Number of women appointed to public boards double since 2019

The Women Business Collaborative (WBC) has confirmed that a record number of women have been appointed to US public company boards over the last month – and year – with women of colour also making huge gains. 

In November 2020, public companies hired 42% women to fill 112 of the 266 overall board appointments, including 33 women who identified as women of colour. Black women comprised 72.7% of those women, confirmed WBC. The 42% figure marks a rising trend for appointments and is up from the newsworthy 40.9% in October. November and October data showed a doubling of women from a year ago, and women of colour making huge gains.

WBC’s Women Joining Public Boards November Monthly Report, powered by Equilar, clearly demonstrates the call for diversity is being heard by public companies. This report shows the numbers, rates and profiles of women appointed to public boards with a focus on diversity and analyses the industry sectors where women are participating on boards. 

Commenting on the gains made this month, Edie Fraser, CEO of WBC, stated: “We share this monthly report showing not only the numbers increase – doubling since 2019 – but naming the companies and sharing the profiles.” 

KEY FINDINGS

WBC, an alliance of 43+ women business organisations to achieve equal position, pay and power for all business women, partners with Equilar, the leader in corporate data, to produce this monthly report and drive its dashboard of data and women CEOs. Some of the key findings include:

• 112 women were hired by public boards in November, accounting for 42% of board seats. Of the appointments, 56 of those were first time appointments. This good news means that more women are being appointed to the highest levels of public companies. 
• In November, 33 women identified as women of colour, 72.7% of those being black women. This is a critical measure as diversity is at the forefront of business leadership and business practices in 2020. And progress is accelerating. 
• Healthcare companies continue to lead the way in appointing women closely followed by the companies in the technology and industrials sectors. The financial services industry is seeing an uptick in board appointments who are women including at Visa and Fidelity. The energy sector is showing growth too. It has appointed seven women, including two at Oasis Petroleum.

BOARD DIVERSITY

The rise in appointments is accompanied by calls from groups such as NASDAQ who want to require the more than 3,000 companies listed on its stock exchange to improve boardroom diversity by appointing at least one woman and at least one minority or LGBTQ+ person to their boards (as reported). NASDAQ said its decision is based on the significant link found between diverse boards and better corporate governance and financial performance.

The Latino Corporate Directors Association, a member of the WBC Women on Boards Initiative, is also calls for many more Latinos on boards, as reported. Click here to read more.