’Tis the season, not of mists, but of lists: 12 days of Christmas; three kings; 10 most valuable chief executives.
George Paz (chief executive of St Louis-based pharmacy benefit manager, Express Scripts), Steve Jobs (the late chief executive of Apple) and Louis Camilleri (Philip Morris International) all feature in the top 10 of an end-of-year ranking of chief executives (rated by how much wealth they have created for their companies). There are no prizes for guessing what is missing.
In fact you have to scroll down to number 111 before you find a female chief executive – Carol Meyrowitz, of TJX, the discount retailer, and 14th in the FT’s top 50 women in business.
The list, compiled by Chief Executive, the US magazine, ranks chief executives of Fortune 500 companies by a set of financial performance metrics including total shareholder return, for the 36 months to June 30 2011 and ranks only those who have been in post for the whole three years.
In spite of all the efforts to support women’s careers, and all the research that shows diversity to be a performance advantage, the fact remains that too few women are making it to the top.
Research by Catalyst, a non-profit organisation focusing on women and work issues, discussed here, reveals that only 3.2 per cent of the chief executives of Fortune 500 companies are women – 17 of the 500. In fact the percentage of female chief executives of Fortune 500 companies has increased only from 0.2 per cent in 1995 to 3.2 per cent today.
Change takes time. In 1890 no woman on the planet had a vote, and it took a century for universal suffrage to spread to 96 per cent of countries (1994).
This is my 168th post for this blog since we launched on October 13 last year. In that time I have written some 60,000 words on the general subject of diversity and women in leadership and interviewed academics, researchers, chief executives and policymakers. There is far more consensus than disagreement: only the question of compulsory quotas has engendered real debate.
We have learnt that even in countries that have significantly broadened women’s access to high-paid positions, this does not necessarily translate into the boardroom. According to the US Bureau of Labor Statistics (2010), women occupy more than 50 per cent of high-paying management and professional positions, but just 16.1 per cent of board seats.
We have also discovered there is no correlation between economic development and diversity. In Europe, where not quite 12 per cent of board members are female, women hold 17 per cent of board positions in Bulgaria and Latvia.
As I watch the mounting excitement of my sons and daughter as Christmas approaches, I hope that by the time they make their career choices a decade from now, this blog will appear a quaint irrelevance.
Happy holidays to all our readers.