WOMEN CEOs – INCREASING WOMEN ON BOARDS AND IN SENIOR MANAGEMENT
This study examines companies with women CEOs in 2010 and the presence of women
board directors and women executive officers in those companies with women CEOs.
Comparisons are made between companies with women CEOs and all companies. A
total of 37 countries are considered with the 27 European Union countries taken as a
whole.
OVERALL FINDING
Companies with women CEOs have both a greater percentage of women board
directors and a greater percentage of women executive officers than the average
company in the same country in nearly all countries.
BACKGROUND – WHERE ARE WOMEN CEOs?
In 10 countries worldwide (4 Americas, 1 Africa, 5 Asia-Pacific), plus 27 European Union
countries, a total of 114 women were CEOs of top companies in 2010.
The countries with the highest percentage of women CEOs are China and the Philippines,
both with 7%. Canada (5.6%) and the UK (5%) have the next highest percentages of
women CEOs in the study.
Mexico has the lowest percentage (1%) of women CEOs followed by Hong Kong and
India, both with 2%. Among countries in Europe with no women CEOs in leading bluechip companies are France, Germany, and Spain. The European country with the most
women CEOs is Serbia, which has five women CEOs in their blue-chip index.
(To add: Industry analysis – The industry with the highest number of women CEOs is
______, followed by ________________. Notable industries with no (or very few)
women CEOs include __________________. Other items of note?)
WOMEN BOARD DIRECTORS ON COMPANIES WITH WOMEN CEOs
1 – Companies with women CEOs have higher percentages of women board directors on
average than companies with male CEOs.
Companies with women CEOs have an average of 23.3% women directors. The average
of all companies in the countries in the study is 12.4%. The resulting difference of 10.9%
illustrates the positive effect of women CEOs on the presence of women on the board of
directors.
2 – In over 90% of countries, the above (Companies with women CEOs have higher
percentages of women board directors on average than companies with male CEOs) is
true.
In 11 of the 12 comparisons in the study, the percentage of women board directors is
greater than the country average. The one country in which the percentage is not
greater is Brazil, though the difference is only -0.1%.
3 – In over half of countries, the presence of women board directors on companies with
women CEOs is significantly greater than on boards of companies with male CEOs
In six of the comparisons, the percentage of women board directors of companies with
women CEOs is greater than 10% higher than the country’s average percentage.
4 – The greater presence of women board directors in companies with women CEOs
holds true across continents.
The country with the greatest percentage difference is the Philippines. In Philippine
companies with women CEOs, the percentage of women board directors is 34.8%
compared with the benchmark of 12%, a difference of 22.8%. The US has the second
greatest increase with a percentage of 34.4% women directors on boards of companies
with women CEOs compared to the benchmark of 15.7%, a difference of 18.7%. The UK,
Canada, Australia, and China also have a percentage of women directors over 10
percentage points higher on companies with women CEOs than the benchmark. Across
the globe from the Asia-Pacific region to Europe to North America, women CEOs have
positive effects on the presence of women board directors.
5 – (To ADD – Industry Comparison – Industries with best/worst percentages, greater
than/lesser than country average; other findings)
WOMEN EXECUTIVE OFFICERS ON COMPANIES WITH WOMEN CEOs
1 – Companies with women CEOs have higher percentages of women executive officers
on average than companies with male CEOs.
Companies with women CEOs have an average of 24.4% women in executive officer
positions. The average of all companies in the countries in the study is 13.2%. The
resulting difference of 11.2% illustrates the positive effect of women CEOs on the
presence of women in executive officer positions.
2 – In all countries in this study, the percentage of women executive officers in
companies with women CEOs is greater than the country’s average percentage of
women in executive officer positions.
3 – In over half of the countries, the percentage of women executive officers in
companies with women CEOs is more than 10% greater than the country average.
4 – The Philippines again tops the list with the greatest difference in percentage
between companies with women CEOs and all companies. Philippine companies with
women CEOs average 43.8% women executive officers compared to an average
percentage of 22%, a difference of 21.8%. China and Australia also have large
percentage increases, 19.9% and 19.7%, respectively.
5 - (To ADD – Industry Comparison – Industries with best/worst percentages, greater
than/lesser than country average; other findings)
IS IMPACT OF WOMEN CEOs GREATER ON BOARDS OF DIRECTORS OR EXECUTIVE
OFFICER POSITIONS?
1 – Overall, there is not greater impact of women CEOs on women on boards or in
executive management, or vice versa. The overall percentage increases of 10.9% and
11.2% show equal impact on both.
2 - Half of the countries saw greater increases in percentage of women on board of
directors, while the other half saw greater increases in the percentage of women in
executive officer positions.
3 – There are differences among the countries, though. European Union companies had
a much higher percentage of women in executive officer positions over percentage of
women on Boards of Directors in companies with women CEOs (33% to 20.8%), while
the United States had a much higher percentage of women Board Directors (34.4%)
than women executive officers (23.6%). One explanation for this may be the structure
of the boards in which the CEO does not serve on the Supervisory Boards of European
companies, while the CEO does sit on the Boards of US companies.