Moving past tokenism and box checking opens doors to more diversity
For those of us who monitor the number of women in the executive suite and boardroom, the announcement that Meg Whitman was stepping down as CEO of eBay after a long run was a disappointment. But, the very fact that gender was not prominently featured in the reporting on her departure is a measure of progress, because it was no longer deemed relevant. What is significant is the steady stream of evidence that diversity in the executive suite and boardroom makes plain economic sense. Looking at return on equity, return on sales, and return on invested capital, Fortune 500 companies with the largest number of women directors significantly outperformed those with the least representation, according to a Catalyst report in late 2007.
But, there remains a striking disconnect between this financial imperative and the actual numbers of women sitting in seats of influence. Across the country and throughout industry after industry, the numbers at the top are dispiriting. Consider Catalyst's 2007 Census of Women Board Directors: women held 14.8 percent of all Fortune 500 board seats in 2007, compared to 14.6 percent in 2006.
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