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The European Parliament is calling for EU-wide legislation which would require the boards of listed companies to include at least 40% female members by 2020. Currently no more than 10% of directors are female in the large listed companies in the EU and this has been fairly static throughout the last five years. How can this EU average compare to the US or UK? The unfortunate news is that the percentage of female board directors is appalling low throughout the western world despite women's high participation in the workforce as well as attainment of both undergraduate as well as advanced degrees.

Gender Diversity on Boards in the US, UK and Globally hover boards for sale

In the US approximately 15% of board members for Fortune 500 companies are women and this really is unchanged since 2008. In the UK the percentage has hovered around 12% in recent years. While not recommending statutory quotas immediately, the UK's Davies Report made three key recommendations: 1. All chairmen of FTSE 350 companies should put down the percentage of women they aim to have on the boards in 2013 and 2105; 2. FTSE 100 boards should strive for at the least 25% female representation by 2015 and 3. Companies in the UK must certanly be necessary to report on which they're doing about gender diversity - including targets, implementation plans and timeframes. From this backdrop a voluntary initiative has emerged in the UK called the 30% Club - several chairmen devoted to voluntarily bringing more women onto UK corporate boards.

In accordance with Corporate Women Directors International 2010 Report, the full total percentage of women board members globally continues to boost at a glacial pace. The percentage of board seats held by women from 2006-2009 increased by only 1% to 12.2% from 11.2% in 2007. Which means men still hold 87.8% of board appointments to the 200 largest companies in the world.

Likely Outcome to EU's Proposed Quotas for Women on Boards

For yesteryear year Viviane Reding, EU Justice Commissioner, has tried to work well with the large EU companies to produce a voluntary scheme, similar to the UK's 30% Club, to effect change in the boardroom and never having to resort to legislation. Her proposal was to have 30% women directors by 2015, rising to 40% by 2020. This initiative has now stalled with only a number of EU companies buying into the proposed targets. Dr Ruth Sealy, Senior Research Fellow and Deputy Director at Cranfield's International Centre for Women Leaders commented on the EU's recent announcement, " Reding has focused on this for a time and it's unfortunate that legislation needs to be looked at, but the fact remains that way too many European countries have been talking, however not acting. Post the Davies Report there's now an expression of engagement in the UK. The goal of 30% female board directors on the UK'S FTSE 100 boards by 2020 looks perfectly achievable." hoverboards for sale

The sentiment in Brussels appears to be that European legislation mandating quotas for the supervisory boards of listed European companies might be on the agenda within a year if no voluntary plans emerge. The national European governments are unlikely to embrace this new legislation which will desire a majority or potentially unanimous backing (depending on the format of the legislation) so as becoming a reality. The likely outcome is support for monitoring and transparency as opposed to hard numbers dictated by the EU.

The Female Capitalist's Viewpoint

Where does The Female Capitalist™ stand on this problem? My view is that even the mere threat of quotas is forcing companies to are more aware of the board composition, with some companies taking action before any legislative changes are made. If proposed voluntary measures don't result in real change in the boardroom, I'm afraid that my strong business orientation compels me to support quotas - that is to state, the business case is clear. A written report from the UK's Equality and Human Rights Commission suggested that at the present rate of change it will take 70 years to achieve gender balance in the boardroom. As a mother of a 24 year old daughter, I am not willing to attend that long.