Barbara Black, the Charles Hartsock Professor of Law and Director of the Corporate Law Center at the University of Cincinnati College of Law has posted to SSRN her essay, Stalled: Gender Diversity on Corporate Boards. Here is the abstract:
In this essay, prepared for the University of Dayton College of Law’s Symposium on Perspectives on Gender and Business Ethics: Women in Corporate Governance, held on February 25, 2011, I discuss the lack of progress in achieving gender diversity on corporate boards.
I first review the numbers that demonstrate that progress is stalled, despite the attention and resources devoted to the issue by a number of well-respected organizations, legal scholars and institutional investors. I argue that, because this is an issue of equal opportunity, it is not really necessary to make a business case to justify increased efforts toward board diversity.
I then look at government initiatives, or lack thereof, in three areas: NYSE Corporate Governance Standards, SEC Proxy Disclosure Enhancement Amendments, and the TARP bailouts. I conclude that the government is unlikely to lead efforts for change and that institutional investors should assert leadership. This is a slog to equality.
The full essay is available here.