Women continue to be woefully under-represented on corporate boards and in the executive suite. It’s that time of year when anyone holding stock in a public company and mutual funds receives an annual report and proxy ballot. ION an organization formed to advance women to the boardroom has conducted studies that show increased diversity on a board correlates to improved governance and financial success
I just received my proxy ballot for EMC. Once again there is only one woman being put up for director. If you own shares of a public company and want to make a point about the dearth of women on their board follow the ION guidelines below:
- If there are too few women on the board, write “Where Are the Women” on the proxy ballot.
- Vote no on all the nominees if all are male or vote yes for the one or two women.
- On the proxy ballot, write a message about your concern. See the ION website for sample language.
- Write or email the language used in #3 to non-management directors or the lead director, chair of the board, chair of the governance or nominating committee and the corporate secretary. Their contact information is contained in proxy and on the company website.
- Attend the annual stockholders meeting and raise the question as to why there are so few women. While you have the floor remind all present that more women directors are good for governance and good for business. Also comment on the dearth of women in executive positions if also true.
- Follow the procedures in the proxy statement to nominate women directors for next year’s slate of board candidates.
- If this is a company whose products you buy, make sure to tell them you are reconsidering whether you can continue to purchase from them.
I encourage you to take action now and every year until the issue is resolved. This is the third year I have done some version of this post. Let’s create a ground swell for change.
