In addition to grappling with a persistent pay gap, working women also have to deal with extreme difficulty ascending to powerful corporate positions, according to a report by the research organization Catalyst. As Bryce Covert explainedÂ at The Nation:
Women held just over 14 percent of executive officer positions at Fortune 500 companies this year and 16.6 percent of board seats at the same. Adding insult to injury, an even smaller percent of those female executive officers are counted among the highest earnersâ€”less than 8 percent of the top earner positions were held by women. Meanwhile, a full quarter of these companies simply had no women executive officers at all and one-tenth had no women directors on their boards. […]
Did this year represent a step forward? Not even close. Womenâ€™s share of these positions went up by a mere half of a percentage point or less last year. Even worse, 2012 was the seventh consecutive year in which we havenâ€™t seen any growth in board seats and the third year of stagnation in the C-suite.
Overall, more than one-third of companies have no women on their board of directors. But economic evidence shows that keeping women out of the board room is a mistake. According to work by the Credit Suisse Research Institute, â€ścompanies with at least one woman on the board would have outperformed in terms of share price performance, those with no women on the board over the course of the past six years.â€ť
This post was originally posted on Think Progress on December 11, 2012. Reprinted with Permission.
About the Author: Â Pat Garofalo is the Economic Policy Editor for ThinkProgress.org at the Center for American Progress Action Fund. Patâ€™s work has also appeared in The Nation, U.S. News & World Report, The Guardian, the Washington Examiner, and In These Times. He has been a guest on MSNBC and Al-Jazeera television, as well as many radio shows. Pat graduated from Brandeis University, where he was the editor-in-chief of The Brandeis Hoot, Brandeisâ€™ community newspaper, and worked for the International Center for Ethics, Justice, and Public Life.