Women may make up more than half the workforce but continue to be significantly underrepresented on corporate boards and in C-level executive positions, according to a major new study released today by Calvert Investments, a long-time leader in advocating for corporate diversity.
"Examining the Cracks in the Ceiling: A Survey of Corporate Diversity Practices of the S&P 100" shows that out of the 100 CEOs represented in the survey, 92 were Caucasian males. Women make up approximately 18% of director positions within the S&P 100, and only 8.4% of the highest paid executive positions within the same group of companies.
Four key findings from the report are detailed below:
* The C-Suite is still hard to reach - The study shows that non-white, non-male officers are rare. Over half-56 companies-in the S&P 100 have no female and/or minority representation in their highest paid executive positions and only 14 companies have two or more diverse officers in these positions.
* No disclosure = No accountability - The report found that 37% of the S&P 100 companies disclose no demographic data on employees, such as race, ethnicity and gender. Only 8 companies disclose full EEO-1 data, that is, a full breakdown of the workforce by race and gender across employment categories.
* Integration and innovation abound - According to the report, 30% of the S&P 100 companies include some oversight of diversity issues at the board level and 34% of companies include diversity measures within their compensation plans.
* Corporate commitment remains the "x" factor - Overall, 38% of the S&P 100 companies demonstrate a robust commitment to diversity, both internally and externally.
As an investor, Calvert recognizes that those companies that combine competitive financial performance with fair and equitable working environments where diversity is not only tolerated but embraced are likely to recognize gains in both the workplace and marketplace and be better positioned to generate long-term value for their shareholders.
"We are very concerned about the fact that women and minorities continue to be under-represented at the highest levels of management," said Barbara J. Krumsiek, President & CEO of Calvert Group, Ltd. "Without a pipeline of female and minority executives in highly-paid, highly responsible positions, it will be very difficult to achieve board diversity, which is critical to strong governance and good management."
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