Businesses prefer veteran female directors over untested ones, research shows
Women looking to land their first board seats have a much tougher time than men, recruiters and corporate directors say.
.. BlackRock Inc., the world’s biggest money manager, this month for the first time said that companies in which it invests should have at least two women on their boards.
.. The proportion of women on S&P 500 company boards grew just one percentage point to 22% last year—up from 16% in 2007
.. her male boss’s network opened more doors than hers.
.. Recruiters told her that board clients preferred experienced CEOs and finance chiefs.
.. “To gain their first corporate board seat, women still have to overcome strong cultural issues that most men don’t have to overcome,” said Bill George, a former head of Medtronic
.. Many businesses prefer veteran female directors over untested ones
.. These women say they frequently get feelers about additional directorships.
.. “The only executive women whom many male directors know are already loaded up with board seats,” Mr. George said. “These men need to widen their aperture.”
.. Goldman Sachs Group Inc.’s board, where Mr. George holds a seat, has no rookie women but three male first-timers.
.. Being a board neophyte disadvantages a male candidate less because men typically enjoy better connections with powerful men
.. “Women on the whole are outside the trusted networks of public company boards,” .. “So they end up with the bar that requires board experience.”
.. “When boards want tech or digital innovators, we see opportunities for women without board experience that didn’t exist five years ago,”
.. Facing the imminent departure of its only female member last year, the board decided to seek a woman savvy about cybersecurity—“an area where we weren’t particularly strong,”
Company Scrambles as Weinstein Takes Leave and a Third of the Board Resigns
The Weinstein Company struggled to perform damage control on Friday amid allegations of rampant sexual harassment by its co-chairman Harvey Weinstein and turmoil among its ranks. One-third of the company’s all-male board resigned, while board members who remained hired an outside law firm to investigate the allegations and announced that Mr. Weinstein would take an indefinite leave of absence immediately
.. “As Harvey has said, it is important for him to get professional help for the problems he has acknowledged,” said a statement signed by four board members, Bob Weinstein, Tarak Ben Ammar, Lance Maerov and Richard Koenigsberg. “Next steps will depend on Harvey’s therapeutic progress, the outcome of the Board’s independent investigation, and Harvey’s own personal decisions.”
.. The Times investigation found complaints of sexual harassment by Mr. Weinstein stretching back decades and at least eight settlements paid to women.
.. “This is a real pattern over 30 years; this is like textbook sexual harassment,” Mr. Stephanopoulos said, after describing the allegations.
“It’s gross, yeah,” Ms. Bloom replied.
“It’s illegal,” Mr. Stephanopoulos said.
“Yes. You know, I agree,” Ms. Bloom said. “See, you have to understand that, yes, I’m here as his adviser. I’m not defending him in any sexual harassment cases — there aren’t any sexual harassment cases. I’m working with a guy who has behaved badly over the years, who is genuinely remorseful, who says, you know, ‘I have caused a lot of pain.’”
.. Ms. Bloom said: “The New York Times allegations if true would constitute sexual harassment. However, Mr. Weinstein denies many of them and was not given a fair opportunity to present evidence and witnesses on his side.”
.. Ms. Rhoades Ha also called for Mr. Weinstein to release his employees from nondisclosure agreements he reportedly had them sign.
“As a supporter of women, he must support their right to speak openly about these issues of gender and power,” she said.
.. As it has become harder to make money with prestige-minded dramas, many of which now find their primary audiences through video on demand, the Weinstein Company has tried to pivot toward television production.
The Uber Pattern Continues With a Sexist Comment at a Board Meeting
Less than 24 hours after unveiling policies meant to combat sexism, David Bonderman resigns over remarks about women.
.. Arianna Huffington, a board member, says, “There’s a lot of data that shows when there’s one woman on the board, it’s much more likely that there will be a second woman on the board.” Bonderman replies, “Actually what it shows is it’s much likely to be more talking,” to which Huffington says, “Oh come on, David.”
.. A powerful male board member makes an offensive comment about women in response to a female board member speaking at a meeting meant to introduce policies to address allegations of sexism.