Carli, “Women and the Labyrinth of , , y y Leadership,” )(Harvard Bus. Books) Leadership,” )(Harvard Bus. Books) (forthcoming Oct. 2007). (forthcoming Oct 2007) (forthcoming Oct. 2007). (forthcoming Oct 2007) Lead Article, September, 2007, Harvard Bus. Lead Article, September, 2007, Harvard Bus. Rev. Rev. Rev. Rev.
Recommend
More recommend
