CO General Assembly Passes Resolution Promoting Equitable Gender Representation on Corporate Boards on International Women’s Day
Legislative and business leaders help launch resolution at Capitol
breakfast
DENVER–(BUSINESS WIRE)–Colorado’s General Assembly today passed a legislative resolution (HJR
17-1017) calling for equitable and diverse gender representation on the
boards of publicly held corporations headquartered in Colorado. The
resolution was sponsored by Speaker of the House Crisanta
Duran (D-5) and Rep. Lois
Landgraf (R-21), and Senators Beth
Martinez Humenik (R-24) and Nancy
Todd (D-28).
Prior to introduction of the resolution this morning, Lieutenant
Governor Donna
Lynne, Speaker Crisanta Duran, Newmont Mining
Corporation’s President and Chief Executive Officer, Gary
Goldberg, and Co-Chair of the Women’s Corporate Directors and
CoBiz Financial independent board director, Mary
Beth Vitale, headlined an International Women’s Day
breakfast at the State Capitol to help launch the non-binding
resolution. The breakfast was organized by the Women’s Leadership
Foundation (WLF) and Axiom
Strategies.
Within the three-year period from January 2018 through December 2020,
the resolution encourages companies with nine or more director seats to
have a minimum of three women directors on their boards, while companies
with five to eight director seats have a minimum of two women, and those
with fewer than five director seats have a minimum of one woman on their
boards.
Lt. Governor Donna Lynne said, “The passage of this resolution by
Colorado’s General Assembly on International Women’s Day sends a clear
message that our state recognizes the value and importance of the
equitable representation of qualified women on corporate boards. It’s
not just the right thing to do; it will benefit Colorado’s economy
through enhanced business performance, improved accountability and
better service to customers and other stakeholders.”
“For me, when we’re thinking about how we make sure that our state and
nation continue to go in the right direction, a key component is to
ensure that we are inclusive—that everyone has a seat at the table,
regardless of race, gender or background,” said Speaker Crisanta Duran,
D-Denver. “And that means women have to have the opportunity to serve on
corporate boards. It is amazing that in the year 2017, there has not
been more advancement of women in business to be able to succeed, and
not only because it is the right thing to do, but because we get better
results by having a seat for everyone and by being inclusive—from
government to business.”
“The case for better gender balance on boards is clear: companies with
three or more women directors deliver better business results,
demonstrate stronger governance and teamwork, and have a competitive
edge in recruiting top talent. It’s hard to imagine any team succeeding
if every player brought the same skills to the field, and it’s no
different for business,” said Gary Goldberg, President and CEO of
Newmont and sponsor of the WLF’s Women on Colorado Boards Initiative.
“The research is compelling about the economic benefits to a state where
their companies’ boards have gender diversity,” Mary Beth Vitale stated.
“Improved return on investment, reduced financial re-statements and
stock price increase, all are a result.”
A 2016 WLF study of publicly traded and Fortune 1000 companies in
Colorado found that only eleven percent of board positions were held by
women, with 48 percent having no women directors and 30 percent with
only one woman director. Colorado ranked 24th out of the 25
states that have 10 or more Fortune 1000 companies headquartered in
their states. In Colorado women held 14.2 percent of Fortune 1000 board
seats, compared to 24 percent in Washington and Massachusetts.
A six-year study by Credit Suisse commencing in 2006 found that women on
boards improve businesses’ bottom lines. Net income growth for companies
with women on their boards averaged 14 percent over six years, compared
with only 10 percent for those with no women. Since the financial crisis
in 2008 the correlation between stock performance and the presence of
women on boards has increased.
Contacts
Women’s Corporate Directors
Mary Beth Vitale, 303-638-2338
mbvitale@rmi.net
or
Newmont
Mining Corporation
Omar Jabara, 303-837-5114
omar.jabara@newmont.com
