CO General Assembly Passes Resolution Promoting Equitable Gender Representation on Corporate Boards on International Women’...
March 08 2017 - 6:32PM
Business Wire
Legislative and business leaders help launch
resolution at Capitol breakfast
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).
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Colorado government and business leaders
gather at State Capitol for launch of resolution promoting women on
corporate boards (Photo: Business Wire)
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170308006471/en/
Women’s Corporate DirectorsMary Beth Vitale,
303-638-2338mbvitale@rmi.netorNewmont Mining CorporationOmar
Jabara, 303-837-5114omar.jabara@newmont.com
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