Women Get On Board
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Transcript of Women Get On Board
Women get on Board
Deborah Rosati, FCPA, FCA, ICD.DFederated Press-Women & Leadership Summit
Women & Governance: PRACTICAL ADVICE TO WOMEN ASPIRING TO BOARD DIRECTORSHIPS
Context/current trends in the Boardroom
Diversity of Thought
What is a woman’s value-add
5 tips for aspiring women board members
Context/current trends
Women currently hold 14.5% of Board seats (FP 500 companies) and 10.3% of public companies
Women hold the greatest percentage of corporate board seats (1 in 5) in the utilities, finance and insurance, and retail trade sectors. Only 9.7% of women, or 1 in 10, hold board seats in the manufacturing sector. Only 1 in 15 board seats (or 6.6%) in mining, oil and gas sectors are held by women
Charity board members tend to value diversity more than corporate board members (61% versus 47%) with women representing 40% of board seats at Canada's largest 100 charities. Still, 48% of charity board members do not support a formal diversity policy.
Reference: The 2011 Catalyst Census: Financial Post 500 Women Board Directors
Diversity of thought
Divergence in views – leading to constructive debate behind the boardroom door – encourages diligence in decision-making
94% of boards with three or more women ensure conflict of interest guidelines, compared with 68% of all-male boards and
86% of boards with 3 or more women ensure a code of conduct for the organization compared with 66% of all male boards.
Boards that include women tend to reach better decisions... on ethical matters, because women have a sense of what’s “right”
Representing interests….Women are important business stakeholders….as consumers, employees, employers and shareholders…
Women’s value-add
Use your diversity to your strength not your weakness, women are definitely more collaborative in our approach to solving problems.
Women are more likely to talk to other women when they have a problem or need to make a decision.
Women are more relationship oriented, and look for commonalities and ways to connect with other women.
Women focus on building rapport, by sharing experiences and asking questions.
Agents for Change
Catalyst Accord- If every FP500 company commits to filling a vacant board seat with one qualified woman, we can easily achieve at least 25 percent representation by 2017
Canadian Board Diversity Council-the Council calls on boards to replace at least one of every three retiring directors with a director of a diverse background and for Nominating/Governance committees to consider three board-ready diverse candidates for each open board seat.
Women on Board -Mentoring Program develops Canadian executive women to be directors. By matching women with Mentors
OSC-enhancing corporate governance practices to require publicly listed companies in the S&P/TSX Composite Index to disclose women’s representation
Board diversity policies-ICD
1. Our members believe the solution lies in a range of voluntary measures that include the adoption of board diversity policies, soft targets or guidelines, expanded definitions of selection criteria and board qualifications, and enhanced disclosure by boards of board diversity and/or how diversity factors into decisions of board com- position.
2. Nominating and governance committees should continuously evaluate the needs of the board in the context of the company’s future direction.
3. Boards should adopt formal diversity policies.
4. Nominating and governance committees should, as part of their selection process, have access to deep and diverse talent pools, and should direct their search firm, where used, to include diverse candidates in searches whenever possible (and sub- ject to satisfying the qualifications of the position).
5. As part of a director search process, search firms should be encouraged to include qualified candidates who are unknown to current board members.
6. Canadian corporations and organizations should continue to develop all of their top talent, including their diverse talent.
7. In order to enhance board opportunities and openings, boards should consider the tenure of the current board members and may want to weigh the merits of policies that encourage fresh additions to the board, being mindful of the need for a healthy degree of board continuity and experience.
5 tips for aspiring women board members
1. Plan and excel
2. Broaden your skills
3. Build networks
4. Seek sponsors
5. Understand the brief
Reference: Odgers Berndtson, an executive search firm,
Recruitment-process
Executive search firms
Directories (Women on Board, ICD, CBDC)
Network
Mentor/sponsor
Social media (linked in profile)
Getting started.....
Get involved in a not-for-profit board (what are you passionate about, what expertise do you have that you can give back)
Educate yourself on governance best practices (ICD program, Directors College, reference books, linked in groups, Accounting firms/law firms educational sessions)
CICA-20 Questions Directors should ask series
Reference/resources
Women in the Boardroom: Where are we? An infographic of gender equality in the Canadian C-suite, 2012-04-15, www.dmbizserv.ca
Canadian Board Diversity Council-www.boarddiversity.ca
Catalyst-www.catalyst.org
CICA- www.cica.ca/focus-on-practice-areas/governance-strategy-and-risk
ICD-www.icd.ca
Thank-you!
ca.linkedin.com/pub/deborahrosati