50/50 Women on Boards Endeavors to Boost Gender Parity

• 50/50 Women on Boards began 15 years ago to grow women in corporate boardrooms
• The first objective was 20% women on U.S. Russell 3000 company boards by 2020, which was achieved
• Today, it seeks 50% women on U.S. public company boards

Fifteen years have passed since 50/50 Women on Boards were formed to tackle the underrepresentation of women in company leadership and boards of directors.

The group first sought 20 percent female representation on boards of U.S. Russell 3000 companies by 2020, which it did. It is currently focused on achieving women filling 50 percent of board seats among U.S. public companies, at least 20 percent of them women of color.

Heather Spilsbury, 50/50 Women on Boards CEO, stressed that gender diversity is a business necessity, not a DEI project. "There's no way a company can be successful with only one set of gender, criteria, or experience," she said.

Based on a report issued by 50/50 Women on Boards in July, women now hold 30 percent of the board seats of U.S. public companies.

The organization will hold an international summit in New York City on September 18, featuring 250 guests, including corporate board members and international leaders, to discuss board governance.

The report also discovered that 30 percent of sitting directors are "merit-based qualified," which encompasses leadership experience, network quality, economic alignment, performance record, and industry knowledge.

Heather observed that most board members get appointed based on seniority or acquaintance, most often in favor of men, as opposed to merit.