The Female FTSE Board Report 2012 - Milestone or Millstone?
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Transcript of The Female FTSE Board Report 2012 - Milestone or Millstone?
Milestone or Millstone?The Female FTSE Board Report 2012
Cran�ield International Centre for Women LeadersDr Ruth Sealy and Professor Susan Vinnicombe OBE
The Female FTSE board report Supporting Sponsors:
2012
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FOREWORD
FemaleFTSEReport
Gettingmore women onto the boards of our top companies is good for our economy and good forwomen.Thereisgrowingevidencethatcompanieswithmorediverseboardsperformbetter:achievinghigher sales,higher returnson investedcapital andhigher returnsonequity.This report shows thatmore and more of our top companies are recognising the fresh perspectives, innovative ideas andexperience that top women can bring. They know that a company board that better re lects itscustomersisbetterabletounderstandtheirneeds.And,asthisreportshows,ourbestbusinessesaretakingaction.Overthepastyearwehaveseenanunprecedentedincreaseinthenumberofwomenonboards.Ifwecontinuetomakesuchstrongprogress,by2015wecouldmorethandoublethepercentageofwomenonboardsfromwhenwestartedworkinthisarea.Thatishugelyencouragingnews.IamalsopleasedtoseethatthenumberofallmaleboardsintheFTSE100hasnearlyhalved.Inthemodernworld,therecanbenoexcusesforhavingamale‐onlyboard.Thatiswhyitisalsoencouragingtosee that themajorityofFTSE250companieshaveat leastonewomanontheirboard for theveryirst time. That the increase of women on FTSE 250 boards has come equally from companiesappointingthe irstwomantotheirboardascompaniesappointingtheirsecondwomanalsoprovidesuswithreassurancethatthisisnotmeretokenism.ThereisnodoubtthatLordDavies’tremendousworkonthisissuehasbeenthekeydrivingforce.ButIalsowanttothankthecompaniesandorganisationsthathavehelpedbringabouttheprogresswehaveseen.TheFinancialReportingCouncil’samendmentstotheCorporateGovernanceCodewillstrengthenthe principle of boardroom diversity. The new code on diversity developed by the head‐huntingindustrywillhelpbringforwardawiderrangeofcandidates.Andtheinvolvementofinvestorswhoareincreasingly asking companies to demonstrate their commitment to this agenda is anotherwelcomesign.Ialsowanttopraisethecompaniesinvolvedandespeciallythosewhohavesetaspirationaltargetsforthenumberofwomenontheirboards.Theyarepubliclydemonstratingthattheyarethemostforwardthinkingcompaniesinthiscountry.Everybigbusinessshouldfollowtheirlead.IamproudoftheprogressmadebyBritishbusiness,butthereisstillalongwaytogo.Sowewillnowbe working with business, with Lord Davies and with other key organisations to maintain andaccelerate momentum. In particular, I want us to look at how we improve the number of womenholdingseniorexecutivepositionsaswellasthoseholdingnon‐executivedirectorships.Thisreportshowsthatabusiness‐ledapproachcanbringrapid,realandimpressiveresults.Itisnowupto business to go further and faster. We will be supporting and encouraging business to continueachievingthepositivechangethatisgoodforwomen,goodforbusinessandgoodforBritain’seconomy.RtHonTheresaMayMPHomeSecretaryandMinisterforWomenandEqualities
TheFemaleFTSEBoardReport
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FromTheChairman
WhenItalktomyfellowchairmen,Iamheartenedthattheyareprioritisinggenderbalanceintheirorganisations,notonlybecauseitistherightthingtodo,butmoreimportantlybecausetheyrecognisethebene itsfortheirbusinessesandforsocietyofdrawingfromthewidesttalentpoolavailableandofbuildingthestrongestleadershipteamswecan.AyearonfromthespuroftheLordDaviesreport,wearealreadyseeingpositivemeasurableimpact.IndeedthelastyearhasseenthefastestpaceofchangesincetheinceptionoftheFemaleFTSEBoardReport,andthe2011reportalsoindicatesthatthemomentumcontinuestogrow.Thereisstillmuchtobeachieved,however,andthoseofuswhositonFTSEboardsmustcontinuetodrivethistransformationpurposefullywithinourorganisations.AtBarclays,Citizenshipisoneofourfourexecutionpriorities,andcreatinganenvironmentconducivetogenderbalanceisattheheartofourdiversityandinclusionagenda.Citizenshipspansallelementsofourbusinessandincorporatescolleagues,customersandclients,andthecommunitiesinwhichweoperate.Weworkactivelytorecruit,retain,developandpromotethebestpeople,andarekeentoincreasethenumberandproportionofwomeninleadershiproles.Indeed,ourcommitmenttoensuringthatourboardismadeupofindividualswithanappropriaterangeofskillsandexperiencesrecognisesthebene itofdiversity,inallsensesoftheword.IamextremelyproudoftheworkBarclaysdoeswithinourorganisationtomeetourcommitmentsinthisarea.OursupportoftheFemaleFTSEBoardReportcontinues,becauseCran ield’sresearchhelpstomovethedebatenationallyandinternationally.Weareproudtoplayourpart.MarcusAgiusBarclaysChairman
FROMTHECHAIRMAN
TheFemaleFTSEBoardReport
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Female FTSE Index and Report 2012 RuthSealy&SusanVinnicombe
Contents
Page ExecutiveSummary……………………………………………………………………..06
1. Introduction……………………………………………………………………………12
2.Methodology…………………………………………………………………………...14
3. FTSE100Companies2012………………………………………………………15
3.1 FTSE100CompanieswithFemaleDirectors2012………………………..15
3.2 FTSE100FemaleDirectors………………………………………………………….19
3.3 TheNewFTSE100DirectorAppointments2012………………………….21
3.4 ReportingandRegulation…………………………………………………………….28
4. FTSE250Companies……………………………………………………………….37
4.1 FTSE250CompanieswithFemaleDirectors………………………………...37
4.2 FTSE250WomeninTopRoles…………………………………………………….41
4.3 TargetsandPipeline……………………………………………………………………44
5. ConcludingRemarks………………………………………………………………..48
APPENDIX:Cran ield’sInternationalCentreforWomenLeaders…...49
CONTENTS
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ExecutiveSummaryFemaleFTSEBoardReport2012MilestoneorMillstone?2012hasseenastepchangeinthenumberofwomenappointedontoFTSE100companiesfollowingthepublicationoftheDaviesReportinFebruary2011.Thenumberofwomenholding163FTSE100boardseatsis141,anincreaseof25onthe2010 igures.Therearenow20femaleexecutivedirectorshipsand143femalenon‐executivedirectorships.Overallthepercentageofboarddirectorswhoarefemaleis15%,anupliftof2½%onwhatwasathreeyearplateau.Thenumberofcompanieswithnowomenontheboardhasdroppedto11andthenumberofcompanieswithmorethanonewomanontheboardhasincreasedto50.Table13:FTSE100andFTSE250Comparison
TopRankingofFemaleFTSE100Intopplaceofthisyear’srankingisDiageowithfourwomen,comprising44.4%oftheirboard.OneofthefourisChiefFinancialOf icerandtherearethreenon‐executives(NEDs).InsecondplaceisBurberry,withthreewomenoutofeightdirectors,whichisoneofonlythreeFTSE100companiesthathavetwofemaleexecutivedirectors(EDs).BurberryhasbothChiefExecutiveandChiefFinancialOf icerrolesheldbywomen.InthirdplaceisPearson,whohavealsohadtwofemaleEDsforanumberofyearsandhaverecentlyaddedasecondfemaleNED,takingtheirtotalnumberofwomentofour(33.3%).MorrisonSupermarkets,WhitbreadandAstraZenecaallcontinuetodowellwithpercentagesof28%,27%and27%respectively.IntercontinentalHotelshaveaddedafemaleEDandheadafurthergroupofninecompanieswhohavealreadyachievedthetargetof25%setbyLordDavies.Injoint16thplaceareRoyalBankofScotlandandMarks&Spencer,eachwiththreewomenoutof13boardmembers(23%).Marks&SpenceristhethirdcompanywithtwofemaleEDsandsincetakingthedataforthisreportinJanuary,theyhaveaddedafourthfemaledirector.Thiswouldhaveputtheminjoint4thposition,with29%.
AtJanuary2012 FTSE100 FTSE250
Female‐helddirectorships 163(15%) 189(9.4%)
Femaleexecutivedirectorships 20(6.6%) 28(4.6%)
Femalenon‐executivedirectorships 143(22.4%) 168(11.4%)
Companieswithfemaleexecutivedirectors 17(17%) 25(10.0%)
Companieswithatleastonefemaledirector 89(89%) 135(54%)
Companieswithmultiplefemaledirectors 50(50%) 47(18.8%)
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FTSE250OftheFTSE250companies,135(54%)nowhavewomenintheirboardrooms, inallymakingthoseall‐maleboardsaminority.This igureof135hasincreasedfrom119,butinterestinglythenumberofcompanieswithtwofemaledirectorshasalsoincreasedsubstantiallyfrom25to40.ThisindicatesthattheoverallpercentageincreaseofwomenonFTSE250boardshascomeequallyfromcompaniesplacingtheir irstandalsotheirsecondwomanontheboard.Therearenow10femaleCEOsandseveninancedirectorsontheFTSE250boards.TheNewFTSE100DirectorAppointments2012TheDaviesReport2011requestedthatFTSE350companiessetthemselvestargetsforthepercentageofwomenonboardstheyaimedtoachieveby2015.Itrecommendedaminimumtargetof25%forFTSE100companies.Basedontheturnover iguresfrompreviousFemaleFTSEReports(anaverageof14%oversixyears),theDaviesReportcalculatedthatifonethirdofallnewFTSE100boardappointmentsweregiventowomenbetween2011and2015,thenfromastartingpointof12.5%femaledirectors,a igureof23.5%couldbeachievedacrosstheFTSE100companiesby2015.Inthe12monthsprecedingJanuary2012,thepercentageofnewappointmentsgoingtowomenwasalmost25%.Whilstthis iguredoesfallshortoftheDaviestargetof33%,therehasbeenanincreaseintheturnoverofboardseats,whichnowstandsat17.5%,whichwill,ofcourse,alsoaffectthepaceofchange.IntheyeartoJanuary2012,47newappointmentsweretakenbywomen,sothisisalmostonthetargetof50setbyDaviesandshowsasubstantialturnaroundofbehaviourfromthoseinvolvedintheappointmentprocess.AsaresultwehavemadesomechangestotheunderlyingassumptionsinourmodelpredictingthepercentageofwomenonFTSE100boardsinthefuture.Thisnowindicatesthat26.7%ofdirectorswillbewomenby2015and36.9%by2020.These iguresexceedthetargetssetintheDaviesreport,butwillonlybeachievedifthemomentumforchangingthegenderbalanceofboardscontinues.TheFemalePipelineThirty‐fouroftheFTSE100companiesprovidedthepercentagesofwomenintheworkforceandatjunior,middle,seniorandexecutivelevel.FortycompaniesprovidedpipelinedatafromFTSE250companies.Thepictureacrossthesecompaniesingeneralisveryvaried.Clearlysomecompaniesareinvestingintheirfemaletalentpoolsandthisisre lectedinthenumbersofwomenatseniorandexecutivelevel,butthereisstillahugeamounttobedoneifmanagementwanttohavemorefemaleexecutivedirectors.
EXECUTIVESUMMARY
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FTSE100Ranking
Rank%ageofWomen
No.onBoard
No.ofWomen
Company FemaleDirectors Chairman
1st 44.44 9 4 DIAGEOPLCDeirdreMahlan,PeggyBruzelius,LaurenceDanon,BetsyDeHaasHolden
DrFranzHumer
2nd 37.50 8 3 BURBERRYGROUPPLCAngelaAhrendts,StaceyCartwright,StephanieGeorge
JohnPeace
3rd 33.33 12 4 PEARSONPLCDameMarjorieScardino,RonaFairhead,VivienneCox,Professor,DrSusanFuhrman
GlenMoreno
4th 28.57 7 2 MORRISON(WM.)SUPERMARKETSPLC PennyHughes,Johanna SirIanGibson
5th 27.27 11 3 WHITBREADPLCWendyBecker,SusanHooper,SusanMartin
TonyHabgood
5th 27.27 11 3 ASTRAZENECAPLCMicheleHooper,DameNancyRothwell,BaronessShritiVadera
DrLouisSchweitzer
7th 25.00 12 3 INTERCONTINENTALHOTELSGROUPPLC
TracyRobbins,JenniferLaing,YingYeh
DavidWebster
7th 25.00 8 2 SAGEGROUPPLC TamaraIngram,RuthMarkland TonyHobson
7th 25.00 12 3 NATIONALGRIDPLCLindaAdamany,TheRt.Hon.RuthKelly,MariaRichter
SirPeterGershon
7th 25.00 12 3 CENTRICAPLCMargheritaDellaValle,MaryFrancis,LesleyKnox
SirRogerCarr
7th 25.00 12 3 BTGROUPPLCTheRt.Hon.PatriciaHewitt,KarenRichardson,JasmineWhitbread
SirMikeRake
7th 25.00 12 3BRITISHAMERICANTOBACCOPLC
DrKarendeSegundo,AnnGodbehere,ChristineMorin‐ RichardBurrows
7th 25.00 12 3 STANDARDLIFEPLCJackieHunt,BaronessMargaretMcDonagh,SheelaghWhittaker
GerryGrimstone
7th 25.00 12 3 UNILEVERPLCProfessorLouiseFresco,AnnFudge,HixoniaNyasulu
MichaelTreshchow
7th 25.00 12 3 BAESYSTEMSPLCLindaHudson,DoctorHarrietGreen,PaulaReynolds
DickOlver
16th 23.08 13 3 ROYALBANKOFSCOTLANDGROUPPLC
AlisonDavis,PennyHughes,BaronessSheilaNoakes
SirPhilipHampton
16th 23.08 13 3 MARKS&SPENCERKateBostock,LauraWade‐Gery,MarthaLaneFox
RobertSwannell
18th 22.22 9 2 WOLSELEYPLC TessaBamford,KarenWitts GarethDavis
18th 22.22 18 4 HSBCHLDGSPLCSafraCatz,TheHon.LauraCha,RonaFairhead,RachelLomax
DouglasFlint
18th 22.22 9 2 KINGFISHERPLC ClareChapman,DrJanisKong DanielBernard18th 22.22 9 2 CAIRNENERGYPLC JannBrown,JackieSheppard SirBillGammell
22nd 21.43 14 3 AVIVAMaryFrancis,EuleenGoh,GayHueyEvans
LordSharmanofRedlynch
22nd 21.43 14 3 TESCOPLCLucyNeville‐Rolfe,KarenCook,JacquelineTammenomsBakker
SirRichardBroadbent
24th 20.00 10 2 EXPERIANPLCFabiolaArredondodeVara,JudithSprieser JohnPeace
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FTSE100Ranking(cont’d)
Rank%ageofWomen
No.onBoard
No.ofWomen
Company FemaleDirectors Chairman
24th 20.00 10 2 G4SPLCWinnieFokKin,DrClareSpottiswoode
AlfDuch‐Pedersen
24th 20.00 10 2 CAPITAPLC MaggiBell,MartinaKing MartinBolland24th 20.00 10 2 SHIREPLC SusanKilsby,AnneMinto MattEmmens24th 20.00 10 2 SAINSBURY(J)PLC AnnaFord,MaryHarris DavidTyler
24th 20.00 10 2 IMPERIALTOBACCOGROUPPLC AlisonCooper,SusanMurray IainNapier
24th 20.00 10 2 SSEPLC KatieBickerstaffe,SusanRice LordSmithofKelvin
24th 20.00 15 3 GLAXOSMITHKLINEPLCDrStephanieBurns,StaceyCartwright,JudyLewent
SirChrisGent
24th 20.00 10 2 RECKITTBENCKISERGROUPPLC LizDoherty,JudithSprieser AdrianBellamy
24th 20.00 10 2 MANGROUPPLC AlisonCarnwath,NinaShapiro JohnAisbitt
34th 18.75 16 3 WPPPLCEstherDyson,OritGadiesh,LubnaOlayan
AmbassadorPhilipLader
35th 18.18 11 2 ANGLOAMERICANPLCCynthiaCarroll,DrMamphelaRamphele
SirJohnParker
35th 18.18 11 2 ADMIRALGROUPPLC MargaretJohnson,Lucy AlastairLyons
35th 18.18 11 2 LANDSECURITIESGROUPPLC StaceyRauch AlisonCarnwath
35th 18.18 11 2 RSAINSURANCEGROUPPLC NoelHarwerth,Johanna JohnNapier
35th 18.18 11 2 SMITH&NEPHEWPLCProfessor,DrGenevieveBerger,DrPamKirby
DrJohnBuchanan
40th 17.65 17 3 SABMILLERPLCLesleyKnox,DambisaMoyo,HelenWeir
DrJacobKahn
41st 16.67 12 2 LEGAL&GENERALGROUPPLC DameClaraFurse,JuliaWilson JohnStewart
41st 16.67 12 2 BHPBILLITONPLCCarolynHewson,BaronessShritiVadera
JacNasser
41st 16.67 12 2 BARCLAYSPLC AlisonCarnwath,DambisaMoyo MarcusAgius41st 16.67 6 1 ASHMOREGROUPPLC MeldaDonnelly TheHon.MichaelBenson
45th 15.38 13 2 BRITISHLANDCOPLCLucindaBell,TheHon.DidoHarding
DrChrisGibson‐Smith
45th 15.38 13 2 ROYALDUTCHSHELLPLC ChristineMorin‐Postel,Linda JormaOllila
45th 15.38 13 2 ARMHLDGSPLCKathleenO'Donovan,JaniceRoberts
DougDunn
48th 14.29 14 2 RIOTINTOPLC VivienneCox,AnnGodbehere JanDuPlessis48th 14.29 14 2 VODAFONEGROUPPLC ReneeJames,AnneLauvergeon DrGerardKleisterlee48th 14.29 7 1 SERCOGROUPPLC AngieRisley AlastairLyons
48th 14.29 7 1 UNITEDUTILITIESGROUPPLC DrCatherineBell DrJohnMcAdam
48th 14.29 7 1 ITVPLC LucyNeville‐Rolfe ArchieNorman53rd 12.50 8 1 HAMMERSONPLC JudyGibbons JohnNelson53rd 12.50 8 1 SMITHSGROUPPLC AnneQuinn DonaldBrydon53rd 12.50 8 1 BUNZLPLC EugeniaUlasewiczLabbancz PhilipRogerson53rd 12.50 8 1 TATE&LYLEPLC LizAirey SirPeterGershon
EXECUTIVESUMMARY
TheFemaleFTSEBoardReport
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FTSE100Ranking(cont’d)
Rank%ageofWomen
No.onBoard
No.ofWomen
Company FemaleDirectors Chairman
53rd 12.50 8 1 ASSOCIATEDBRITISHFOODSPLC EmmaAdamo CharlesSinclair
53rd 12.50 8 1 ICAPPLC DianeSchueneman CharlesGregson53rd 12.50 8 1 MEGGITTPLC BrendaReichelderfer SirColinTerry53rd 12.50 8 1 REXAMPLC NoreenDoyle PeterEllwood
61st 11.76 17 2 STANDARDCHARTEREDPLC ValGooding,RuthMarkland JohnPeace
61st 11.76 17 2 PRUDENTIALPLC AnnGodbehere,Kathleen HarveyMcGrath
63rd 11.11 9 1 REEDELSEVIERPLC LisaHook TonyHabgood
63rd 11.11 9 1 HARGREAVESLANSDOWNPLC TraceyTaylor MikeEvans
63rd 11.11 9 1 EVRAZPLC OlgaPokrovskaya AlexanderAbramov63rd 11.11 9 1 NEXTPLC ChristineCross JohnBarton63rd 11.11 9 1 JOHNSONMATTHEYPLC DorothyThompson TimStevenson63rd 11.11 9 1 COMPASSGROUPPLC SusanMurray SirRoyGardner63rd 11.11 9 1 PETROFACLTD DrRoxanneDecyk NormanMurray
63rd 11.11 9 1 POLYMETALINTERNATIONALPLC MarinaGronberg BobbyGodsell
71st 10.00 10 1 GKNPLC ShonaidJemmett‐Page RoyBrown71st 10.00 10 1 RESOLUTIONLTD DeniseMileham MikeBiggs71st 10.00 10 1 IMIPLC AnitaFrew RobertoQuarta74th 9.09 11 1 SEVERNTRENTPLC BaronessSheilaNoakes AndyDuff74th 9.09 11 1 WEIRGROUP MelanieGee LordSmithofKelvin
74th 9.09 11 1 EURASIANNATURALRESOURCESCORPPLC DrZaureZaurbekova DrJohannesSittard
74th 9.09 11 1 OLDMUTUALPLC MarıaSanz PatrickO'Sullivan74th 9.09 11 1 TULLOWOILPLC AnnGrant SimonThompson79th 8.33 12 1 CRHPLC MaeveCarton KieranMcGowan
79th 8.33 12 1 LLOYDSBANKINGGROUPPLC AnitaFrew SirWinBischoff
81st 7.69 13 1 INTERNATIONALPOWERPLC IsabelleKocher DirkBeeuwsaert
81st 7.69 13 1 SCHRODERSPLC MerlynLowther HenryMiles83rd 7.14 14 1 BGGROUPPLC BaronessSarahHogg SirRobertWilson
83rd 7.14 14 1BRITISHSKYBROADCASTINGGROUPPLC(BSKYB)
DameGailRebuck JamesMurdoch
83rd 7.14 14 1 CAPITALSHOPPINGCENTRESGROUPPLC LadyLouisePatten DavidBurgess
83rd 7.14 14 1 CARNIVALPLC LauraWeil MickyArison(Executive)
83rd 7.14 14 1INTERNATIONALCONSOLIDATEDAIRLINESGROUPSA(IAG)
BaronessDeniseKingsmill AntonioVazquezRomero
88th 6.67 15 1 BPPLC CynthiaCarroll Carl‐HenricSvanberg
88th 6.67 15 1ROLLS‐ROYCEHOLDINGSPLC DameHelenAlexander SirSimonRobertson
90th 0.00 6 0 VEDANTARESOURCESPLC AnilAgarwal(Executive)
91st 0.00 7 0 INTERTEKGROUPPLC DavidReid
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FTSE100Ranking(cont’d)
Rank%ageofWomen
No.onBoard
No.ofWomen
Company FemaleDirectors Chairman
92nd 0.00 8 0 AMECPLC JohnConnolly92nd 0.00 8 0 ESSARENERGYPLC PrashantRuia
92nd 0.00 8 0 GLENCOREINTERNATIONALPLC SimonMurray
95th 0.00 9 0 ANTOFAGASTAPLC Jean‐PaulFontbana(Executive)
95th 0.00 9 0 KAZAKHMYSPLC DrVladimirKim(Executive)
95th 0.00 9 0 RANDGOLDRESOURCESLTD PhilippeLietard
98th 0.00 10 0 AGGREKOPLC PhilipRogerson
98th 0.00 10 0 FRESNILLOPLC DrAlbertoBailleresGonzalez
100th 0.00 13 0 XSTRATAPLC SirJohnBond
EXECUTIVESUMMARY
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1. IntroductionWillFTSEcompaniesvoluntarilyincreasethenumbersofwomenontheirboardstosetupamilestoneontheroadtogenderequalityinlinewiththerecommendationsoftheLordDaviesreport,orwilltheGovernmentbecompelledtoenactenablinglegislationtoachievegenderequalityatboardlevel,creatingwhatmanywillseeasaburdensomeresponsibility,amillstone?Thequestionsareurgent.ThisisthethirteenthyearofourFemaleFTSEReport1.Whenwebegantheannualreportin1999,weanalysedonlythewomendirectorsontheFTSE100boardsandeventhatwasachallengingtaskastherewerenoestablisheddatabasesfortheinformationwerequired.TheadventofBoardExhasmadethenamesandthenumbersofwomenboardmemberseasytoaccess.WeatCran ieldUniversity’sSchoolofManagement,however,prideourselvesthatwegobeyondthe igurestoanalysethetrendsanddrilldowntobringrichinterpretationsofthedatatothesurface,usingthelatestinternationalacademicresearch.WehopetoprovidewhatoneglobalTVnetworkcalls“thebackstory”toourcensus.Thishasbeenatremendouslychallengingyear.LordDaviespublishedhisreportonwomenonboardsinMarch2011.Wewerecommissionedtoproduceasix‐monthmonitoringreportforhimbyOctober2011inwhichwegaugedtheinitialresponsesoftheFTSE350companiestotheDaviesreportrecommendations,presentingour indingstothePrimeMinsteratNo.10DowningStreet.NowourFemaleFTSEBoardreport2012servesasanothermarker—oneyearafterthepublicationofLordDavies’“WomenonBoards.”Inthisreportwefocusonthejumpinthenumberofwomenbeingappointedtothetopcorporateboardsandexplainwhyweareoptimisticaboutthisdevelopment.Wealsoexaminethefemaletalentpipelinetoboardroompositions‐anotherreasonforoptimism.Whenweinitiatedourresearchwefocusedinstinctivelyonwomeninexecutivedirectorshipsastheyrepresentthefemaletalentthathasbeennurturedanddevelopedintheirownorganisations—thedirectpipelinetotheboard.Sadly,overthepast13years,thisnumberofwomenexecutivedirectorsintheFTSE100companieshasincreasedfromonly13in1999to20thisyear.Thiscompareswithaigureof285maleexecutivedirectors.ThereasonforthisispartlydowntotheHiggsReportin2003thatchangedthefaceofUKpublicboardsbyrecommendinganincreaseinthenumberofnon‐executivedirectors(NEDs)whilediminishingthenumberofexecutivedirectors(EDs).ButthisalonedoesnotexcusethelackofprogressmadebyCEOsinpromotingwomentothesetoppositions.Whenwespeakaboutatargetof25%,asintheDaviesreportrecommendations,orthe40%quotainNorway,wemasktheincreasinglywidechasmbetweenthenumbersofwomenNEDs(143women‐22.4%)comparedwiththenumbersofwomenEDs(20women—6.6%).AsAndrewHillwroterecentlyinTheFinancialTimes,“endlesslybattingtheboardroomquotaquestionbackandforthdistractscompaniesfromthescarcityofwomenintheirexecutiveranks.”
1TheFemaleFTSEReportisindependentlycalculatedbytheCran ieldSchoolofManagement(“Cran ield”).TheFemaleFTSEReportisnotinanywaysponsored,endorsed,soldorpromotedbyFTSEInternationalLimited(“FTSE”),theLondonStockExchangePlc(the“Exchange”),TheFinancialTimesLimited(“FT”)(togetherthe“LicensorParties”)andnoneoftheLicensorPartiesmakesanyclaim,prediction,warrantyorrepresentationwhatsoever,expresslyorimpliedlyinrelationtotheFemaleFTSEReportorrelatedmaterial.FTSE®(the“TradeMark”)isaTradeMarkoftheExchangeandtheFTandisusedbyFTSEunderlicence.Cran ieldhasbeenlicensedasaTradeMarkbyFTSEforuseintheFemaleFTSEReportandrelatedmaterial.
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Inthisreport,ourfeatureonthefemalepipelinepresentsamixedpicture.Manycompaniesseemtostruggletoidentifythewomentheyemployatjunior,middleandseniorlevels!Othersvarydramaticallyinthenumbersofwomenatseniorexecutivelevel.Itisclearnowthatmanymajorcorporationsaresuccessfulatattractingwomenatentrylevel,atdevelopingthemandretainingthemaftermaternityleaves,butarestillspectacularlyunsuccessfulatpromotingthemtoexecutivelevel.Likemanyotherresearchers,wehavewrittenabouttheimportanceofsocialcapitalandthelinkbetween“oldboys”networks,powerandpromotiontothetop.Itissurelytimethatmanagementtakesthisresearchmoreseriously.Onapositivenote,wearehappytoannounceourtrajectoryfortheincreaseinthenumberofwomenonFTSE100boards,whichis26.7%by2015.Wehaveneverdoubtedtheexistenceofaconsiderablefemalepipelineoftalentavailablefor(particularly)NEDpositions.Thereisnoglassceilinghere.Ratheritisabottleneckoftalentfromnotonlythecorporatesector,butalsothepublicsector,thevoluntarysector,unquotedcompanies,privateequitycompanies,andsigni icantentrepreneurs.Our“100womentowatch”sectionthisyearincludesanumberofwomenholdingCEOrolesinthevoluntarysector.WehopethatJasmineWhitbread’srecentappointmenttotheBTboardpavesthewayformanyotherwomen.
INTRODUCTION
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2. MethodologyWeaccesseddataoneachcompanyfrommanysources,includingtheBoardexdatabase,annualreportsandcorporatewebsites.TheFTSE100andFTSE250listingsweretakenasatJanuary10th2012andmostofthedataforthemainstudyweretakenfromthepublicdomain.Wherewehavelookedattimeperioddata(e.g.percentageofnewappointments)wehaveusedthe12monthsfromJanuary2011,notthe15monthperiodtoourlastreportin2010.WecontactedFTSE350CompanySecretariestorequestinformationonstatedboardtargets,pipelinegendermetricsandsomeofthefeaturedCaseStudies.WewouldparticularlyliketothankJulieBamfordandSheilaDoyleoftheInstituteofCharteredSecretariesandAdministratorsfortheirassistanceinthismatter.WeusedSPSSsoftwareforcorrelationanalysestoexaminerelationshipsbetweenvariables,usingt‐teststoseeifmeansweresigni icantlydifferent.Followingtwoyears’successofour“100WomentoWatch”supplement,wehaveupdatedthelistforthisyear’sreport.Thedatawerepredominantlytakenfromthepublicdomain.Tenwomenfromlastyear’slisthavegoneontoobtainFTSE350boarddirectorships.WewouldliketothankHelenBruce,DoctoralResearcher,whohelpedwiththedatagathering.
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3. FTSE100Companies20123.1 FTSE100CompanieswithFemaleDirectors2012Inthe12monthsprecedingJanuary2012,therewasasigni icantamountofactivityaroundincreasingthepercentageofwomenonboardsintheUKaswellastherestoftheworld.Afteradecadeofincrementalincreases,wearepleasedtobereportingimprovementsthatarealittlemoresubstantive.AsatJanuary2012,wenowhave163femalehelddirectorshipsin89oftheFTSE100boardrooms.ThismeansthepercentageofwomenonFTSE100boardsinJanuary2012hasincreasedto15.0%andthepercentageoffemaleExecutiveDirectorshasrisento6.6%.Tenmorecompanieshavewomenontheirboardsthanin2010and50%ofcompaniesnowhavemorethanonewomanontheboard,demonstratingthatwearemovingawayfromtokenism.Atthetimeofgoingtopress(March1st2012)theheadline igurehadrisenagainto15.6%.Table1:FemaleFTSEIndex2009‐2012
Intopplaceofthisyear’srankingisDiageowithfourwomen,comprising44.4%oftheirboard(seeExecutiveSummaryTable).OneofthefourisChiefFinancialOf icerandtherearethreenon‐executives(NEDs).InsecondplaceisBurberry,withthreewomenoutofeightdirectors;oneofonlythreeFTSE100companiesthathavetwofemaleexecutivedirectors(EDs).BurberryhasbothChiefExecutiveandChiefFinancialOf icerrolesheldbywomen.InthirdplaceisPearson,whohavealsohadtwofemaleEDsforanumberofyearsandhaverecentlyaddedasecondfemaleNED,takingtheirtotalnumberofwomentofour(33.3%).MorrisonSupermarkets,WhitbreadandAstraZenecaallcontinuetodowellwith29%,27%and27%respectively.IntercontinentalHotelshaveaddedafemaleEDandheadafurthergroupofninecompanieswhohavealreadyachievedthetargetof25%setbyLordDavies.Injoint16thplaceareRoyalBankofScotlandandMarks&Spencer,eachwiththreewomenoutof13boardmembers(23%).Marks&SpenceristhethirdcompanywithtwofemaleEDsandsincetakingthedataforthisreportinJanuary,theyhaveaddedafourthfemaledirector.Thiswouldhaveputtheminjoint4thposition,with29%.AlsoduringFebruary2012,andsonotincludedintheExecutiveSummarytable,LloydsBankingGroup,BP,Admiral,BGGroup,TescoandUnitedUtilitieshavealladdedanotherfemaleNED.ForTescoandUnitedUtilities,thisadditionmeanstheyhavereachedthe25% target.
FemaleFTSE100 2012(15mths) 2010 2009
Femalehelddirectorships 163(15.0%) 135(12.5%) 131(12.2%)
Femaleexecutivedirectorships 20(6.6%) 18(5.5%) 17(5.2%)
FemaleNEDs 143(22.4%) 117(15.6%) 114(15.2%)
WomenholdingFTSEdirectorships 141 116 113
Companieswithfemaleexecutivedirectors
17 16 15
Companieswithatleastonefemaledirector
89 79 75
Companieswithmultiplefemaledirectors
50 39 37
Companieswithnofemaledirectors 11 21 25
FTSE100COMPANIES
TheFemaleFTSEBoardReport
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Afurther15companieshaveatleast20%femaledirectors–Wolseley,HSBC,King isher,CairnEnergy,Aviva,Experian,G4S,Capita,Shire,Sainsbury,ImperialTobacco,SSE,Glaxosmithkline,ReckittBenckiserandManGroup.ParticularcongratulationsgotoWolseleywhohavemovedfrom90thpositionin2010,withnowomenontheboardtojoint18thwithtwowomenamongtheirnineboardmembers.The11FTSE100companieswhoremainentirely‐maleboardsare:
∎ VedantaResources*∎ IntertekGroup∎ AMEC∎ EssarEnergy∎ GlencoreInternational∎ Antofagasta*∎ Kazakhmys*∎ RandgoldResources∎ Aggreko∎ Fresnillo∎ Xstrata
*ItisinterestingtonotethatthreeoutofonlyfourFTSE100companieswithExecutiveChairmenrolesareamongtheseeleven.ThisdemonstratesdisregardforanotherelementoftheUKGovernanceCode.3.1.1 FTSE100CompanieswithWomeninTopRolesThereare17FTSE100companieswhohavewomenintopexecutiverolesonthecorporateboard.Burberry,PearsonandMarks&Spencerallhavetwosuchwomen.ItisencouragingthatFTSE100companieswithfemaleexecutivedirectorsrepresentaspreadofsectors,someofwhichwouldnothistoricallybeconsidered‘female‐friendly’(suchasoil&gas,mining,construction&building,aerospace&defence)andyettheyleadthewaywithwomenintheirmostseniorexecutiveposts.TherearefourfemaleCEOsofFTSE100companies:AngelaAhrendts(Burberry),DameMarjorieScardino(Pearson),AlisonCooper(ImperialTobacco),CynthiaCarroll(AngloAmerican).TherearefournewfemaleChiefFinancialOf icersintheFTSE100indexthisyear.TheyareLizDoherty(ReckittBenckiser)andLucindaBell(BritishLand),bothnewappointments,andMaeveCarton(CRH)andTraceyTaylor(HargreavesLansdown),whosecompaniesarenewtotheFTSE100.TheyjoinDeirdreMahlan(Diageo),StaceyCartwright(Burberry),JackieHunt(StandardLife),JannBrown(CairnEnergy),DrZaureZaurbekova(EurasianNaturalResources),tomakeatotalofninefemaleCFOs.Itis,however,adisappointmentthatthereisonlyoneFTSE100companywithawomanholdingthepositionofChairman.ThisisAlisonCarnwathatLandSecurities.
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Table2:Pro ileof17companieswithfemaleexecutivedirectors
3.1.2 TrendsinBoardCompositionFollowingthe2003HiggsReviewrecommendingbetterbalancebetweenNEDsandEDsonFTSEboards,therehasbeenayear‐on‐yeardecreaseinthenumbersofexecutivedirectorships.OnceagainthenumberofEDsisatitslowestsince1999,andnow72%ofcompanieshaveonlyone,twoorthreeEDsontheirboard.Contradictingthistrend,thenumberofNEDsincreasedby30thisyear,takingittoanewhighof781andtakingthetotalnumberofFTSE100directorshipsto1086.
RankFemaleFTSE
Company%FemaleBoard
No.ofFemaleDirectors
No.FemaleExecutiveDirectors
ExecutiveRoles SectorWomeninExecutiveRoles
1st DIAGEO 44.4% 4 1 ChiefFinancialOf icer Beverages DeirdreMahalan
2nd BURBERRYGROUP 37.5% 3 2 ChiefExecutiveOf icer,ChiefFinancialOf icer
Food,Drug&GeneralRetailers
AngelaAhrendts,StaceyCartwright
3rd PEARSON 33.3% 4 2 ChiefExecutiveOf icer,DivisionalCEO Media
DameMarjorieScardino,RonaFairhead
7th INTERCONTINENTALHOTELSGROUPPLC 25.0% 3 1 GlobalHR&Operations Leisure&Hotels TracyRobbins
7th STANDARDLIFEPLC 25.0% 3 1 ChiefFinancialOf icer LifeAssurance JackieHunt
7th BAESYSTEMSPLC 25.0% 3 1 ChiefOperationsOf icer Aerospace&Defence LindaHudson
16th MARKS&SPENCER 23.1% 3 2 EDGeneralMerchandise,EDE‐Commerce
Food,Drug&GeneralRetailers
KateBostock,LauraWade‐Gery
18th CAIRNENERGYPLC 22.2% 2 1 ManagingDirector&FinanceDirector
Utilities,Oil,Gas&Electricity JannBrown
22nd TESCOPLC 21.4% 3 1 Corporate/LegalAffairs Retail LucyNeville‐Rolfe
24th CAPITAPLC 20.0% 2 1 BusinessDevelopment SupportServices MaggiBell
24th IMPERIALTOBACCOGROUP 20.0% 2 1 ChiefExecutiveOf icer Tobacco AlisonCooper
24th RECKITTBENCKISERGROUPPLC 20.0% 2 1 ChiefFinancialOf icer Clothing,Leisure&
PersonalProducts LizDoherty
35th ANGLOAMERICAN 18.2% 2 1 ChiefExecutiveOf icer Mining CynthiaCarroll
45th BRITISHLANDCOPLC 15.4% 2 1 FinanceDirector RealEstate LucindaBell
63rd HARGREAVESLANSDOWNPLC 11.1% 1 1 GroupFinanceDirector Speciality&Other
Finance TraceyTaylor
74th EURASIANNATURALRESOURCESCORPPLC 9.1% 1 1 ChiefFinancialOf icer Mining DrZaure
Zaurbekova
79th CRHPLC 8.3% 1 1 GroupFinanceDirector Construction&BuildingMaterials MaeveCarton
FTSE100COMPANIES
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Table3:CompositionofBoards2012
Since1999wehaveseenayear‐on‐yeardecreaseinthetotalnumberofdirectorsontheFTSE100boards…untilthisyear.Theincreaseoftenextradirectorshipsonthe100boardsmaynotseemasigni icantincrease,butitisthe irstinadecade.Inthe2010reportwedidnotethatthenumbersappearedtohavestabilisedandsuggestedthatsevenyearsaftertheHiggsReviewonboards2recommendedarebalancingoftheED/NEDratio,boardshadfoundtheiroptimalcomposition.However,inordertopre‐emptanyquestionsaboutwhetherhavingmorewomenonboardsisthecauseofthisincrease(althoughthereisnoevidencethatthatinitselfisanegativeoutcome),wehaveinvestigatedthechangingnumberssincethe2010report.CompaniesmoveinandoutoftheFTSE100andFTSE250listingsaccordingtotheirrankingsinsize,basedonmarketcapitalisation.Therehasbeenanincreaseinbetween‐listingsmovementoverthepastfewyears,probablyduetoeconomicturbulence.Inaddition,therehasbeenquiteasharpreductioninthetotalnumberofexecutiveboarddirectorships,withanincreaseinNEDs.Thismayalsobearesponsetotougheconomicclimesorarede initionofan‘effective’board.Ofthe100companiesinthe2012FTSE100listing,89hadbeenonthelistfromthe2010FemaleFTSEReport.Ofthese89companies,30havenotchangedtheirboardsize.Ofthe59companiesthathavechangedtheirboardsize,39increasedtheirboardsize(adding56newdirectorships),butsimultaneously20reducedtheirboardsize(eliminating31directorships).Severaloftheboardsaddingwomenalsoaddedmen.Thesegaveatotalnetincreaseof25directorshipsamongstthose89companieswhohaveremainedintheFTSE100.The11companieswholefttheFTSE100duringthatperiodtookatotalof115directorshipswiththem,whereasthe11newcompaniesbroughtatotalof100directorshipsintotheFTSE100.Therefore,theoverallincreaseintotaldirectorshipsfrom1,076to1,086isduetoacombinationofanadditional25directorshipsandanetreductionof15directorshipslostthrough irmsleavingtheindex.3.1.3 CharacteristicsofFTSE100CompanieswithFemaleDirectorsAsinpreviousyears,wereportonanysigni icantdifferencesbetweencompanieswithandthosewithoutfemaledirectors.Forthe irsttime,marketcapitalisationisnotsigni icantlyhigherincompanieswithwomenontheboard,nordo irmswithfemaledirectorshavesigni icantlylargerworkforces.Thisdemonstratesthatsizeofcompaniescannotbeusedasanexcuseforalackofgenderdiversity.Boardsizeishigher(p=0.001),averaging11.1directorsforcompanieswithfemaledirectorscomparedto8.8directorsforall‐maleboards.However,justusingaverageshidesawidevariance,forexample,boardsizesrangefrom6to18acrosstheFTSE100.
FemaleFTSE100 2012 2010 2009 2008 2004 1999
TotalFTSE100NEDs 781 751 748 763 712 610
TotalFTSE100ExecutiveDirectors 305 325 330 353 418 645
TotalFTSE100Directorships 1086 1076 1078 1116 1130 1255
2Higgs Review, 2003
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3.2 FTSE100FemaleDirectors3.2.1 WomenholdingMultipleDirectorshipsOnFTSE100boards,141womenhold163directorships.SincetheNorwegianquotaonwomenonboards,muchhasbeenmadeof“TheGoldenSkirts”–thosewomenwhoapparentlyholdalargenumberofNEDpositions.However,researchbyTiegen&Heidenreich(2010),fromtheInstituteforSocialResearchinOslo,dispelsthismythbyclearlydemonstratingthatthepercentageofwomenwithmultipledirectorshipsislowerthanthatofmen.WecanreportthatintheUKthereisnosigni icantdifferencebetweenthenumberofdirectorshipsheldbywomenandmen,norhasthissituationchangedwiththerecentincreasesoffemalerepresentation.Table4:MultipleDirectorships
3.2.2 FemaleFTSE100Directors’AgeandTenureOverall,thefemaledirectorsin2012are3yearsyounger(p=0.001)thantheirmalepeers,withanaverageageof55.1,comparedto58.1formaledirectors(basedon1,055directorsforwhomwehadages).Thedifferencebetweentheagesofmaleandfemaleexecutivedirectorswasnotsigni icant.Thewomenhavesigni icantlyshortertenure(p=0.001).Seetable5.Table5:AgeandTenure
FTSE100COMPANIES
FTSE100BoardsTotal
Directors 1seat 2seats 3seats 4seats
MaleDirectors 820 88.7%(727) 10.1%(83) 1.2%(10) 0
FemaleDirectors 141 85.8%(121) 12.8%(18) 1.4%(2) 0
2012 AGE TENURE
All Execs NEDs All Execs NEDs
Men 58.1 52.4 60.7 5.2 6.2 4.7
Women 55.1 51.7 55.5 3.5 4.1 3.4
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3.2.3 FTSE100Directors’NationalityandEthnicityWith62directorshipsheldbyindividualscomingfromnon‐Europeanethnicbackgrounds(upfrom53lastyear),theoverallproportionofethnicminoritymaleandfemaledirectorsintheFTSE100hasincreasedslightlyto5.7%.Therehasbeenlittlechangeinthenumberoffemaledirectorsfromminorityethnicgroups.Thereare14women(9.9%offemaledirectors),andallbutonearenon‐executives.ZaureZaurbekova,aKazakhnationalatEurasianNaturalResources,istheonlyexecutivedirector.AtWPP,LubnaSulimanOlayanisaSaudinational,andOritGadieshisAmerican.MicheleHooperofAstraZenecaisAfrican‐American,asisAnnFudgeatUnilever.HixoniaNyasuluatUnileverandDr.MamphelaRampheleatAngloAmericanarebothSouthAfricannationals.YingYehatIntercontinentalHotels,SafraCatzandtheHon.LauraChaatHSBC,WinnieKinWahFokofG4SandEuleenGohatAvivaareofChinesedescentandDambisaMoyoatSabmillerandBarclaysisZambian.BaronessShritiVadera,NEDatBHPBillitonandAstraZenecaistheonlyBritishnationalamongthisgroupoffemaledirectors.Thelargestminoritygroupsofnon‐EuropeandescentamongstthemenarefromtheIndiansub‐continent(21men),andfromAfrica(10men).TherearefourmaledirectorsofMiddle‐Easternorigin,eightofChinese/Japanese/Koreanoriginand ivemaledirectorsfromCentralAsia.Sevenofthe48menareknowntohaveBritishnationality.
“Diageosupportsdiversitywithinitsboardofdirectors,includinggenderdiversity.Currentlytherearefourfemaledirectors,outofatotalofnineboardmembers.Webelievethatallfourbringawealthofinternationalbusinessexperienceandareanassettothecompanyandtheboard.Withoutseekingtosetaspeci icgoalforfemalerepresentationontheboard,itremainsouraspirationtomaintainahighlevelofdiversity,includinggenderdiversity,withintheboardroom,appropriatetoandre lectingtheglobalnatureofthecompanyandthestrategicimperativestheboardhasagreedupon.Diageohassetitselfagoaltoincreasethenumberofwomeninleadershippositionsinthecompanyandismakinggoodprogresstowardsthisobjective.Globally,womencomprise35%ofourtotalworkforcewith27%currently illingthemostseniorleadershippositions.Inaddition,womenrepresent35%ofmid‐levelmanagement.Moreover,womencompriseapproximately50%ofallgraduatesandasigni icantpercentageofDiageo’snewhiresandmanagers.Werecognizethatwomenandmenoftenfacedifferentchallenges,andthisisespeciallytrueforwomenwhoarebuildingacareerwhileraisingafamily.Weencourage lexibilityofcareerpaths,withtheabilitytosteponandoffthefasttrack,andmultipleopportunitiestoconnectwithdiverserolemodels.Wearecommittedtoretaininganddevelopingourwomenforleadershiprolesandsustaininganinclusiveculture,andthatincludescreatingaworkenvironmentthatsupportsourpeoplethroughouttheircareers.AtDiageo,workplace lexibilityisaboutworkinginnovativelytomanageourlivesatworkandathome.Itcouldbeasinformalasshiftingafewhourstoaccommodateadoctor’sappointment,orasformalasareducedschedule.Wealsohaveaninternalnetworkingandaf initygroup,SpiritedWomenthatconnectswomenacrosstheglobe.Throughaseriesofformalandinformalsessions,weencouragewomentoexpandtheirambitionsandaimevenhigherintheircareers.”
CaseStudy‐DIAGEO WomenasLeaders
21
Examiningthenationalityofdirectors(74%reported),we indthat65%ofallmaledirectorscomparedto55%ofallfemaledirectorsholdBritishnationality.Interestingly,afurther12%ofmalesbutonly9%offemalesholdEUcitizenship.NorthAmericans(USAandCanada)hold11%ofthemaledirectorships,but29%ofthefemaledirectorships.
3.3 TheNewFTSE100DirectorAppointments2012FortwoyearsintheFemaleFTSEReportwehaveresearchedtheappointmentprocesstoFTSE100boarddirectorships.Inthe2010Report,werecounted“ConversationswiththeChairmen”regardingtherolethattheyplayedintheprocess.IntheDaviesReportof2011,theroleofExecutiveSearchFirms(ESFs)washighlightedinencouragingbestpracticeinboardrecruitmentandlaterthisyearwewillpublishsomeresearch,commissionedbytheEquality&HumanRightsCommission(EHRC),intotheimpactofthenewVoluntaryCodeforESFs.Withoutlegislativeintervention,thenaturalturnoverofdirectorsisthemechanismthroughwhichanychangeinthedemographiccompositionofboardswilloccurandtherefore,inadditiontothestatusquo,wealsomonitorthepaceofchange.
FTSE100COMPANIES
“Rolls‐Roycehasdisclosedtheproportionofwomenontheboard,inseniorexecutivepositionsandfemaleemployeesinthewholeorganisationinthe2011annualreport(dueoutMarch2012).Overallfemalerepresentationacrosstheglobalworkforceis15%,7%attheseniorexecutivelevel,6%inourGroupLeadershipTeamand7%inourBoardofDirectors.ApproximatelytwothirdsoftheworkforceisinEngineeringorManufacturingroleswherefemalerepresentationhasbeenhistoricallylow.Rolls‐Roycecountersthisthroughactiveinvolvementineducationoutreachandhasfoundfemalegraduaterecruitmenthassteadilyincreasedoverrecentyears.25%ofparticipantsontheirgraduatedevelopmentprogrammesarefemaleandthisincreasessigni icantlyinfunctionsoutsideofEngineeringandManufacturing.Rolls‐Royce’sglobalgovernanceframeworkfordiversityincludesaseniorexecutiveGlobalDiversitySteeringGroupthatprovidesleadershipandshapesstrategicdirection.InsupportofexecutivesuccessionplanningprocessRolls‐RoyceparticipatesintheFTSE100CrossCompanyMentoringProgramme,theobjectiveofwhichistoincreasethepoolofeligibleseniorfemalecandidatesforUKBoardpositions.ItsChairmanisamentorandthreeofitsfemaleexecutiveshaveparticipatedtodate.During2011,Rolls‐Royce’smostseniorexecutiveshavebeenreversementoredbyacolleaguewhoisjuniortothemintheorganisation.Thereversementorsareadiversegroupintermsofgender,nationality,business,functionandtheirworkinglocation.Theaimistogiveseniorexecutivesadifferentperspectivefromacolleaguewhocansharediverseexperiencesandideaswhilstincreasingthevisibilityofdiversetalent;12ofthe17reversementorsarefemale.”
CaseStudy‐ROLLS‐ROYCEHOLDINGS ReverseMentoring
TheFemaleFTSEBoardReport
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TheDaviesReport2011requestedthatFTSE350companiessetthemselvestargetsforthepercentageofwomenonboardstheyaimedtoachieveby2015.Itrecommendedaminimumtargetof25%forFTSE100companies(seesection3.4belowforresults).Basedontheturnover iguresfrompreviousFemaleFTSEReports(anaverageof14%oversixyears),theDaviesReportcalculatedthatifonethirdofallnewFTSE100boardappointmentsweregiventowomenbetween2011and2015,thenfromastartingpointof12.5%femaledirectors,a igureof23.5%couldbeachievedacrosstheFTSE100companiesby2015.However,ensuringthatonlytwothirdsofallnewappointmentsgotomenwouldsignifyquiteachangeinbehaviour,astheannualpercentageofnewappointmentsgoingtowomenoverthedecade2001‐2010wasonaverage14.2%—hencetheveryincrementalchangesmadeoverthatperiod.Weare,therefore,verypleasedtoreportthatinthe12monthsprecedingJanuary2012,thepercentageofnewappointmentsgoingtowomenwasalmost25%.Table6:NewAppointments
Whilstthis iguredoesfallshortoftheDaviestargetof33%,itisimportanttorealisethatthisisthelargestincreaseinnumbersandthefastestpaceofchangesincewebeganmeasuringthesedatain1999.Interestingly,overandabovetheincreaseinthepercentageofnewappointmentsgoingtowomen,intheyeartoJanuary2012therehasbeenanincreaseintheturnoverofboardseats,whichnowstandsat17.5%,whichwill,ofcourse,alsoaffectthepaceofchange.IntheoriginalmodelshownintheDaviesReport,withapredictedturnoverof14%,amale/femalesplitinnewappointmentsoftwothirds/onethirdwasgoingtoproduce50newwomendirectorshipsinthefollowingyear.IntheyeartoJanuary2012,47newappointmentsweretakenbywomen,sothisisalmostonthetargetof50andasubstantialturnaroundofbehaviourfromthoseinvolvedintheappointmentprocess.
Muchhasbeenmadeofthepredictedtrajectoriesinthepressrecentlyandsoitisimportanttobeasaccurateaspossible.TheforecastsfromtheDaviesReportwerebasedontwoassumptions:Firstly,thatthenumberofdirectorshipsavailableontheFTSE100boardsstaysconstant–however,thisisneverthecaseandasreportedaboveafteranumberofyearsofdecliningnumbers,thisreportrecordsanincreaseof10additionaldirectorships.Secondly,themodelassumedthatthemale/femalesplitofthedirectorscomingoffboardsmirroredthecurrentpercentagesontheboards.However,whendirectorstakeuptheirrolesonboardsthereisanexpectationthattheywillservetwothree‐yearterms.Therefore,wecanreasonablyexpectthatitwillbesixyearsbeforetheincreased igureofwomengoingontotheboardswouldbecomingoff.Sixyearsago(2006)thepercentageofwomenonboardswasjustover10%,risingonlyto12.5%by2010.Ifweconservativelysuggestthatfromnowuntil2016thepercentageofwomencomingoffboardseachyearis12.5%andfromthenitre lectstheincreasedpercentageofwomenonboards,thisshouldgiveamoreaccuratepicture.Wehavekeptthepercentageofnewappointmentsgoingtowomenattoday’slevelof25%.Thispredictsatotalpercentageofwomenonboardsof22.0%by2015and27.5%by2020.
FemaleFTSE100 2012 2010 2009 2008
Newfemaleappointments 47 18 23 16
Newmaleappointments 143 117 133 133
Totalnewappointments 190 135 156 149
Female%ofnewappointments 24.70% 13.3% 14.7% 11%
"Giventhesigni icantleadtimestoplacingboarddirectors,Iampleasantlysurprisedathowmuchprogresshasbeenmadeinincreasingthenumbersofwomenonboardsinthepast12months.Weareontherightcourse,weshouldholdfastandpushformoresuccessthiscomingyear."SirJohnParker‐ChairmanAngloAmerican
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However,wehavepreviouslysuggestedthatincreasesinthenumberofwomenonboardsareunlikelytobelinear,butwillgathermomentum.Thisiswhatwehavestartedtoseeinthepastyear.In2010,thepercentageofnewappointmentsgoingtowomenwas13.3%.IntheInterimDaviesReportofOctober20113werecordedwomentaking22.5%ofnewappointmentsandbyJanuary2012thishadrisento25%.Atthetimeofgoingtopress(March1st2012)thishadrisenagainto26.7%. Therefore,inthesecondtrajectorybelow(darkblue),thisgatheringofmomentumisdemonstratedwiththepercentageofappointmentsgoingtowomenincreasingatarateof2.5%everysixmonthsuntilitreaches35%attheendof2014andisthenheldconstantuntil2020.Hereweseea‘wave’effectwhichiscurrentlybeingsupportedbyleadingExecutiveSearchFirmsandotherstakeholdersinthearea.Inbothtrajectoriestheannualturnovergoingforwardhasbeenheldconstantatthecurrent17.5%.Thispredictsatotalpercentageofwomenonboardsof26.7%in2015and36.9%by2020.Figure1–TrajectoryofIncrease2011‐2020
FTSE100COMPANIES
3Sealy,Doldor,Singh&Vinnicombe,2011“WomenonBoards:6monthmonitoringreport”,Cran ield,UK.
Assumptionsforbothtrajectories:∎ turnoverheldconstantat17.5%∎ 6yeartime‐lagfrompercentagewomenontowomenoffboards
TheFemaleFTSEBoardReport
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3.3.1 TheNewFemaleDirectors
Inthe12monthstoJanuary2012,47womentookupnewrolesonFTSE100boards.Ofthese47,wecanreportthat29women(62%)havehadnopriorFTSE350boardexperience.Thisrepresentsagoodadditiontothetalentpool,suggestingthattheappointmentprocessisbeginningtoopenuptonewwomenandChairmenandESFsarebeingalittlemorecreativewiththeirselectionofcandidates.However,mostofthesenewwomendohaveexperienceonarangeofotherboards,includingsomeoncharitablesectorboards.
CaseStudy‐ROYALBANKOFSCOTLAND The‘futuretalent’pipelinefromGraduateRecruitment
“Whenin2009RBSGlobalBanking&Marketsassessedkeystepstosupportgenderadvancement,onecriticalelementtheyfocusedonwasgraduaterecruitment.AfullreviewoftheglobalgraduatepropositionwasundertakeninconjunctionwithDiversityandInclusionconsultantsBrookGrahamLtdtoensurethatdiversetalentwasnotunintentionallybeing‘ iltered’outduetostructural,culturalorattitudinalfactors.Thedeep‐diveanalysishighlightedthatwhilemaleandfemalecandidateswereequallysuccessfulatapplicationstages,theassessmentprocessresultedinadisproportionatenumberofmalerecruits.Consideringgenderculture,theyconcludeditwaspossiblethatterminologyandtestingmethodsweresupportinganunconsciousbiastowardsmoretypicallymalepatternsofbehaviour.Furthermore,assessmentpanelstypicallydidnothavestrongfemalerepresentation,norhadassessorspotentiallyreceivedsuf icienttrainingintounconsciousbiasorgenderbehaviourstoequipthemtojudgecandidatesobjectively.Additionally,alackofKPI’smeantnocheckswereinplacetoensuregraduaterecruitmentwasmatchingorganisationalinclusionanddiversetalentaspirations.Allofthishadanimpactonthegenderbalanceofrecruitmentoffers.AcomprehensiveengagementprogrammewasinstigatedtoensurefemalecandidatessawRBSGlobalBanking&Marketsasacompellingcareerchoice.Withmorethan800applications,a2010‘WomeninBanking’eventwas ive‐timesover‐subscribed.The2011innovativedinnerseries‘MoveableFeast’heldatkeyuniversitiesprovidedaninformalsettingforstudentstolearnmoreaboutbankingfromindustryfemalerole‐modelsandencouraged600femaleapplications.Since2009,graduateapplicationsfromwomenintheUSandEuropehaveincreasedby28%.Femaleinternhiringhasimprovedtoover45%,andfemalegraduatehiresincreasedby5%inEMEAand32%intheUS.Industryawardshaverecognisedthispositiveimpact.Toensureprogresscontinues,aspirationalgenderbalancetargetswithinsuccessionplanningwillhelptoleveragetheincreasedfemalepipeline;genderdemographicsatvice‐presidentlevelarealreadybeingpositivelyin luencedbythefocusongraduaterecruitmentin2009.”
“Womenonboardshasmovedupthebusinessagendabutstillhassomewaytogo.Onlybychairmen,recruitment irmsandshareholderscollectivelyfocussingonthebene itsofgenderbalance,willweseethepaceacceleratedandtheriskofquotasavoided.Itshouldbeviewedasapriority—notanoptionalextra”.SirRogerCarr,ChairmanCentrica,PresidentConfederationofBritishIndustry
25
Figure2:FTSE100NewAppointmentsin12monthstoJanuary2012
OneparticularlyinterestingappointmentthisyearisthatofJasmineWhitbread,theCEOofSavetheChildren.ShehastakenupanNEDpositionatBTGroup.Since1999,MsWhitbreadhasworkedsolelyinthecharitablesector– irstasadirectorforOxfamandthentakingupherpositionatSavetheChildrenin2010.Asleaderofasigni icantorganizationandhandlingamajorbudget,sheclearlyhasalottoaddtoanyboard,regardlessofthesector.AforthcomingreportbyformerDirectorofOpportunityNow,NormaJarboe(WomenCount:CharityLeaders2012)indicatesthatfemalechairs,chiefexecutivesandtrusteeswithinthecharitiessectorofferarichtalentpoolforFTSE350companiesseekingtodiversifytheirboards.Accordingtoherreport:“Manyoftheorganisationstheyleadhavesubstantialnationalandinternationaloperationsandaresizeableemployers.Thewomenleadersoftenhavesubstantialexperienceinthepublic,government,academicand/orprivatesectorsandcanbringnewexpertiseandperspectivestoFTSEcompanies.Womenleadersinthecharitysectorhaveamuchhigherrateofparticipationthantheirprivatesectorcounterparts.IntheUnitedStatesleadingcompanieshavesourcedbothmaleandfemaleboardmembersfromgovernmentandthecharitysectorforseveraldecades.”Table7:FromWomenCount:CharityLeaders2012, iguresfortheprivatesectorfromFemaleFTSEReport.
Asmallnumberofwomenwithsubstantialexperienceinthecharitiessectorhavealsobeenincludedinthisyear’s100WomentoWatchlist.
FTSE100COMPANIES
Sector%WomenDirectors %WomenChairs
%WomenChiefExecutives
FTSE100 15.00% 1% 4%
FTSE250 9.40% 2.40% 4%
Charity100(byfunds) 28% 10% 17%
Charity100(byincome) 32% 17% 25%
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Ofthe47newappointments,fourwereExecutiveDirectorpositions,therestbeingNEDs.Thefourwere:
∎ LizDoherty,ChiefFinancialOf iceratReckittBenckiser∎ LauraWade‐Gery,EDinE‐CommerceatMarks&Spencer∎ LucindaBell,FinancialDirectoratBritishLand∎ TracyRobbins,EDinHumanResourcesatIntercontinentalHotelsGroup
ForLucindaBellandTracyRobbins,thisistheir irstFTSE100boardpositionandtheywereinternalpromotions.LizDohertyandLauraWade‐GerywerebothexternalhiresandhadhadpreviousFTSE350boardexperience.
CaseStudy‐ChristineTaconCBE Onewoman’sstrategytowardsaportfoliocareerofdirectorships
Christineisahighpro ileboardexecutiveintheAgriculturalandFoodsector,knownforherstrategicleadershipoftheCo‐operativeGroup’s50,000acrefarmingbusiness(thelargestintheUK)andhercontributiontothefarmingindustryoncommittees,taskforcesandtheAgriculturalandFoodsector.HeropinionisregularlysoughtbythemediaandshechairstheBBCRuralAffairsAdvisoryCommittee.ChristineisaCambridgeengineeringgraduate,hasanMBAfromCran ieldandwasawardedaCBEforservicestoagriculturein2004.Herstrategyforbuildingaportfoliocareerisasfollows:
∎ farmingNEDstokeepherhandinonthefarmingside.Shehasalreadyacceptedonesuchposition.
∎ governmentcommittees.SheiscurrentlyonaDefracommitteeandhasbeenshortlistedfortheFoodStandardsAgencyandtheSea ishBoard‐thelatterofthetwowasaback‐upplan.
∎ charitableconcerns.ShehasapositionasGovernorofHarperAdamsUniversityCollegeandisontheBusinessAdvisoryBoardofLivingwithEnvironmentalChange,overseeingtheworkofthegovernmentResearchCouncils.Thisisanunpaidrole.
∎ FTSE,orsimilar,NEDs.Thisishercurrentfocus.ShehaswrittentothechairmenordirectorsoffourFTSE100businessesinfoodandengineeringandhashadaninterviewwithonechairmansofar.Shepurposefullystartedbytargetingcompanieswhocurrentlyhavenowomenontheboard.
InterestinglyChristinefallsintothecategoryofnothavingeithercityorpreviousFTSENEDexperience.However,shebelievesshehasalottoofferintermsofherunderstandingofsustainability,communication,leadershipandgovernmentrelations.Christinecommentedthatshehasbeenstruckathowhelpfulotherseniorwomenshehascontactedhavebeen.Shehasdevotedconsiderabletimeandenergytomeetingwithseniorwomen,withanumberoftheexecutivesearch irmsandwithformermaledirectorcontacts.Onehead‐huntershehasspokenwithsaidtheylikedengineersforthewaytheytreateverythingasaproject!
27
Wehavelookedatthebackgroundsofthe47recentlyappointedwomen,intermsoftheirroles(asopposedtoindustrysectors)andfoundthatthemajority(29)have inancialbackgrounds.Fifteenofthe29womenwithnopriorFTSE350experiencehave inancialbackgrounds.Thisisinterestingashistoricallytherehasbeenabeliefthat inancialbackgroundsareaprerequisiteforwomentoachievesigni icantdirectorships.Instead,theirbackgroundsarestrategy,marketing,operations,salesandHR.AsnotedintheDaviesinterimReport(October,2011)threefemaledirectorshaveHRbackgrounds.Previousresearch(FemaleFTSEReport2008)hasfoundthataspiringfemaledirectorsfeltthattheirHRorlegalbackgroundsorrolesjeopardisedtheirchancesofgettingacorporatedirectorship.Thisstereotypeis inallybeingbroken.Figure3:BackgroundsofFTSE100NewAppointeesOfthe27womenwith inancialbackgrounds, ivehadmixedexperienceinLaw&PoliticsandonealsohadStrategy&Marketingexperience.
3.3.2 TheContextofAppointmentThereismuchpublicdiscussionabouttheimpactofappointingmorewomenontocorporateboards.Aspartofaseparatepieceofresearch,wehavehadseveraldiscussionswithleadingExecutiveSearchFirmsrecently4.Oneoutcomesuggestedbysomeofthemwasthatboardswillsimplyincreaseinsizeasorganizationswillplaceadditionalwomenratherthanreplacesomeoftheirmaledirectors.Indeed,thiswasasuggestioninapreviousCran ieldReport5,inresponsetothelackofprogressinincreasingfemaledirectornumbers.However,wehavefoundthatofthe47newfemaleappointmentsmade,morethanhalfofthem(26)weresimplyreplacingcurrentboarddirectors(4replaceddepartingwomenand22replaceddepartingmen).ThemajorityofthelatterwereNEDswhowereleavingboardsasaresultofhavingcompletedtwotermsinof ice,asistherecommendedgoodgovernancebestpractice.Theyincludedtwofemaleinancedirectorsreplacingoutgoingmale inancedirectorsandanadditionalfemaleEDreplacinganoutgoingmaleED.
FTSE100COMPANIES
4“Genderdiversityonboards:Theappointmentprocessandtheroleofexecutivesearch irms”,ReportcommissionedbytheEquality&HumanRightsCommission,forthcoming,tobepublishedMarch2012.
5Cran ieldFemaleFTSEReport2008
TheFemaleFTSEBoardReport
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Fifteen(32%)ofthenewfemaleappointmentsdidnotappeartobereplacingdepartingdirectors,ratherappearingasadditionalboardmembers.InsomeofthesecompaniestheChairmenwerealsoaddingmaledirectors(WeirGroup,ArmHoldings,CapitalShopping,Pearson)–sotheincreaseinboardsizewasnotjustduetowomen.3.4 ReportingandRegulationInOctober2010,thecoalitiongovernment,concernedaboutthelackofprogressontheissueofwomenonboardsintheUK,askedLordMervynDavies(ex‐TradeMinisterandex‐ChairmanofStandardCharteredBank)tosetupareview.Theremitwas“toidentifybarrierspreventingmorewomenreachingtheboardroomandtomakerecommendationsregardingwhatgovernmentandbusinesscoulddotoincreasetheproportionofwomenoncorporateboards”6.AtanEUlevel,EuropeanCommissioner,VivianeRedinghadgivencompaniesandgovernmentsacrossEuropeuntilMarch2012totakeactionstoimprovegenderbalanceinleadership.Shehadstatedthatifinsuf icientprogresshadbeenmadebythattime,shewaspreparedtopushforEuropean‐widelegislation.AnumberofcountriesacrossEuropehavealreadyintroducedeitherlegislationorrecommendationsregardingtheproportionofwomenonboards.Atthetimeofgoingtopressforthisreport,itwasnotclearwhetherMs.RedingwasgoingtoproposeadirectiveorarecommendationonMarch8th—InternationalWomen’sDay.
6DaviesReport–WomenonBoards,February2011,p.6
29
3.4.1 SettingTargetsTheDaviesReportsetouthowbusinessandotherstakeholderscouldacttoensureasuf icient,timelyandsustainableincreaseintheproportionofwomeninleadershippositions.Sincethen,theteamattheInternationalCentreforWomenLeadersatCran ieldhascollaboratedandcontributedtomonitoringandreportingagainsttheDaviesrecommendations.RecommendationNo.1oftheDaviesReport(February2011)waswordedasfollows:
AllChairmenofFTSE350companiesshouldsetoutthepercentageofwomentheyaimtohaveontheirboardsin2013and2015.FTSE100boardsshouldaimforaminimumof25%femalerepresentationby2015andweexpectthatmanywillachieveahigher igure.
FTSE100COMPANIES
CaseStudy‐SAGEAnnualGenderDiversityReviews
“Sage’sworkforceiscurrently44%female,withjust11%atExecutiveCommitteelevel,but25%womenontheboard.SagehasbegunbyundertakinganAnnualGenderDiversityReviewinJune2011.TheambitioninSageistoensurethatourpeopleleadingourbusinessrepresentboththeemployeeandcustomergenderpro ile.Thisisimportantsothattheirneedsareunderstoodandtocreateamoreinclusiveculture.Inordertoachievethis,Sageaimsto:
∎ AnnuallyreviewandmonitoratBoardlevel,ourgenderdiversitypro ileaspartofourtalentmanagementreview
∎ ReviewachievementsoffemaleExecutivessuchaspromotions,changeinjobrolesandappointmentstoNon‐ExecutiveDirectorroles(externally)
∎ Proactivelyencouragecoachingandmentoringoffemaleexecutivestoaspiretotopleadershiproles
∎ ProactivelyencouragesuccessfulfemaleExecutivestocoachyoungerfemaletalent∎ InsistonadiverseslateofcandidatesfromheadhuntersforallSeniorExecutive
appointments∎ PublishthepercentageofwomenintopleadershiprolesinourAnnualReport,number
offemaleExecutiveappointmentsmadeandpercentageoffemalepromotionsduringtheperiodofreview.(Thiswasalreadyachievedinthe2010and2011reports.)
Thereviewlookedatvariousaspectssuchas:currentgendercomposition,includingabreakdownintocommercialandfunctionalroles;keydatapointswithinSage’stop100talentpool,suchascoaching,promotions,andmovements;customerandemployeepro iles;viewpointsoffemaleSeniorExecutivesandtheirsuggestionstoincreasediversity;and inallyareviewofWomeninTechnologywhichfoundadropintheITprofessioninWesterncountriesandanincreaseinAsian.Somehighlightsfromthereviewinclude:
∎ Oneoftheoperatingcompanieshassetatargetofshiftingitsnumberoffemalesatseniorlevelsfrom25%to30%overthenext18monthsandestablishaninternalnetworkforaspiringfemaleleadersandprofessionals;
∎ ManyofthefemaleExecutivesappreciatethe lexibilitySageoffersinworkingpatterns,frequentlyreferencedinarecentsurveyconductedontheviewpointsofSeniorExecutives
∎ Finally,SagehasalsobeeninvolvedintheMentoringFoundationwhichwasbuiltfromtheexpandingFTSE100Cross‐CompanyMentoringProgrammeasawayofsupportingthedevelopmentofthefemaleleadershippipeline.”
TheFemaleFTSEBoardReport
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TheDaviesReportrequiredthatChairmenshouldannouncetheiraspirationaltargetsbySeptember2011andintheInterimReport,October2011,weweredisappointedtonotethatonly33companieshadsetouttheirtargets.WeincludedinthatreportanumberofthestatementsmadebyChairmenregardingtargets.InJanuary2012wewrotetotheCompanySecretariesofallFTSE350companiesaskingforanupdateonanumberofissues,includingtheirtargets.SeventyFTSE100companiesresponded.ThenumberofFTSE100companieswithdeclaredaspirationaltargetshasrisento38.Ofthe70respondingcompanies,ninehavestatedcategoricallythattheywillnotbesettingtargets,theremaining23weresupportivebutnon‐committal.WecongratulatethecompanieslistedinTable8.BskyB,CapitalShoppingCentre,GKN,LloydsBankingGroup,OldMutual,Rolls‐RoyceandTullowOilboldlyaimtoincreasetheirrepresentationby15‐20percentagepoints.AngloAmerican,BP,EurasianNaturalResources,Petrofac,ReedElsevier,RexamandVodafoneGroupallaimtoincreasetheirfemaleboardrepresentationby10‐15percentagepoints.Wecommendtheaspirationofthesecompaniesandlookforwardtotheresultsoftheirlabour.Anumberofcompanieswhichhaveconsistentlyhadmorethan25%ofwomenontheirboards(e.g.Diageo,Pearson,Burberry)havechosennottorespondontheissueoftargets.Andwhilstwecommendtheircurrentpercentages,itisashametheydonotchoosetoshowleadershipinthisarea.Itshouldbenotedthat25%wasneverintendedbytheDaviesReporttobeanultimategoal,merelyanachievablesteppingstonetowardsamorerealisticbalance.
CaseStudy‐BAESystemsAspirationalTargetof25%ofExecutiveCommitteeSet
“Attheendof2011,thecompanymetitsaspirationaltargetofhavingatleast25%oftheBoardconsistingofwomen,whichisalevelweaimtomaintain.TherearethreewomenontheBAESystemsplcBoardatpresent(25%oftotalmembership)andtwowomenontheExecutiveCommittee(17%oftotalmembership).Globally20%oftheworkforcearewomen.ConsistentwithBAESystems’commitmenttoimprovethediversityofitsworkforce,theExecutiveCommitteehasagreedaprogrammetoimprovegenderdiversityinleadershippositions.Thefollowingactionswillbetakentogrowthefemaletalentpipelineatseniormanagementlevelsandtosupporttheachievementoftheaspirationaltargetof25%femalemembershipoftheExecutiveCommitteeby2015:Fosteringacultureofinclusion:
∎ byinvestingininclusiveleadershipeducation;and∎ establishinga lexibleworkculture.
Acceleratingthedevelopmentofhighpotentialwomen:∎ throughreciprocalmentoringbyExecutiveCommitteemembers;and∎ increasingparticipationinglobalhighpotentialprogrammes.
Hiringandselectingthetopperformingdiversetalent:∎ byensuringleadershipjobshavediversecandidatelists.
Measuringperformance:∎ througheachbusinessdevelopingaspirationaltargetstoincreasesigni icantlygender
diversityinleadershipranks.Inaddition,thecompanydevelopedaBoardDiversityCharterandrevisedTermsofReferencefortheNominationCommittee.BAESystemswillreportonprogressagainsttargetsandactiontakenintheAnnualReportandAccounts.”
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Table8:FTSE100BoardTargets
FTSE100COMPANIES
CompanyCurrent%of
womenonboard2013Target
2015Target
ADMIRALGROUPPLC 18.2% 25%ANGLOAMERICANPLC 18.2% 30% AVIVA 21.4% 25% BAESYSTEMSPLC 23.1% 25%BARCLAYSPLC 16.7% 20% 25%BHPBILLITONPLC 25% 25% BPPLC 12.5% 25% BRITISHSKYBROADCASTINGGROUPPLC(BSKYB) 7.1% 25% 25%CAPITALSHOPPINGCENTRESGROUPPLC 7.1% 25%CENTRICA 25.0% 25%EURASIANNATURALRESOURCESCORPPLC 8.30% 20%G4SPLC 20% 25%GKNPLC 10% 25%GLAXOSMITHKLINEPLC 20% 25% HSBCHLDGSPLC 22.2% 25%INTERCONTINENTALHOTELSGROUPPLC 25% 25%KINGFISHERPLC 22.2% 25%LANDSECURITIESGROUPPLC 18.2% 25%LLOYDSBANKINGGROUPPLC 8.3% 25%MARKS&SPENCER 23.1% 30% 30%MORRISON(WM.)SUPERMARKETSPLC 28.6% 30%NATIONALGRIDPLC 25% 25%OLDMUTUALPLC 9.1% 18% 27%PETROFACLTD 11.1% 15% 25%REEDELSEVIERPLC 11.1% 22% REXAMPLC 11.1% 25%ROLLS‐ROYCEHOLDINGSPLC 6.7% 25%ROYALBANKOFSCOTLANDGROUPPLC 23.1% 25% ROYALDUTCHSHELLPLC 15.4% 25%SAGEGROUPPLC 25% 25% 25%SAINSBURY(J)PLC 20% 25%SMITH&NEPHEWPLC 18.2% 25%TESCOPLC 21.4% 25%TULLOWOILPLC 9.1% 25%UNILEVERPLC 25% 25%VODAFONEGROUPPLC 14.3% 25%WHITBREADPLC 27.3% 27.3% WOLSELEYPLC 22.2% 25%
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3.4.2 ReportingonthePipelineWhilsttheoverallpercentageofwomenonboardshasbeguntoincreaseatanencouragingrate,itishardtoignorethefactthatmostoftheincreaseisoccurringamongstNEDdirectorships.WhilsttheincreaseinthenumbersoffemaleNEDpositionsisimportant,itisimperativetoensurethatasmuchfocusisplacedonimprovingthefemaleexecutivepipeline.Thisisrequisiteforbetterbalancedboardsandseniorleadershipgoingforward.Companieswhoareaddressingthisdemonstrateatruecommitmenttochangingorganizationalculturesandsustaininggenuinelymeritocraticenvironments.
CaseStudy‐TheMentoringFoundationBarclaysBankplc,FounderPatronsoftheFTSE100Cross‐CompanyMentoringProgramme
AftertheDaviesReport(WomenonBoards)waspublishedin2011,adistinguishedgroupofFTSE100ChairmenwithalongcommitmenttoparticipationintheFTSE100Cross‐CompanyMentoringProgrammedeterminedtoexpandit,toaddressthechallengessetoutbyLordDaviesandhisteam.TheProgrammewassubsequentlyestablishedonanindependentfootingundertheownershipofTheMentoringFoundationanditsdirector,PeninahThomson,wasappointedChiefExecutive.TheMentoringFoundationisanot‐for‐pro itcompanylimitedbyguarantee,withanysurplusesreinvestedinthecompanyforthebene itoftheFTSE100Programme.ThestrategicintentoftheFTSE100Cross‐CompanyMentoringProgrammeistohelpcompaniestoidentifyanddeveloparobustinternal“pipeline”oftalentedwomen,andtohelpdevelopthosewomentobecrediblecandidatesforBoard‐levelappointments–bothasexecutive,andnon‐executivedirectors.GroupChairmanofBarclaysBankplc,MarcusAgiuswasoneoftheChairmenwhowereinstrumentalintheexpansionoftheFTSE100Programme,andinFebruary2012BarclaysbecameaFounderPatron.TogetherwithelevenothericonicUKorganisations,BarclayshasextendeditscommitmenttotheProgrammebyagreeingtonominatetwoseniorfemaleexecutivesasMentees,in2012andineachofthetwofollowingyears.MarcusAgius,togetherwithNiallFitzGeraldKBE,ChairmanofHakluyt&Co.Ltd.,SirWinBischoff,Chairman,LloydsBankingGroupplcandSirPhilipHampton,ChairmanofTheRoyalBankofScotlandGroupplc,isamemberoftheAdvisoryCounciloftheFTSE100Cross‐CompanyMentoringProgramme.They,andalltheChairmanMentors,haveagreedtomentoraseniorwomanfromanotherorganisation,generouslycontinuingtooffertheircommitmentonaprobonobasis.Barclays’Chairman,workingwiththeGroupHRDirector,Ms.SallyBott,hasnominatedthreeofthebank’sseniorfemaleexecutivestobeMenteesontheFTSEProgramme.EachoftheMenteesisworkinginaMentoringPairwiththeleaderofanotherUKorganisationfromthenon‐bankingsector(inordertoavoidanypotentialcon lictofinterest).ChairmanMarcusAgiuscommented:“TheFTSE100Programmeisdeliveringadoublebene it.Notonlyisitpreparinganemergingcadreofwomentobecomenon‐executiveDirectorsontheBoardsofourlargercompanies,butitisalso—throughthementoringprocess—helpingthemtodevelopintheircurrentexecutiveroles.”
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InadditiontoChairmensettingtargetsforthepercentageofwomenontheircorporateboard,Recommendation1oftheDaviesReportstated:
AlsoweexpectallChiefExecutivestoreviewthepercentageofwomentheyaimtohaveontheirExecutiveCommitteesin2013and2015.
ThishasprovedtobeanevenmoreelusiveexerciseandveryfewChiefExecutiveshaverespondedtothischallenge.Anycriticismleviedatthefocusonthenumbersofwomenonboardshasoftenpointedtotherealcrisisinthenumbersoffemaleexecutivedirectors(just6.6%onFTSE100boards).QuestionsaboundaroundhowtoincreasethesenumbersandconversationswithChairmenandESFshighlightthisasanareaofnecessaryfocus.Since2006,intheFemaleFTSEReports,wehavebeenmonitoringthosewomenwhoaremembersoftheGroupExecutiveTeam(oftencalledExecutiveCommitteeorGroupManagementTeam)fromwherefutureExecutiveDirectorswouldnaturallycome.Wehavehighlightedanumberoftheminprevious“100WomentoWatch“listsandsomehavenowgoneontoEDroles.Inthe2010report,weobtainedinformationon99ofthethenFTSE100companies(theonecompanywhorefusedtorespondwasAntofagasta).However,inlinewithcurrentbestpractice,webelievesuchcompaniesshouldnowbeincludingthisinformationontheircorporatewebsitesandwithintheirannualreports.
TheInvestorCommunityhasbeenveryproactiveinitsresponsetotheDaviesReport.Recommendation6ofthatreportstatedthatinvestors“shouldpaycloseattention”tothebehavioursofcompaniesintermsoftheDaviesrecommendations,includingcompanytransparencyaroundtargets,reportingonproportionsofwomenatvariouslevels,theappointmentprocess,boardroomdiversitypoliciesandmeasurableobjectives.Therehasbeenaverypositiveresponsefromanumberofmajorinvestorsexpectingcompaniestocomply–forexample,AssociationofBritishInsurers,UKSustainableInvestment&FinanceAssociation,CooperativeAssetManagement,NationalAssociationofPensionFunds,AvivaInvestors,L&GInvestmentManagement,F&CInvestments,JupiterAssetManagement,Blackrock,AberdeenAssetManagement,HermesEquityOwnershipServices,theLocalAuthorityPensionFundForum,
NewtonInvestmentManagementandRPMIRailpen.Investorsneedcompaniestoreportsuchinformationandincreasinglythesenseisthatthosethatdonotareatbestignorant(andthereforeinactive)oratworstobstructive.WeareawarethatthemajorityofcompanyannualreportsarepublishedbetweenMarchandJuneandwouldencourageChairmenandCompanySecretariestodemonstratebestpracticeandleadershipinthisarea.
Recommendation2oftheDaviesReportstated:
Quotedcompaniesshouldberequiredtodiscloseeachyeartheproportionofwomenontheboard,womeninseniorexecutivepositionsandfemaleemployeesinthewholeorganization.
FTSE100COMPANIES
“Boarddiversityisanimportantaspectofthewidertopicofgoodcorporategovernanceaimedatimprovingbusinessdecisions,reducingrisk,sustainingpro itsgrowthandthereforehigherlong‐termreturnsforshareholders.Today'seventshowsthatinvestorsarereadytoholdcompaniestoaccountonthisissueandwillencouragebusiness‐ledchangetoreachour,andLordDavies'targetsforfemalerepresentationonUKboardsby2015."HelenaMorrisey,CBE,CEONewtonInvestmentManagementandfounderofthe30%Club
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Therefore,inourlettertoCompanySecretariesinJanuary,werequestedinformationontheproportionofwomenwithintheircompany:
∎ Asapercentageofthewholeworkforce∎ Atjuniormanagementlevel∎ Atmiddlemanagementlevel∎ Atseniormanagementlevel,and∎ Attheleveljustbelowtheboard(e.g.ExecutiveCommittee/ManagementCommittee)
Wereceived73responsestoourletter.Itwasinterestingtonotethatwhilstsomecompaniescouldeasilypullthesedataoffvariousreportingtools,severalorganizationsclearlydidnotroutinelytrackthisinformation(onecompany–Aggreko,advisedustheywerewaitingforanewHRsystemtobeimplementedthatwouldprovidethemthisinformationinthenearfuture).InadditiontothosecompanieslistedinTable9belowwhodidprovideinformation,afurthersevenstatedthatsomeofwhatwasrequestedwillbereportedintheirforthcomingannualreport.Thesecompaniesare:AngloAmerican,Essar,GKN,IMI,NationalGrid,Tate&LyleandTullowOil.Wethankthosecompanieswhospeci icallyreportedthese iguresinresponsetoourrequest,andwouldencouragethemtomonitorthisinformationgoingforward.Itiscriticalforcompaniesinoptimisingtheirtalentmanagementthattheyareawareofdiversityatalllevels.Itisonlywithsuchinformationthatcompaniescanbesuretheyaretargetingtheirinitiativesattherightplace.Trackingpercentagescanshowwherecompaniesarelosingtheirwomen.Forexample,inDiageo,35%oftheirtotalworkforceisfemale.This igureremainsconstantatmiddlemanagementlevel,whichisencouraging,andfallsonlyslightlyto27%atseniormanagementlevel.Theycurrentlyhave44%ofwomenontheirboard,soaredemonstratingconsistencyacrosstheorganization.InsomewaysasimilarexampleisBAESystems,witha20%femaleworkforce,17%atExecutiveCommitteelevel,but25%womenontheirboard.Itwouldappearthattheyaredoingareasonablejobatretention.Intheircasestudy(p.30),theyarefocusingonfosteringacultureofinclusionandsettinginternaldiversitytargets(includinga25%targetfortheexecutivecommittee).However,itwouldappearthattheyneedtoimprovetheirrateofbringingwomenintotheorganization.Inthesameindustry,Rolls‐Royce,whosepercentageofwomenintheworkforceisonly15%,isfocusingonactiveinvolvementineducationoutreachtoincreasethenumbersofwomenjoiners.Theyhavemanagedtoincreasetheirpercentageofparticipantsontheirgraduatedevelopmentprogrammeto25%.However,their iguresfalloffto7%atthemostseniorlevelsandsotheywillneednowtofocusonretention.Retentionanddevelopmentisclearlystilltheissuefororganizationswithinthe inancialservicesindustriesasmostofthoselistedherehave50%ormorewomenintheiroverallworkforcesbutsigni icantlylessthanhalfthat igureintheirseniormanagement,executivecommitteeorboardlevels.Thedatafromthe34companiesindicatedthefollowingtrends:
∎ Thepercentageoftheworkforcewhichisfemalevariedfrom13%(Petrofac)to57%(OldMutual)
∎ Thepercentageoffemalesatjuniormanagementlevelvariedbetween15%(BAESystems)and50.1%(Barclays)
∎ Thepercentageoffemalesatmiddlemanagementlevelvariedbetween12%(BAESystems)and40%(AstraZeneca)
∎ Thepercentageoffemalesatseniormanagementlevelvariedbetween7%(Rolls‐Royce)and43%(Admiral)
∎ Justbelowtheboardthepercentageoffemalesvariedbetween5%(BAESystems)and33%(CairnEnergy).Eighteenoutofthe24companiesreportingthepercentageoffemalesatexecutive/managementcommitteelevelreport iguresoflessthan25%,sothereismuchworktobedoneindevelopingwomentothislevel.
35
WealsoaskedCompanySecretariesforexamplesofworkthattheyareconductingwithintheirorganizationsspeci icallyaimedatincreasingtheirpipelineofwomentothetop.Anumberofcasestudiesareincludedthroughoutthisreport.Theydetailsomeofthegoodworkthattheseorganizationsaredoing,focusingoninitiativessuchas lexiblecareerpaths,workplace lexibility,unconsciousbiasinrecruitment,internalgendertargets,promotionprocessmonitoringandreporting,mentoringandreversementoring,annualgenderreviewsanddiverseslatesinappointments.
FTSE100COMPANIES
“Itisvitaltolookbeyondtheboardandexecutivecommitteetobuildasustainablefemalepipelinefromwithinthecompany.In2010weoutlinedaclearcommitmenttoincreasingthenumberofwomeninourseniorleadershippopulationsbysettingindividualgendergoalsforourExecutiveCommitteeandtheirdirectreports.KnownasthePlus1principle;asaseniorleaderifyourteamisnotalready50:50genderbalanced,thenyourgoalistobringatleastoneadditionalfemaleintoyourteameachyear.OurglobalCEOhasmaintainedcontinuousenergyandcommitmenttothisbyensuringprogressismonitoredanddiscussedquarterlywithhisteam,andregularlycommunicatinghisviewontheimportanceoffemaleleadershiptoallemployees.AsaresultwehaveseengoodincreasesintherepresentationofwomeninourSeniorLeadershipandSeniorManagementpopulations.Butwestillhavealongwaytogo!Lastyearweextendedtheconceptofgendergoalstothenextleveloftheorganisationbyintroducingatargetof50:50genderbalancefornewhiresandinternalpromotionstoourmiddlemanagementlevels.Wehaverealised,however,thatgoalsettingaloneisnotenoughtodrivelongtermandsustainablegrowth.Throughaseriesofdialogueswithwomenthroughouttheorganisationwehavebeenabletoidentifyandbegintoaddresssomeofthedeeperrootedchallengesfacedmoreparticularlybywomeninwhathasbeenahistoricallymasculineindustry.Whilesomeofthesechallengescanandarebeingaddressedbychangestopoliciesandprocedure(femalecandidatesonshortlists,performanceandtalentprocessesfreefromgenderbiasandsoon),amindsetshiftiscrucialtocreateatrulyinclusiveculturethatvaluesdiversityofallkinds.Asaresultwehaveintroducedanumberofinitiativestoraiseawarenessofpotentialbiasandopenmindstothevalueofthedifferenttypesofskillsdiversegroupscanbringtoteams.InitiativesincludeareciprocalmentoringprogrammematchingourExecutiveCommitteememberswithhighpotentialfemalementoringpartners,theformationoflocalwomen’snetworks,andteamsessionsongenderculturesincollaborationwiththePatHeimgroup.Likemanyorganisationsweknowthereisnoonesilverbulletormagicrecipeandseethisasalongtermjourneytowardsamorediverseandinclusiveorganisation.”
CaseStudy‐VodafoneBuildingasustainablefemalepipeline
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Table9:FTSE100PipelineofWomen
*TheBoard iguresforthePipelinearetakenfromourmaindatacollectionpointofJanuary10th2012.
Company
%ofwomeninworkforce:
Ofwholeworkforce
AtJuniorMgmt
AtMiddleMgmt
AtSeniorMgmt
AtEx/ManComm
AtBoardLevel*
ADMIRALGROUPPLC 43% 29% 19%
AMECPLC 24% 17% 10% 8% 0%
ANGLOAMERICANPLC 14% 21% 19%
ASTRAZENECAPLC 51% 50% 40% 31% 25% 27%
AVIVA 50% 45% 29% 20% 18% 21%
BAESYSTEMSPLC 20% 15% 12% 11% 5% 25%
BARCLAYSPLC 52% 50% 35% 10% 20% 17%
BRITISHLANDCOPLC 44% 25% 15%BRITISHSKYBROADCASTINGGROUPPLC(BSKYB)
32% 7%
CAIRNENERGYPLC 53% 33% 22%CAPITALSHOPPINGCENTRESGROUPPLC
46% 53% 26% 17% 7%
CENTRICAPLC 29% 27% 21% 15% 14% 25%
DIAGEOPLC 35% 35% 27% 44%
EXPERIANPLC 45% 47% 38% 23% 13% 20%
G4S 12% 22% 20%
INTERTEKPLC 36% 18% 10% 0%
KINGFISHERPLC 40% 29% 22%
LANDSECURITIESGROUPPLC 45% 38% 23% 18% 14% 19%
LLOYDSBANKINGGROUP 60% 49% 37% 26% 13% 8%
OLDMUTUALPLC 57% 12% 11% 9%
PETROFACLTD 13% 11%
PRUDENTIALPLC 55% 63% 48% 27% 10% 12%
ROLLS‐ROYCEHOLDINGSPLC 15% 7% 6% 7%
ROYALBANKOFSCOTLAND 53% 33% 26% 18% 23%
SAGE 44% 26% 11% 25%
SABMILLERPLC 20% 23% 29% 24% 18%
SAINSBURY(J)PLC 54% 41% 25% 31% 27% 20%
SEVERNTRENTPLC 30% 28% 35% 20% 17% 9%
SMITH&NEPHEWPLC 39% 28% 15% 30% 19%
SMITHSGROUPPLC 38% 27% 20% 9% 0% 13%
STANDARDCHARTEREDPLC 46% 52% 37% 22% 10% 12%
TESCOPLC 31% 19% 15% 21%
UNILEVERPLC 40% 42% 31% 20% 8% 25%
UNITEDUTILITIESGROUPPLC 36% 37% 26% 24% 36% 14%
37
4. FTSE250CompaniesFTSE250describesthosecompaniesrankedfrom101‐350intermsofmarketcapitalisation.Withintheboardroomsofthosecompanies9.4%(189)directorshipsareheldbywomen.At the timeofgoingtopress(March1st2012)this igurehadrisenagainto9.6%.Thishasincreasedfrom7.8%(154)recordedinthe2010FemaleFTSEReport.Historically,thenumbersofwomenonboardsoftheFTSE250companieshavebeenmuchlowerthanthoseoftheFTSE100companiesandsomecommentatorswouldsuggestthatthisisbecausetheyarelessinthemediaspotlightthantheirFTSE100counterparts.However,FTSE250Chairmenshouldrealisethebene itsofboardroomdiversityandunderstandthatignoringthisissueisnolongeracceptablefromagovernanceperspective.TheFinancialReportingCouncil’schangestotheCoderegardinggenderdiversityapplytoalllistedcompanies.4.1 FTSE250CompanieswithFemaleDirectorsOftheFTSE250companies135(54%)nowhavewomenintheirboardrooms, inallymakingthoseall‐maleboardsaminority.This igureof135hasincreasedfrom119,butinterestinglythenumberofcompanieswithtwofemaledirectorshasalsoincreasedsubstantiallyfrom25to40.ThiswouldindicatethattheoverallpercentageincreaseofwomenonFTSE250boardshascomeequallyfromcompaniesplacingtheir irstandalsotheirsecondwomanontheboard.Table10:FTSE250Companies2012
IntheFTSE250companiesthereisnosigni icantdifference(p=0.001)betweentheboardsizeofthosewithfemaledirectors(average8.5members)andthosewithonlymaledirectors(average7.6members).Belowaretwotables.The irstshowsthe49FTSE250companieswhichnowhaveatleast20%femaledirectors–thisnumberhasincreasedby11sincethe2010report.FollowingthatweshowatablewiththeFTSE250Zeros–thosecompanieswhichretainall‐maleboards.
FTSE250COMPANIES
FTSE250Companies No. %
Companieswithfemaledirectors 135 54.0%
Companieswith2femaledirectors 40 16.0%
Companieswith3or4femaledirectors 7 2.8%
Companieswithfemaleexecutivedirectors 25 10.0%
Companieswith2femaleexecutivedirectors 3 1.2%
Averageboardsize 8.1
Averagenumberofexecutivedirectors 2.4
Averagenumberofnon‐executivedirectors 5.6
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Table11:The49FTSE250Companieswithatleast20%FemaleDirectors
Rank FTSE250CompanyPercentFemaleBoard
No.ofFemaleDirectors
FemaleExecutiveDirectors
1st ELECTRAPRIVATEEQUITYPLC 50.0% 3 2nd WETHERSPOON(J.D.)PLC 42.9% 3 1(ED)3rd JPMORGANAMERICANINVESTMENTTRUSTPLC 40.0% 2 4th REDROWPLC 33.3% 2 1(GFD)4th SYNERGYHEALTHPLC 33.3% 2 6th CARPETRIGHTPLC 30.0% 3 1(ED)7th 3iINFRASTRUCTUREPLC 28.6% 2 7th VICTREXPLC 28.6% 2 7th TALVIVAARAMININGCOPLC 28.6% 2 1(CFO)10th SVGCAPITALPLC 25.0% 2 1(CEO/FD)10th WILLIAMHILLPLC 25.0% 2 10th MONKSINVESTMENTTRUSTPLC 25.0% 1 10th DELARUEPLC 25.0% 2 10th RPSGROUPPLC 25.0% 2 10th JPMORGANRUSSIANSECURITIES 25.0% 2 10th BTGPLC 25.0% 2 1(CEO)10th BRITISHEMPIRESECURITIES&GENERALTRUSTPLC 25.0% 1 10th HICLINFRASTRUCTURECOLTD 25.0% 1 10th BETFAIRGROUPPLC 25.0% 2 10th ALLIANCETRUSTPLC 25.0% 2 1(CEO)10th PREMIERFARNELLPLC 25.0% 2 1(CEO)22nd BERKELEYGROUPHOLDINGSPLC 23.1% 3 23rd HAYSPLC 22.2% 2 24th INMARSATPLC 22.2% 2 24th WSATKINSPLC 22.2% 2 24th 3iGROUPPLC 22.2% 2 1(GFD)24th LOGICAPLC 22.2% 2 24th DOMINO'SPIZZAUK&IRLPLC 22.2% 2 24th HALMAPLC 22.2% 2 24th DEBENHAMSPLC 22.2% 2 24th STAGECOACHGROUPPLC 22.2% 2 24th CHEMRINGGROUPPLC 22.2% 2 1(ED)24th TALKTALKTELECOMGROUPPLC 22.2% 2 2(CEO,CFO)24th TAYLORWIMPEYPLC 22.2% 2 24th MITIEGROUPPLC 22.2% 2 2(CEO,CFO)24th MONDIPLC 22.2% 2 37th ABERDEENASSETMANAGEMENTPLC 21.4% 3 1(ED)37th RATHBONEBROTHERSPLC 21.4% 3 39th MURRAYINTERNATIONALTRUSTPLC 20.0% 1 39th MURRAYINCOMETRUSTPLC 20.0% 1 39th JUPITERFUNDMANAGEMENTPLC 20.0% 2 39th INTERNATIONALPUBLICPARTNERSHIPSLTD 20.0% 1 39th LAWDEBENTURECORPPLC 20.0% 1 39th EXILLONENERGYPLC 20.0% 1 39th SCOTTISHMORTGAGEINVESTMENTTRUSTPLC 20.0% 1
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Table11:The49FTSE250Companieswithatleast20%FemaleDirectors(cont’d)
Table12:FTSE250CompaniesZeros
FTSE250COMPANIES
ABERFORTHSMALLERCOMPANIESTRUSTPLC
DEVROPLC MERCHANTSTRUSTPLC
AFRENPLC DIPLOMAPLCMILLENNIUM&COPTHORNEHOTELSPLC
AFRICANBARRICKGOLDPLC DOMINOPRINTINGSCIENCESPLC MISYSPLC
ALLIEDGOLDMININGPLC DSSMITHPLC MITCHELLS&BUTLERSPLC
ANGLOPACIFICGROUPPLC EDINBURGHDRAGONTRUSTPLCMONEYSUPERMARKET.COMGROUPPLC
AQUARIUSPLATINUMLTD ELECTROCOMPONENTSPLC MORGANCRUCIBLECOPLC
ASHTEADGROUPPLC ELEMENTISPLC NEWWORLDRESOURCESPLC
AVEVAGROUPPLC F&CASSETMANAGEMENTPLC NORTHGATEPLC
AZELECTRONICMATERIALSSAF&CCOMMERCIALPROPERTYTRUSTLTD
OXFORDINSTRUMENTSPLC
BALFOURBEATTYPLC FENNERPLCPARAGONGROUPOFCOMPANIESPLC
BANKERSINVESTMENTTRUSTPLC FERREXPOPLC PERFORMGROUPPLC
BARR(A.G.) FIDELITYEUROPEANVALUESPLCPERPETUALINCOME&GROWTHINVESTMENTTRUSTPLC
BBAAVIATIONPLC FILTRONAPLC PERSIMMONPLC
BEAZLEYPLC FIRSTGROUPPLC PERSONALASSETSTRUSTPLC
BELLWAYPLC GEMDIAMONDSLTD RANKGROUPPLC
BERENDSENPLCGENESISEMERGINGMARKETSFUNDLTD
REGUSPLC
BHGLOBALLTD GENUSPLC RENISHAWPLC
BHMACROLTD GREATPORTLANDESTATESPLC RENTOKILINITIALPLC
BIGYELLOWGROUPPLC GREENEKINGPLC ROTORKPLC
Rank FTSE250CompanyPercentFemaleBoard
No.ofFemaleDirectors
FemaleExecutiveDirectors
39th JPMORGANEUROPEANSMALLERCOMPANIESTRUSTPLC 20.0% 1 39th LADBROKESPLC 20.0% 2 39th BRITISHASSETSTRUSTPLC 20.0% 1 39th EASYJETPLC 20.0% 2 1(CEO)
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Table12:FTSE250CompaniesZeros(cont’d)
BWIN.PARTYDIGITALENTERTAINMENTPLC
HUNTINGPLC SENIORPLC
CALEDONIAINVESTMENTSPLC IGGROUPHOLDINGSPLC SHANKSGROUP
CAPEPLCIMAGINATIONTECHNOLOGIESGROUPPLC
SOCOINTERNATIONALPLC
CAPITAL&COUNTIESPROPERTIESPLC
INTERMEDIATECAPITALGROUPPLCSPECTRISPLC
CATLINGROUPLTD INTERSERVEPLC SPIRAX‐SARCOENGINEERINGPLC
CENTAMINPLC JDSPORTSFASHIONPLC SPIRENTCOMMUNICATIONSPLC
CHARTERINTERNATIONALPLCJOHNLAINGINFRASTRUCTUREFUNDLTD
STOBARTGROUPLTD
CITYOFLONDONINVESTMENTTRUSTPLC
JPMORGANEMERGINGMARKETSINVESTTRUSTPLC
TELECOMPLUSPLC
CLOSEBROTHERSGROUPPLC KCOMGROUPPLCTEMPLETONEMERGINGMARKETSINVESTMENTTRUSTPLC
COLTGROUPSA KENTZCORPLTDUKCOMMERCIALPROPERTYTRUSTLTD
COMPUTACENTERPLC KESAELECTRICALSPLC ULTRAELECTRONICSHLDGSPLC
CRANSWICKPLC LAIRDPLC WOODGROUP(JOHN)PLC
CRODAINTERNATIONAL LAMPRELLPLC YULECATTO&COPLC
DAEJANHOLDINGSPLCLONDON&STAMFORDPROPERTYPLC
DAILYMAIL&GENERALTRUSTPLC MELROSEPLC
BUMIPLC HOCHSCHILDMININGPLC SEGROPLC
BOVISHOMESGROUP HIKMAPHARMACEUTICALSPLC SCOTTISHINVESTMENTTRUSTPLC
BODYCOTEPLC HERITAGEOILPLC SAVILLSPLC
BLUECRESTALLBLUEFUNDLTD HERALDINVESTMENTTRUST SALAMANDERENERGYPLC
BLACKROCKWORLDMININGTRUSTHANSTEENHLDGSPLC RPCGROUPPLC
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4.2 FTSE250WomeninTopRoles
TherearenowtenfemaleCEOsintheFTSE250companies.Theyare:LynFordham,SVGCapital;KatherineGarrett‐Cox,AllianceTrust;Dr.HarrietGreen,PremierFarnell;theHonourableDidoHarding,TalkTalkTelecom;CarolynMcCall,easyJet;RubyMcGregor‐Smith,MitieGroup;Dr.LouiseMakin,BTG;DorothyThompson,Drax;CarolineBanszky,LawDebentureCorp;andKateSwann,WHSmith.Inaddition,sevenwomenholdthetop inancialpositionintheFTSE250companies.Theyare:SuzanneBaxter,MitieGroup;ShirleyGarrood,HendersonGroup;YvonneHolm,OphirEnergy;SailaMiettinen‐Lahde,Talvivaaramining;BarbaraRichmond,Redrow;AmyStirling,TalkTalkTelecom;andJuliaWilsonat3i.Thisgroupof17atthetopoftheirindustrieshavebetweenthemonlysixFTSE350NEDpositions.Theyrepresentanuntappedtalentpool.
4.2.2 Cross‐IndexComparisonAscanbeseeninthetablebelow,theFTSE250companiesfallsigni icantlybehindtheFTSE100companiesintermsofpercentagesofwomenholdingbothexecutiveandnon‐executiveboarddirectorships.TheFTSE250isalsosubstantiallylowerintermsofcompanieswithfemaleexecutivedirectorsandmultipledirectors.Table13:FTSE100andFTSE250Comparison
FTSE250COMPANIES
“MITIEisafast‐growingandambitiouscompanyandwillonlyreachitspotentialifitmakesthemostofallthetalentwithinthecompany,includingwomen.Bymakingsurethatwehavetherightenvironmentandsupportforourfemalestaffwewillsucceedtogetherasacompany.”RubyMcGregor‐SmithCBE,ChiefExecutive
AtJanuary2012 FTSE100 FTSE250
Female‐helddirectorships 163(15%) 189(9.4%)
Femaleexecutivedirectorships 20(6.6%) 28(4.6%)
Femalenon‐executivedirectorships 14322.4%) 168(11.4%)
Companieswithfemaleexecutivedirectors 17(17%) 25(10.0%)
Companieswithatleastonefemaledirector 89(89%) 135(54%)
Companieswithmultiplefemaledirectors 50(50%) 47(18.8%)
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“AsanorganisationwiththeonlyAsianfemaleChiefExecutiveintheFTSE250,MITIErecognisesthatattractingfuturefemaletalentisofkeyimportance.MITIEplaceshugeimportanceondeliveringasupportiveandinclusiveenvironmentforitsstaffandthesearejustanumberofmeasuresthatformpartofthegroup’seffortstoretainmorefemaleemployees.MITIEhasintroducedavarietyofprogrammestoencouragewomentoreturntoworkaftertakingmaternityleaveandtohelpwomenmaintainacareer,including:
∎ Supporting lexibleworkinghoursanda lexi‐leavesystem∎ Enablinghomeworkingandacompressedworkingfortnightoption∎ Providingchildcarevouchersandadditionalannualleavepurchaseschemes∎ OfferingamaternitycoachingprogrammeforseniorHRprofessionals
MITIEhasadedicateddiversityboard,aswellasanequality,diversityandinclusionpolicywhichhasdevelopedanumberofinitiatives:
∎ HeldtheinauguralDiversityWeekin2011,includingpresentationsfromboardlevelexecutivesandanumberofeventstoraiseawarenessofdiversityandequalityissues
∎ Appointedadiversitysteeringgroupthatisexternallychairedandconsistsofrepresentativesfromacrossthebusiness
∎ Mademanagersaccountableforimplementinggenderprogrammesinitiatedbydiversitychampionsacrossthebusiness
Mentoringisalsorecognisedasessentialtosupportingapipelineoffemaletalent:
∎ Introducedamentoringprogrammeforrisingfemalestars∎ TheCEOhassetupandremainsinvolvedinamentoringcircleforblack,Asianand
minorityethnicfemalestaff∎ TheGroupFinanceDirectorsponsorsanewlydevelopedexecutivementoring
programmeforthe inancefunctionandhasalsoachieveda100%maternityreturnerratewithinherdirectreports,whichissubsequentlybeingcascadedthroughoutthebusiness”
CaseStudy‐MITIEGROUPMaternityandMentoring
43
4.2.3 NewAppointmentsFigure4:FTSE250NewAppointmentin12monthstoJanuary2012IntheyeartoJanuary2012,52womentookupnewdirectorships,comparedto273newmaleappointments.Thisrepresents19%ofallnewappointments.Interestingly,weretookthedataonMarch1standthis igurehadrisensubstantiallyto27%(57womenand213men).Thiswouldsuggestthatthe‘wave’theoryofincreasingpercentagesgoingtowomenmayalsobeinactionintheFTSE250.MirroringtheFTSE100appointments,themajority(68%)ofthewomenhadhadnopriorFTSE350boardpositions,thusexpandingthetalentpoolofFTSE350femaledirectors–seebelow.
Figure5:BackgroundsofFTSE250newfemaledirectorsThebackgroundsofthenewFTSE250femaledirectorswereslightlymoreeclecticthanthoseofthenewFTSE100femaledirectors,with45%comingfrom inance.Therewasagreateremphasisonsalesandmarketing,whichmayre lecttheslightlysmallernatureofthese irms.
FTSE250COMPANIES
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4.3 TargetsandPipelineThetablebelowshowsthenumberofmaleandfemalehelddirectorshipsandseniorexecutivepositionsinFTSE250 irms.AswiththeFTSE100 irms,thisyeartherehasbeenaslightincreaseinthetotalnumberofdirectorships(from1966)butanotherdecreaseinthenumberofexecutivedirectorships.Inthistougheconomicclimate,thelattermaywellbeacost‐cuttingexercise.Thetotalnumberofseniorexecutiveshasincreased(from2,186to2,213),buttherehasbeennoincreaseinthepercentageoftheserolesheldbywomen.Table14:FTSE250Directors,byGenderandRole
4.3.1 FTSE250BoardTargetsAsdescribedinsection3.4above,wewrotetoallFTSE350companiesrequestinginformationontheaspirationaltargetsandtheirpipeline igures.Wereceived107responsesfromtheFTSE250companies.Thirty‐fourofthosecompanieshavesetaspirationalwomenonboardtargets.Thisisanincreaseof14companiessincetheDaviesInterimReport,lastOctober.Fromourresponses,28statedthattheywouldnotbesettingtargetsandtheremaining45companiesweresupportiveinprinciplebutnon‐committal.Interestingly,itappearsthatsomeoftheFTSE250companiesarebeingbolderthantheirFTSE100counterparts.Forexample,ninecompanieswhohavestatedtargetsareatthestartofthisjourneyandcurrentlyhavenowomenontheirboard–noneofthe11FTSE100companieswithnowomenontheirboardshasannouncedatarget.Fourofthecompanieshavetargetsofmore30%,althoughWSAtkinsistheonlycompanyforwhomthattargetisanincreaseontheircurrentposition.Sevencompanieshavesetthemselvestargetsofatleasta15percentagepointincrease.Theyare:DSSmith,FidelityEuropeanValues,FirstGroup,Laird,RentokilInitial,SeniorandTuiTravel.InadditionAmlin,Beazley,Dignity,GreeneKing,PennonGroup,PhoenixGroupHoldingsandRotorkhaveallsetthemselvestargetsofbetweena10‐15percentagepointincrease.Wecongratulateallofthesecompanies.
FTSE250 Females Males TotalExecutiveDirectors 28(4.6%) 580(95.4%) 608
Non‐ExecutiveDirectors 161(11.4%) 1250(88.6%) 1411
TotalDirectors 189(9.4%) 1830(91.6%) 2019
SeniorExecutives 364(16.4%) 1849(83.6%) 2213
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Table15:FTSE250BoardTargets
CompanyCurrent%ofwomenonboard
2013Target
2015Target
AMLINPLC 9.1% 20%
BEAZLEYPLC 0.0% 10%
DIGNITYPLC 11.1% 25%
DOMINO'SPIZZAUK&IRLPLC 22.2% 20% 20%
DSSMITHPLC 0.0% 25%
ELECTRAPRIVATEEQUITYPLC 50.0% 33% 33%
EUROMONEYINSTITUTIONALINVESTORPLC 11.8% 13%
FIDELITYEUROPEANVALUESPLC(Quoted) 0.0% 20%
FIDELITYCHINASPECIALSITUATIONSPLC 16.7% 25%
FIRSTGROUPPLC 0.0% 20%
GO‐AHEADGROUPPLC 14.3% 17% 17%
GRAINGERPLC 18.0% 18% 18%
GREENEKINGPLC 0.0% 14%
INFORMAPLC 14.2% 14% 14%
INVESTECPLC 18.8% 25%
JUPITERFUNDMANAGEMENTPLC 20.0% 20% 20%
LAIRDPLC 0.0% 13% 25%
MONDIPLC 22.2% 25% 25%
PENNONGROUPPLC 14.2% 14% 25%
PHOENIXGROUPHOLDINGS 7.7% 14% 21%
PREMIERFARNELLPLC 25.0% 25% 25%
REDROWPLC 33.3% 33%
RENTOKILINITIALPLC 0.0% 20% 20%
RESTAURANTGROUPPLC 16.7% 17% 17%
ROTORKPLC 0.0% 12.5% 12.5%
RPSGROUPPLC 25.0% 25% 25%
SENIORPLC 0.0% 15% 15%
STAGECOACHGROUPPLC 22.2% 22% 22%
SVGCAPITALPLC 25.0% 25%
SYNERGYHEALTHPLC 33.3% 33.3% 33.3%
TAYLORWIMPEYPLC 22.2% 22% 22%
TUITRAVELPLC 6.7% 25%
WILLIAMHILLPLC 25.0% 25%
WSATKINSPLC 22.2% 33.3%
FTSE250COMPANIES
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4.3.2 FTSE250PipelineInformationOfthe107FTSE250companiesfromwhomwereceivedresponses,40providedinformationontheirpipelinepercentages.Wecommendthesecompaniesandreporttheirinformationinthetablebelow.Afurthersevencompaniesstatedthat,duetothenatureoftheirbusiness,theyhavenoemployees.ThesewereBankersInvestmentTrust,3iInfrastructure,AberforthSmallCompaniesTrust,FidelityEuropeanValues,Foreign&ColonialInvestmentTrust,PolarTechInvestmentTrustandElectraPrivateEquity.Twofurthercompanies(JardineLloydThompsonandYuleCatto)advisedthattheydidnothaveanyoftheinformationrequestedavailable.Anadditionalsixcompaniesstatedtherewouldbemoreinformationavailableintheirforthcomingannualreports.Thesecompanieswere:Laird,MitieGroup,Elementis,FirstGroup,Informa,andSigTable16:FTSE250PipelineofWomen
Company
%ofwomeninworkforce:
Ofwholeworkforce
AtjuniorMgmt
AtmiddleMgmt
AtSeniorMgmt
AtEx/ManComm
Board
ALLIANCETRUSTPLC 52.0% 53.0% 36.0% 20.0% 29.0% 25.0%AMLINPLC 46.0% 52.5% 23.0% 10.0% 0.0% 9.1%BALFOURBEATTY 28.0% 50.0% 16.0% 12.0% 8.0% 0.0%BBAAVIATIONPLC 22.0% 19.0% 30.0% 0.0%BETFAIRGROUPPLC 22.4% 16.0% 25.0%BOVISHOMESGROUP 36.0% 0.0% 0.0%CABLE&WIRELESSWORLDWIDEPLC 24.0% 25.0% 22.0% 25.0% 33.0% 16.7%CALEDONIAINVESTMENTSPLC 39.0% 81.0% 50.0% 33.0% 13.0% 0.0%CAPITAL&COUNTIESPROPERTIESPLC 40.0% 57.0% 41.0% 53.0% 36.0% 0.0%COBHAMPLC 27.9% 11.1%DAIRYCREST 18.1% 28.5% 19.0% 26.6% 0.0% 11.1%DEBENHAMSPLC 76.6% 67.9% 54.5% 44.0% 50.0% 22.2%DRAXGROUP 25.1% 41.6% 21.8% 25.0% 14.5% 11.1%DOMINOPRINTINGSCIENCESPLC 24.0% 26.0% 15.0% 8.0% 33.0% 0.0%DUNELMGROUPPLC 65.0% 50.0% 29.0% 16.7%EXILLONENERGYPLC 18.0% 50.0% 20.0%GREATPORTLANDESTATESPLC 43.0% 60.0% 21.0% 30.0% 50.0% 0.0%HAYSPLC 61.0% 24.0% 22.2%INFORMAPLC 35.0% 14.3%INMARSATPLC 32.0% 47.0% 23.0% 19.0% 18.0% 22.2%JUPITERFUNDMANAGEMENTPLC 40.0% 25.0% 20.0%LONDON&STAMFORDPROPERTYPLC 60.0% 25.0% 40.0% 0.0%LONMIN 4.9% 28.0% 9.1%MICHAELPAGEINTERNATIONALPLC 50.6% 45.0% 43.7% 26.5% 6.7% 12.5%MONDIPLC 21.0% 18.0% 22.2%OPHIRENERGYPLC 41.3% 42.9% 25.0% 0.0% 40.0% 8.3%PENNONGROUPPLC 16.0% 22.0% 19.0% 18.0% 6.0% 14.3%PERSIMMONPLC 35.0% 15.3% 16.6% 0.0%PZCUSSONS 37.0% 35.0% 25.0% 22.0% 18.2%
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Table16:FTSE250PipelineofWomen(cont’d)
Thedatafromthe40companiesindicatedthefollowingtrends:∎ Thepercentageoftheworkforcewhichisfemalevariedfrom4.9%(Lonmin)to76.6%
(Debenhams)∎ Thepercentageoffemalesatjuniormanagementlevelvariedfrom22%(PennonGroup)to
81%(CaledoniaInvestments,Wetherspoon)∎ Thepercentageoffemalesatmiddlemanagementlevelvariedfrom12.3%(Rotork)to
54.5%(Debenhams)∎ Thepercentageoffemalesatseniormanagementlevelvariedfrom0%(Ophirenergy)to
57%(SVGCapital)∎ Justbelowtheboardthepercentageoffemalesvariedfrom0%(Amlin,BovisandDairy
Crest)to50%(Debenhams,ExillonEnergyandGreatPortlandEstates)∎ 12ofthe28companiesreportingnumbersoffemalesatexecutive/managementcommittee
levelhavemorethan25%femaledirectorsatthatlevelandyetonlyoneofthem(AllianceTrust)hasreachedthetargetof25%femalesontheboard.
Again,wecommendthese40companiesformonitoringthisdata.Overall,asubstantialmajorityofthemrevealatrendofsigni icantdrop‐offbetweentheoverallwork‐forcepercentageandthepercentageofwomenattheexecutivecommitteeorboardlevel.Howeverafew(Betfair,Exillon,MondiandPennon)maintaintheirworkforcepercentagesfairlyevenlyacrossalllevels–althoughtheyallhaveworkforcepercentagesofunder25%.LonminandStagecoachbuckthetrendandhaveboardpercentageshigherthantheirworkforcepercentages,althoughboth iguresareverylow(5%and12%).Attheotherend,DebenhamsandSVGCapitalbothmanagetomaintainmorethan50%ofwomenacrossalllevelsuntiltheboard,whenbothcomedownto22%and25%respectively.Clearlythesecompanieshavedoneagreatjobatmaintainingtheirpipeline,butwewouldhopethattheycancontinuetheincreasestoboardlevel.Wehopethattheexerciseofmappingthepipelineoffemaletalentwillencouragecompaniestoinvestmoreeffortatbringingwomenthroughtothetop.
Company
%ofwomeninworkforce:
Ofwholeworkforce
AtjuniorMgmt
AtmiddleMgmt
AtSeniorMgmt
AtEx/ManComm
Board
RENTOKILINITIALPLC 49.5% 30.1% 30.3% 19.4% 16.7% 0.0%ROTORKPLC 17.0% 25.4% 12.3% 0.0% 12.5% 0.0%SHAFTESBURYPLC 53.0% 50.0% 18.2%SHANKSGROUP 12.6% 0.0%SPECTRISPLC 12.0% 0.0%ST.JAMES'SPLACEPLC 51.0% 53.0% 17.0% 9.0% 13.0% 9.1%STAGECOACHGROUPPLC 12.6% 7.0% 22.2%SVGCAPITALPLC 51.0% 50.0% 50.0% 57.0% 25.0%TUITRAVELPLC 42.0% 6.7%WETHERSPOON(J.D.)PLC 51.0% 81.0% 32.0% 28.0% 17.0% 42.9%WSATKINSPLC 27.7% 11.0% 4.0% 22.2%
FTSE250COMPANIES
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5. ConcludingRemarksThe2012FemaleFTSEReportfollowsa12monthperiodofglobalactivityinthe ieldofwomenonboards,withanumberofcountriesdeclaringdifferentinterventionstrategies.IntheUKwehavealsoseenconsiderableactivityfollowingtheDaviesReport,withinitiativesfromanumberofstakeholders.Bythetimethisreportislaunched,VivanReding(EUJusticeCommissioner)willhavemadeherannouncementonMarch8th2012determiningwhetherataEuropeanleveltheapproachgoingforwardisthroughdirectivesorrecommendations.Atthetimeofgoingtoprint,weunderstandsheisstillconsideringbothoptions.Themulti‐stakeholderapproachoftheDaviesReporthasundoubtedlyhadanimportantimpactoverthepast12months.Forthenay‐sayers,thechangeisnotfastenoughandpessimismprevails.Wetrustthatourupdatedmodelchartingtheincreasingnumberofwomenonboardsdispelssuchnegativity.Aslongasthestakeholdersremainengagedwecouldachieve30%womenonboardswithinfouryears.Thiswouldbeafantasticachievement.WeurgeChairmen,ChiefExecutives,ExecutiveSearchFirms,thegovernment,investorsandwomentostayfocusedandusethemomentumtochangethestatusquopermanently.
49
APPENDIX:Cran ield’sInternationalCentreforWomenLeadersThe InternationalCentre forWomenLeaders is committed tohelpingorganisationsdevelop thenextgenerationofleadersfromthewidestpossiblepooloftalent.Weareuniqueinfocussingourresearch,managementdevelopmentandwritingongenderdiversityatleadershiplevel.TheobjectivesoftheCentreareto:
∎ Leadthenationaldebateongenderdiversityandcorporateboards∎ Provideacentreofexcellenceonwomenleaders,fromwhichorganisationscanobtainthe
latesttrends,up‐to‐dateresearchandbenchmarkbestpractice∎ Identify and examine emergent issues in gender diversity and leadership, through
sponsoredresearchinpartnershipwithindustryandgovernment∎ Share research indings globally through conferences, workshops, academic articles,
practitionerreportsandintheinternationalpress.
For more information on the Centre’s research and executive development, please visit our Centrewebsiteatwww.som.cran ield.ac.uk/som/research/centres.Thereisalsoavailablealistofourresearcharticles in areas such as women on boards, ethnicity on boards, leadership, diversity management,genderedcultures,rolemodels,impressionmanagement,and lexibleworking.WehaveanumberofdoctoralresearchersstudyingforPhDsorDBAswithinourresearchcentreandcanoccasionallyofferafullbursarytocovercosts.DrRuthSealy,BSc,MSc,PhD,MCIPD
SeniorResearchFellowDeputyDirectoroftheInternationalCentreforWomenLeadersWithglobalexpertiseonwomenoncorporateboards,RuthhasbeentheleadresearcheroftheUK’sannualFemaleFTSEReportsince2007.InadditiontotheFemaleFTSEReport,RuthhasledthemonitoringresearchfollowingLordDavies’review.
Ruth’sresearchinterestscovermanyaspectsofretainingwomeninleadership,particularlyboardcompositionandcorporategovernance.ShecompletedherPhDatCran ieldlookingattheimpactofrolemodelsontheidentityformationofseniorfemaledirectorsinthebankingsectorandhassincepublishedanumberofjournalarticles,bookchaptersandconferencepapers,whereshehaswontwoBestPapers.SheisontheEditorialBoardofGenderinManagement:AnInternationalReview,andhasspokenatmanyacademicandpractitionerconferences.Sheisregularlyinterviewedbythepress.Ruthspeaksregularlyatacademicandpractitionerconferences,lecturespost‐graduateanddoctoralcourses.SheisaCharteredMemberoftheInstituteofPersonnelandDevelopmentandhaswrittenvariousarticlesforpractitioneraudiencemagazines,e.g.WomeninBankingandFinance,CityWomen’sNetwork.Priortobecominganacademic,RuthwastheManagingDirectorofaspecialistholidaycompany,whichshesoldtoalargertouroperatorin2001.ShethenworkedasanindependentBusinessPsychologyconsultant.Herworkincludedassessment,butparticularlythedevelopmentofhighpotentialtalent,focusingonemotionalintelligenceandcognitiveprocessing,workingextensivelyintheengineering/aerospacesector.Email:ruth.sealy@cran ield.ac.uk
APPENDIX
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ProfessorSusanVinnicombeOBE,MA,PhD,MCIM,FRSAProfessorofOrganisationalBehaviourandDiversityManagementDirectoroftheLeadershipandOrganisationDevelopmentCommunityDirectoroftheCran ieldInternationalCentreforWomenLeadersSusan’sparticularresearchinterestsaregenderdiversityoncorporateboards,women’sleadershipstyles,andtheissuesinvolvedinwomendevelopingtheirmanagerialcareers.HerResearchCentreisuniqueinEuropewithitsfocusonwomenleadersandtheannualFemaleFTSEReportisregardedasthepremierresearchresourceonwomendirectorsintheUK.
Susanhaswrittentenbooksandoveronehundredarticles,reportsandconferencepapers.“WomenonCorporateBoardsofDirectors–InternationalResearchandPractice”(withR.Burke,D.Bilimoria,M.HusenandV.SinghpublishedbyEdwardElgar)waspublishedin2009.Herlatestbook“HandbookofResearchonPromotingWomen’sCareers”(withR.Burke,L.MooreandS.Blake‐Beard)willbepublishedbyEdwardElgarin2012.Susanhasconsultedfororganisationsinovertwentycountriesonhowbesttoattract,retainanddevelopwomenexecutives.ShehasadvisedgovernmentintheUK,NewZealand,Australia,FinlandandSpainonhowtoincreasethenumberofwomenontheircorporateboards.Susanisregularlyinterviewedinthepressandontheradioandtelevisionforherexpertviewsonwomendirectors,andisafrequentkeynotespeakeratconferences.SusanisthefounderandChairofthejudgesforWomenintheCityAwards.SheisaBoardmemberoftheSaudiBritishJointBusinessCouncilandVicePatronofWorkingFamilies,acharity.SheisalsoVisitingProfessorofCurtinUniversity,GraduateBusinessSchool,Perth,Australia.SusanisamemberoftheDaviesSteeringCommittee.SusanwasawardedanOBEforherServicestoDiversityintheQueen’sNewYear’sHonourListin2005.Email:s.m.vinnicombe@cran ield.ac.uk
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Copyright: Sealy, Vinnicombe, Cran�ield University, 2012Printed by the School of Management Print Room on paper from a sustainable source
CRANFIELD INTERNATIONAL CENTRE FOR WOMEN LEADERSCran�ield School of ManagementCran�ield, Bedford, England MK43 0AL
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