Catalyst 2008 Census Shows Lags in Advancement for Women

Women's advancement in corporate leadership continues to stagnate, with virtually no growth seen in women's share of top positions, according to the 2008 Catalyst Census of Women Board Directors of the Fortune 500 and the 2008 Catalyst Census of Corporate Officers and Top Earners of the Fortune 500. Ilene H. Lang, president and chief executive officer of Catalyst, says, "Exceptional circumstances require exceptional leaders. Now more than ever, as companies examine how best to weather an economy in crisis, we need talented business leaders, and many of these leaders, yet untapped, are women."

The reports show little change in the number of women in the upper ranks of major corporations. Specifically among women’s share of board director positions in the Fortune 500:

• Women held 15.1% of board director positions, compared to 14.8% in 2007.
• Women of color held 3.2% of all board director positions. Little change occurred in the number of companies having zero, one, two, or three or more women.
• Little change occurred in the number of companies having zero, one, two, or three or more women directors, and the slight increase in companies with three or more women was offset by the slight increase in companies with zero women.
• The number of women audit and compensation committee chairs continued to lag behind the overall representation of women board directors, even as women's share of nominating/governance committee chairs continued to keep pace with their share of all directorships.

Overall representation of women corporate officers and top earners in the Fortune 500 continued to stagnate as well:

• Women held 15.7% of corporate officer positions, compared to 15.4% in 2007
• Women held 6.2% of top earner positions, compared to 6.7% in 2007.
• Little change occurred in the number of companies having zero, one, two, or three or more women corporate officers.

The Catalyst Census also contains additional data on women of color board directors. The findings include:

• Black women comprised 63.4%, Latinas 24.4% and Asian women 11.6% of all women of color board director positions
• More than one woman of color serving on a board was rare, with only 4% of companies having two women of color directors serving together.

"No change in a year of change is unacceptable — for business, for investors, for policy makers and for the public, which looks to business leadership for innovative solutions and accountability," said Lang. "Smart organizations will seize this opportunity to create credible, 21st century leadership that looks like the future, and bring women, including women of color, front and center into their leadership — on boards and in senior management."