Gender diversity on boards is regressing, according to a recent study from professional services firm Heidrick & Struggles.
For the first time in eight years, the share of open board seats that went to women at Fortune 500 companies declined in 2016. It fell to roughly 28 percent from 30 percent in 2015. Due to this decline, Heidrick & Struggles increased their estimate by two years for how long it will take women to reach parity with men in director appointments. The firm believes men and women will be awarded board directorships equally by 2032, according to the report.
Heidrick & Struggles' findings suggest achieving this goal may require boards to recruit members from outside their usual circles. The study indicates 66 percent of board member seats in 2016 were filled by CEOs and CFOs, both roles that are generally male-dominated, and 75 percent of seats were filled by people who had already served on boards, offering little opportunity to shake up diversity.
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