Executive Alliance’s mission really comes alive in this committee. The Women on Boards’ goal is to increase the number of women who hold seats on corporate boards, positions of C-Suite leadership and governmental appointments. We do this by positioning Executive Alliance as a strategic partner to regional and statewide organizations, businesses and boards. We welcome your input and urge you to join our efforts!
WOMEN DIRECTORS’ EVENT
Executive Alliance continues its work to highlight and connect women corporate directors through a series of Women Directors’ Networking Events.
The Women on Boards Committee co-hosts these events for board members, CEOs and nominating/governance chairs of public companies and significant community leaders. The purpose of these events is to discuss issues, network and to implement strategies to increase the number of women in leadership positions. In an era in which diversity and succession planning are key corporate initiatives that drive stakeholder value and have real financial impact, Executive Alliance provides tangible value and stands ready to help corporate leaders move forward in this important endeavor.
If you are interested in learning about these events, please contact us.
CENSUS REPORT OF WOMEN BOARD DIRECTORS IN MARYLAND
Executive Alliance has been measuring the representation of women in the boardrooms of public companies based in Maryland since 2007. These findings are reported in the bi-annual Census Report of Women Board Directors in Maryland. Through Executive Alliance, our members combine their energies in advocating for advancement of women to corporate boards of directors and executive suites.
GREEN BAG INITIATIVE
Executive Alliance recognizes the importance of public service and serving on government commissions and boards. These positions are sometimes referred to as “green bag” appointments. Executive Alliance works to connect well qualified women with those in government to create a vibrant pipeline for appointments. If you know someone who might be interested in these efforts please let us know.
NEW “GENDER DIVERSITY IN THE BOARDROOM” LAW PLACES MARYLAND COMPANIES ON NOTICE AND UNDER THE SPOTLIGHT
Executive Alliance successfully mobilized an effort to pass legislation to encourage more gender diversity on boards of Maryland companies while also increasing transparency and urgency. During the recent 2019 Maryland General Assembly, lawmakers passed House Bill 1116 Gender Diversity in the Boardroom into law. The legislation was sponsored by Delegate Shelly Hettleman, who worked tirelessly with other women legislators and an impressive number of male legislators who co-sponsored the bill. The new law went into effect on October 1 and requires Maryland businesses and certain nonprofits to report the number of women on their boards as part of the Annual Report of Personal Property Tax Form-1, which companies and non-profits must file annually by April 15 to Maryland’s Department of Assessments and Taxation (SDAT). This information will be collected by SDAT and shared with the Comptroller of Maryland, who will submit a report to the General Assembly on or before Jan. 1 of each year.
According to research done by Executive Alliance in its annual “Census Report of Women on Boards in Maryland,” Maryland lags significantly behind the national average of 22.5% of board seats and executive positions held by women in publicly traded companies. In 2014, 14.4% board seats among publicly traded companies in Maryland were held by women, and in 2018, women occupied 16.8% of board seats, which is a mere 2.4% increase over four years. This sluggish rate of growth for Maryland mirrors marginal gains nationally. The number of total board seats for Fortune 500 companies increased on average of 22 board seats per year from 831 seats to 1,051 from 2007-2017. At this rate, it would take another 40 to 50 years before gender parity in the boardroom is achieved.
This comes at a time when women comprise 51% of the population, 57% of college graduates, 50% of the workforce, but only hold 14.6% of executive positions and 16.9% of board seats in Fortune 500 companies according to Catalyst Census reports of Women Board Directors.
Converting the New Law into Action
With the passage of HB1116/SB911 Maryland becomes the second state in the nation, behind California, to establish a law aimed at increasing the number of women on boards. While passing a law is a powerful first step in moving the numbers for more women joining boards of influence in Maryland, there is more that needs to happen to raise awareness and prompt action.
Look for more to come from Executive Alliance on how we will assist in putting this new law into action. To inquire about how Executive Alliance an assist your organization with compliance to the state’s new Gender Diversity in the Boardroom law and other women on board initiatives, contact us.