CORPORATE WOMEN DIRECTORS INTERNATIONAL

Global Summit of WomenSao Paulo, Brazil

May 15, 2015

CWDI Report on Women Board Directors of 100 Largest Latin American Companies

Irene Natividad

President, Global Summit of Women andChair, Corporate Women Directors International

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CORPORATE WOMEN DIRECTORS INTERNATIONAL

100 Largest Latin American Companies, By Country

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COUNTRY NUMBER OF COMPANIES

Brazil 42

Mexico 29

Chile 14

Colombia 13

Argentina 2

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Percentage of Men and Women Board Directors in Latin America’s Largest Companies

(as of March 31, 2015)

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Women Directors

6.4%

Men Directors

93.6%

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Women Board Directors in Latin America, 2005 - 2015

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In the past decade, the percentage of women board directors has increased only 1.3%

5.1%

5.6%

6.4%

0% 2% 4% 6% 8% 10%

2005

2012

2015

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Percentage of Top Latin American Companies with 0 Women Directors(as of March 31, 2015)

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Nearly half of the largest companies in the region have no women board directors.

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10 Largest Companies in Latin America with 0 Women Board Directors(as of March 31, 2015)

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Ranking Company CountryNumber of

Women Directors

Total Number of Directors

Percentage of Women

Directors

1 Ambev Brazil 0 11 0

3 Itau Unibanco Brazil 0 12 0

4 Vale Brazil 0 10 0

6 America Movil Mexico 0 11 0%

11 Grupo Mexico Mexico 0 14 0%

12 Itausa Brazil 0 6 0%

13 Telef Brasil Brazil 0 12 0

16 Televisa Mexico 0 14 0

19 BRF Foods Brazil 0 11 0

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Regional Comparison of Women on Boards

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Percentage of Women Board Directors in Latin America, By Country(as of March 31, 2015)

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Top 5 Companies with Highest Percentage of Women Board Directors(as of March 31, 2015)

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Rank Company CountryNumber of

Women Directors

Total Number of Directors

Percentage of Women

Directors

1 (tie) Grupo Argos Colombia 2 7 28.6%

1 (tie) Cemargos Colombia 2 7 28.6%

2Organizacion

Soriana Mexico 2 8 25.0%

3 (tie) Exito Colombia 2 9 22.2%

3 (tie) Falabella Chile 2 9 22.2%

3 (tie)Santander

Brasil Brazil 2 9 22.2%

4 (tie) Walmex Mexico 2 10 20.0%

4 (tie)Banco do Brasil

Seguridade Brazil 1 5 20.0%

5 Femsa Mexico 3 16 18.8%

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The Quota Legislative Strategy for Women Directors – Global Overview

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Countries with Quotas for State-Owned Companies

Israel (1993)

South Africa (1996)

Denmark (2000)

Finland (2004)

Ireland (2004)

Iceland (2006)

Kenya (2010)

Austria (2011)

Slovenia (2011)

Poland (2012)

UAE (2012)

Greece (2012)

Countries with Quotas for Publicly-Listed Companies

Israel (1999 – 1 woman) Norway (2003) Spain (2007) Iceland (2010)

France (2010 ) Belgium (2011) Malaysia

(2011)

Italy (2011)

Netherlands (2012)

Denmark (2013 – soft target)

India (2013 – 1 woman min.)

Germany (2014)

Municipal and Provincial Quotas

Berlin, Germany (2002)

Nuremberg, Germany (2009)

Quebec, Canada (2006)

Proposed Quotas

European Commission

Brazil (State-Owned Companies)

Canada(Publicly-listed Companies)

South Korea (State-Owned Companies)

Switzerland (State-Owned Companies)

________________________________________©2014. Information may not be reproduced without permission from CWDI

CORPORATE WOMEN DIRECTORS INTERNATIONAL 11

The Americas: No Initiatives to Increase the Number of Women Board Directors

North America

0

South America

0

Africa

2

Asia-Pacific

2

Middle East

2

Europe

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Percentage of Women Board Directors in Countries with Quota Legislation and all Fortune Global 200 Companies

2014

Women Directors in Countries w/ Quota 25.3 %

Women Directors in all Fortune Global 200

Companies15.6 %

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Countries with Board Diversity Language in Corporate Governance Codes,Stock Exchange Listing or Security Exchange Commission Requirements

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Stock Exchange Commissions

SPAIN (2007)

AUSTRALIA (2011)

ITALY(2011)

SINGAPORE(2011)

JAPAN (2009)(inclusion of independent directors)

POLAND(2010)

MALAYSIA(2011)

HONG KONG(2012)

NEW ZEALAND (2012)

Corporate Governance Commissions

KENYA(2002)

FINLAND(2003, 2008)

SWEDEN(2004)

NORWAY (2004)

NETHERLANDS (2008)

BELGIUM (2009)

LUXEMBOURG(2009)

SOUTH AFRICA(2009)

GERMANY (2010)

Corporate Governance Commissions (Cont’d)

FRANCE (2010)

UK (2010)

AUSTRIA (2010)

DENMARK (2010)

MOROCCO(2010)

MALAWI(2011)

NIGERIA(2011)

CANADA(2013)

USA - Securities and Exchange Commission(2010)

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CORPORATE WOMEN DIRECTORS INTERNATIONAL

Percentage of Women Board Directors in Countries with Gender Diversity Language In Corporate Governance Codes and all Fortune

Global 200 Companies2014

Women Directors in Countries w/ Corp. Gov.

Code on Gender Diversity24.2 %

Women Directors in all Fortune Global 200

Companies13.6 %

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CORPORATE WOMEN DIRECTORS INTERNATIONAL 15

Global Summit of WomenSao Paulo, Brazil

May 15, 2015

CWDI Report on Women Board Directors of 100 Largest Latin American Companies

Irene Natividad

President, Global Summit of Women andChair, Corporate Women Directors International