The Chicago 50 Co
10 Highlights of The 2010 Census Progress Report from The Chicago Network
Encouraging Gains in Board Directors, Executives at Leading Chicago Companies Percentage of Women Executive Officers 30
The Chicago 50 Companies
Women have reached their highest percentages in the board 26rooms and 25 executive suites of Chicago’s 50 largest publicly reporting companies, according to The Chicago Network’s 13th annual 20Census Progress 13 15 Report. This is encouraging news, as gains at large firms across the 10 7 country are stagnating, even as research underscores the business 4 5 impact of diversity. Still, the better Census news in Chicago is tempered. 0 The latest Census data shows that women are struggling to move 0% 1–10% 11–25% Above 25% into the ranks of top earners and that the percentage of all women Percentage of Women year. Top Earners executives, out of all new executive officers, fell for the second 40
KEY CENSUS FINDINGS:
Women Directors – Building a Stronger Foundation •W omen directors increased to 15.3% from 14.1% last year, while the absolute number rose to 85 from 77, the biggest one-year increase – and the highest level – ever. •T he percentage of women directors out of all new directors has more than doubled to 29.5% from 14.0% last year. •T he number of companies with no women directors fell to five from seven.
The Chicago 50 Companies The Chicago 50 Companies
35 34 positions – board The Census tracked the representation of women in key leadership 30 members, executive officers and top earners – based on fiscal year 2009 proxy filings. 25 20
•S ixteen companies have women executive officers who are top earners, down from 18 last year.
11–25% Above 25%
Percentage of Women Top Earners 40 35
o 50 Companies The Chicago 50 Companies
•T hirty-four companies in the Chicago 50 have no women top earners, up from 32 in 2009.
30 25 20 15 30 10
Percentage of13 Women Directors
25 5 0 20 15
Progress Report Committee and President of Cambium, LLC
Percentage of Women Executive Officers
Women Top Earners – Leveling Off •T he percentage of women top earners remained the same as last year at 7.7%.
— Michelle L. Collins, Chair of 2010 Census
The Chicago 50 Companies
•T he number of companies with no women executive officers fell to 13 from 17.
Women Executive Officers – Gaining Ground
•T he percentage of women executive officers out of all new executive officers was 13.3%, down from 17%.
•W omen executive officers increased to 15.8% from 14.9%.
of Women Directors 13
10 25 5
“There is a core of Chicago-based companies that understand that women in leadership positions is simply good business. However, there is more work that must be done across a broader spectrum of companies. We must continue to be vigilant about creating opportunities for women – ensuring that we are actively seeking and mentoring women for roles in senior management and on boards.”
Top Census Performers The Allstate Corporation, Corn Products International, Inc., and Kraft Foods, Inc. are again among the top performers measured by percentage of women directors, executive officers and top earners. Joining the top five this year: Jones Lang LaSalle and Northern Trust Corporation. However, three companies had no women directors, executive officers or top earners – CNA Financial Corporation, LKQ Corporation, and U.S. Cellular Corp. U.S. Cellular has since added a woman CEO and director.
Women of Color For the sixth consecutive year, the Census looked at women of color data. Of the companies in the Chicago 50 supplying this information, just 17.5% of women directors are women of color, down from 19.5% from last year. Women of color among all women executive officers rose to 13.2%, up slightly from 11.8% last year.
The Takeaway – Higher Expectations, Expanded Initiatives There are more signs pointing in the right direction for the inclusion of women at the highest corporate levels in Chicago than we’ve seen in years. Especially promising: our data finds that 30% of all new directors are women. The gains place Chicago companies at about the national average for directors (15.3% locally vs. 15.7% nationally) and top earners (7.7% locally vs. 7.6% nationally), and slightly higher for executive officers (15.8% locally vs. 14.4% nationally).1 This progress must continue to be consolidated and built upon. At The Chicago Network, through our Women on Boards Initiative, we are addressing the chronically low numbers of women serving on public company boards of directors. This initiative works to train, mentor and open doors for qualified women interested in joining public company boards of directors. Leaders of the top-performing companies understand the business imperative. It is time to do more. 1 “2010
Catalyst Census: Fortune 500 Women Board Directors” and “2010 Catalyst Census: Fortune 500 Women Executive Officers and Top Earners,” Rachel Soares, Jan Combopiano, Allyson Regis, Yelena Shur and Rosita Wong, (Catalyst, December 2010).
About The Chicago Network The Chicago Network is an organization of Chicago’s most distinguished professional women. Now in its 32nd year, The Network creates empowering relationships for women leaders that enable its members to increase their impact on their organizations and the community at large through peer networking, mutual support and issue awareness. Today, its more than 400 members are the leading women of Chicago’s business, professional, cultural, nonprofit and educational communities.
“I have been a champion of diversity throughout my executive career. Diversity is central to the culture of Corn Products International, and its importance to our ongoing growth must be continually reinforced. I am convinced that the inclusion of women and other diverse leaders in key positions and as members of our Board is good for our company and for our shareholders.” — Ilene Gordon, Chairman, President and CEO of Corn Products International, Inc. and member of The Chicago Network
“At Allstate, inclusive diversity means the breadth of our differences defines us and strengthens us. Women have been and always will be critical to our success since they represent 60% of our employees and 40% of our customers. We are proud of our accomplishments in providing personal growth and leadership opportunities for women. In the end, it’s about people and people are the key to all success.” — Thomas Wilson, Chairman, President and CEO of The Allstate Corporation
For the complete Census Progress Report which includes a list of all of the Chicago 50 companies and their representation of women in each category we measure, please visit our website at www.thechicagonetwork.org.
Deloitte is proud to be a part of the continuing dialogue on this topic. For the eighth consecutive year, Deloitte has provided data collection and analysis to The Chicago Network for the Census Progress Report. As used in this document, “Deloitte” means Deloitte LLP and its subsidiaries. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries.
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