Rate of Women on Colorado Boards Accelerating

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A new study found that Colorado public companies added women to their boards at a faster rate in 2018, with the state still lagging the national average.

DENVER, Colo., February 18, 2019 – The percentage of Colorado public company board positions held by women

increased to 14 percent in 2018, according to the most recent “Women on Colorado Boards: State of the State” study conducted by Boardbound by Women’s Leadership Foundation.

 

This is an increase of two percentage points over the previous year and the highest percentage of Colorado board seats held by women recorded by Boardbound since it began tracking the measure in 2011. At that time, seven percent of Colorado board seats were held by women.

Other findings, as of December 31, 2018:

  • The addition of women to boards progressed at a faster pace in 2018, with gains morethan double the annual increase for the previous six years.
  • 16 publicly-held Colorado companies now have three or more women directors on their boards. This is up from 10 in 2017.
  • Nearly 40 percent of Colorado companies still retain an all-male board.
  • Colorado continues to trail the national average. Of the 26 states with 20 or moreRussell 3000 companies headquartered in their state, Colorado ranks 21st in thepercentage of board positions held by women. Minnesota leads Colorado by 7percentage points.

“The commitment of Colorado CEOs and board directors to transform Colorado from lagging to leading with women on boards is gaining momentum,” said Jo Lynne Whiting, Chair of Boardbound by Women’s Leadership Foundation. “Because research shows that companies with gender-diverse boards have better performance, we look forward to Colorado companies reaping the same bottom-line benefits.”

MSCI research found a significant difference in performance by companies with sustained representation of three or more women on their boards versus those with none. Companies with three or more women on their Boards saw a 37 percent increase in earnings per sharegrowth versus an eight percent decline for those with all-male boards.

Colorado legislators encouraged companies to include more women on their boards through a legislative resolution that passed with bipartisan support in March 2017. Twenty percent of Colorado public companies are currently meeting the targets set for 2020.

Boardbound by Women’s Leadership Foundation is a 501(c)(3) organization. The mission of Women’s Leadership Foundation is to open more board positions to women in Colorado and beyond. Programs include Corporate Boardbound and Community Boardbound, Boardconnect, CEOs for Women on Boards, and Latinas in the Boardroom. For more information, visit the Women’s Leadership Foundation

pdfarrrow The complete study results

...we find that banks with more gender diversity on their board perform better once the composition of these boards reaches a critical level of gender diversity, corresponding to a board female share of around 13-17 percent.

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