Women Directors Advance in 2004 Spencer Stuart Board Index
Editors: This release corrects the original issued on August 30, which
inaccurately stated the composition of the Board of Directors of Golden West
Financial Corporation and Avon
NEW YORK, Sept. 21 /PRNewswire/ - New research by Spencer Stuart, the global executive recruiting firm, reveals a significant increase in new women directors in 2004. Of the 443 new independent directors reported in S&P 500 company proxies in 2004, 105, or 24 percent, were women compared to 74, or 19 percent of new directors in 2003. Spencer Stuart said it believes this was the largest number of new women directors ever added to S&P 500 companies in one year. Overall, the number of new independent directors in 2004 was 13 percent higher than in 2003. Companies with the greatest percentage of women directors included Golden West Financial Corporation with five women out of nine directors for a total of 56 percent of the board, Avon Products, Inc. with six women out of 11 directors for a total of 55 percent and Albertsons with five women out of 10 directors for a total of 50 percent. Twelve firms had four women directors and 53 firms had three women directors. (A chart with companies that have 30 percent or more women directors is appended to this release.) A total of 87 percent of S&P 500 boards now have at least one woman director, up from 85 percent in 2003 and women directors now represent 16 percent of the total number of directors, up from 13 percent in 2003. "This trend in adding women to boards tracks with Spencer Stuart's director recruitment practice," said Julie Daum, Spencer Stuart's North American Leader, Board Services Practice. "In the last 18 months, less than 10 percent of clients specifically requested a women director, but 23 percent added a woman to their boards. In the last five years, Spencer Stuart has recruited 200 women for boards, 50 of whom were for companies outside the U.S. We believe more women are entering boards because there are more women with strong business backgrounds available, boards are more receptive and boards have changed recruitment processes to allow women with different backgrounds to be considered." Spencer Stuart extracted information for this year's 19th-annual Spencer Stuart Board Index (TM) (SSBI) study of corporate governance in S&P 500 corporations directly from company proxies. The firm also researched company web sites to determine what firms say about corporate governance and conducted a separate survey to assess corporate governance issues not recorded in proxies. Spencer Stuart will publish the full SSBI study, including information about director compensation, by November 5, 2004, and it will also be available on the firm's web site at http://www.spencerstuart.com. About Spencer Stuart Spencer Stuart is the foremost privately held global executive search firm, spanning over 50 offices in 25 countries. Since 1956, the firm has provided select clients with a range of human capital solutions, including senior-level executive search, board director appointments and strategic leadership services. Spencer Stuart conducts over 4,000 assignments each year, partnering effectively with clients ranging from the Fortune 500, to mid-cap, to emerging growth companies across a broad range of industries and sectors. Corporations and Women Directors Firms that have 30 percent or more women directors Total No. No. of Women of Women as a % of Company Name Directors Directors Total Golden West Financial 5 9 56 % Avon Products 6 11 55 % Albertson's 5 10 50 % Pepsi Bottling Group 4 10 40 % Gannett 3 8 38 % Boise Cascade 4 11 36 % Wells Fargo 5 14 36 % SBC Communications 6 18 33 % New York Times 5 15 33 % Compuware 4 12 33 % J.C. Penney 4 12 33 % Calpine 3 9 33 % Colgate-Palmolive 3 9 33 % Hershey Foods 3 9 33 % Hewlett-Packard 3 9 33 % Kimberly-Clark 3 9 33 % Gap 4 13 31 % Principal Financial Group 4 13 31 % Washington Mutual 4 13 31 % CIGNA 3 10 30 % KeySpan 3 10 30 % MBIA 3 10 30 % McKesson 3 10 30 % Providian Financial 3 10 30 % Ryder System 3 10 30 % Toys R Us 3 10 30 % United Parcel Service 3 10 30 %
SOURCE Spencer Stuart
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