Numbers of U.S. women CEOs, board members still far below men

In spite of the great progress American women have made over the last century, when it comes to parity with men, especially in the corporate world, women still have a long way to go, says a women’s expert in Chicago.

Deirdre Joy Smith, the founder, president and visionary behind POWER: Opening Doors for Women?, a program that provides a platform for women in C-level and senior management positions and connects them with high-potential women, made the remarks in an exclusive interview with Xinhua on Friday.

On the eve of the 100th anniversary of the March 8 International Women’s Day, an event that originated in Chicago, Smith said: “It is a tremendous celebration of the strides that women have made across the world. Traditionally, women have been active with their families and in their communities. However, when they have taken their rightful places at work, they have proved themselves to be consistent builders and leaders.”

Unfortunately, Smith pointed out: “After one century, we still have not reached full parity with men in many aspects. At Fortune 500 companies, only 3 percent of CEOs are women. In board rooms, only 15 percent of members are women. And although women make up more than half of the students in law schools, only 18 percent of them become equity partners of law firms.”

She continued: “And we still have not had a woman as the president of the United States.

Women who run for high offices are still treated with sexism — just look at the media treatment for Hillary Clinton and Sarah Palin.” From a global perspective, Smith thinks other countries have done a really good job in enforcing parity by law.

“For example, Norway passed a law two years ago requiring that women comprise 40 percent of the board members of public companies. Now Spain, Canada, and other countries are actually enforcing those laws,” she said.

However, Smith admitted that there has also been progress over the years in the United States. For example, she said, a lot more women are in the workforce, including in leadership positions.

“In 1995, 10 percent of board members were women, and in 2008, we raised that to about 15 percent. Although that is only a 5- percent increase in 15 years’ time, it is still progress,” she stressed.

“We definitely need more women in C-suites and more female lawyers as equity partners at law firms,” Smith added. She further explained: “Women purchase 80 to 85 percent of consumer goods. The fact that we are not in the corporate boardrooms to make these decisions about the products that we purchase does a disservice to everyone.”

In addition, Smith used a study by Catalyst, a leading non- profit organization supporting women in business, to reinforce the necessity of having more senior women executives.

The study shows when a large percentage of women work at the corporate suites, the company’s actual return on investment is 34 percent.

CHICAGO, March 7 (Xinhua)