Milwaukee Women inc 2023 Research Report Shows Continued Progress
Milwaukee Women inc (MWi) today released its 2023 annual research report, "Driving Forward: Our Work Is Not Done." MWi is an organization of executives determined to change the composition of corporate boards to maximize the performance of public and private companies with a focus on women and women of color.
This year's report highlights the progress made in diversifying the boards of Wisconsin's Top 50 public companies (WI 50) and Top 50 private companies. It shows a notable increase in the number of Power of 3 companies (companies with 3 or more women on their board) and the growth in representation of women of color on the boards of the Top 50 public companies. However, there is still much work to be done to achieve gender parity on boards of directors of Wisconsin companies.
Key findings in the 2023 MWi Research Report include:
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Women Top 50 public company directors:
- Overall, women hold 27.3% of director seats on the boards of the WI 50 public companies, up from 26.3% in 2022 but lower than the 33% representation of women on boards of the S&P 500.
- 52% of WI 50 companies have three or more female directors (Power of 3), a significant increase from 44% in 2022. The number of Power of 3 companies in the Russell 3000 index is 44%, placing Wisconsin substantially above the average.
- 35% of newly elected directors are women.
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Women of color directors Top 50:
- 6.3% of total board members in the WI 50 are women of color, up from 5.7% in 2022.
- 23.0% of total women directors are women of color, a small increase from 22.6% in 2022.
- 27% of newly elected women directors are women of color, down from 39% in 2022.
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Women Top 50 private company directors:
- Women hold 21.1% of director seats in Wisconsin's Top 50 private companies, an increase from 20.5% in 2022, and compared to 16% in a broad study of US private companies.
- 26% of private companies have 3 or more women directors, compared to 22% in 2022.
- 64% of private companies have at least one woman board member.
"As the data shows, companies are recognizing the benefits of board diversity and are taking thoughtful and deliberate actions to increase diversity on their boards. While we are making good progress, our work is not done. Milwaukee Women inc strives to connect companies, CEOs, nominating and governance committee chairs, and search firms with our networks of qualified female directors, including our public database of board-ready female executives. Ensuring a director search process that prioritizes equity not only establishes a culture of inclusion at the top, but can also positively impact the bottom line," said Kim Stoll, MWi chair and vice president of sales and marketing for Badger Meter.
Milwaukee Women inc has been producing research on board gender diversity of the 50 largest Wisconsin-based public companies since 2004. To read this year's full report, visit www.milwaukeewomeninc.org/research.
About Milwaukee Women inc (MWi)
Milwaukee Women inc is a nonprofit 501(c)(3) organization dedicated to achieving balanced representation of women on boards of directors to maximize the performance of public and private companies, with a focus on women and women of color. MWi is a catalyst for change through its benchmarking research, education and advocacy, providing resources and programs that can help companies and organizations move the needle even further. More information is available on Milwaukee Women inc's website: http://www.milwaukeewomeninc.org/.
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