In what may come as a surprise to no one, there still aren’t enough women on corporate boards.
“At the current pace, U.S. companies would not reach gender parity or diversity on boards for another decade,” read the foreword of the report by 50/50 Women on Boards, which has set as its goal to reach 50/50 gender parity on boards , though those aims are not marked with a done-by date.
Similarly, and in many cases understandably, little. Which is where the Women on Boards Project has stepped in. “’Why is this model so broken? We need more women on boards and then if I am on a board, I’m the only woman on the board. What is the catch here?’” Brianna Rizzo, WOB Project board director, recounted O’Loughlin as saying.
“So much of this happens because companies are going public,” Rizzo said. “That’s been the common thread for these placements and a lot of these stories for the last couple of years. It’s like Goldman [Sachs] mandates one woman on your board, so it didn’t really fundamentally change until people started thinking through, ‘oh, well a bank is mandating it so if we want to go public we’ve got to do this, we’ve got to check the box.
“We want to kind of come back to square one and say, listen, there’s more opportunities at consumer brands for women to enter the chat because 80 percent of household goods and consumer products are purchased by women,” Rizzo said. “And we all want to see a little bit of ourselves in the products and things that we consume, so why don’t we actually put the consumer in the boardroom or the buyer in the boardroom? And that is a woman.
It may be a hurdle to get over for many, certainly. But what no one should look to fall back on is blaming a scarcity of qualified women.
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