WOMEN DIRECTORS OF THE FORTUNE GLOBAL 200
-- The Good News
Quotas for women
directors and gender diversity language in corporate
governance codes are beginning to crack the boardroom
glass ceiling in Europe.
200 companies based in countries with quotas had a
higher percentage of women on boards (16.1%) than the
average percentage of women directors – 13.8% -- of all
companies in the Fortune listing.
200 companies based in countries that had gender or
board diversity requirements added to their corporate
governance codes also had a higher percentage of women
directors at 16.8%.
whose quota law passed in 2010, had the highest
rate of increase
in the percentage of women directors among their
Global 200 companies -- from 7.2% in 2004 to 20.1% in
The second highest
rate of increase
for women directors belongs to
Spain, whose quota for
women directors passed in 2007.
Fortune Global 200 companies improved women’s board
representation from 1.9% in 2004 to 9.2% in 2011.
U.S. companies still
lead other Fortune Global 200 companies with 20.8%
women’s representation on boards,
but are poised to lag behind France (20.1%) shortly,
given its anemic rate of increase of 3.3% since 2004,
surpassed only by Japan’s 1.1%.
More blue-chip companies
are moving away from tokenism
– almost a third of companies in the
listing have three or more female directors.
Leading this trend are France and the
U.S., with 62% and
42.4% of their companies, respectively, with three or
more women on their boards.
First in CWDI’s “Top
Ten” list of companies with the highest percentage of
female directors is Procter and Gamble with 45.6% of its
board being female (5 out of 11), followed by Wellpoint
at 41.7% (5 out of 12).
Third on the list is a Norwegian oil company, Statoil at
40% (4 out of 10).
-- All companies in the
Top Ten list have 30% or more women’s representation on
boards – the highest cut-off point since 2004.
-- For the first time
since 2004, an automobile company,
made it to the CWDI Top Ten listing with four women
directors out of 11 or 36.4%.
The industries most
responsive to having more female directors are those
that see women’s consumer clout more directly:
Food and Consumer Products; General
Mail, Package and Freight;
– The Bad News
There are more companies
with no women directors among the Fortune Global 200 in
2011 – 49 – than in 2009.
This is due to the changed composition of the
listing with 31 new companies, primarily from
Asia, the majority of which have
zero or only one female director.
For the first time,
had 19 companies that were sizeable enough to make it
into the Fortune
listing compared to only 3 in 2004, reflecting its
The majority of
Chinese companies (14) had either only one woman
director or none.
However, two Chinese companies outperformed
others – the Bank of China with 28.6% of board seats (4
out of 14) held by women, and China Construction Bank
with 26.7% (4 out of 15).
Japan, the third largest
economy of the world, continues to be a laggard in
appointing women to board seats – only 2% of directors
in its largest companies are female.
has the stellar record of having no women on the boards
of its companies in the
listing from 2004 to 2011.
Refining industry, with six of the ten largest
companies in the world,
continues to have
a poor record in appointing women to their boards
Only five women are on the boards of the top six
– Royal Dutch Shell, ExxonMobil, BP, Sinopec, China
National Petroleum and Chevron.
Norway’s Statoil (40%) and
France’s Total (26.7%)