News from the business academia: more women are needed on corporate boards for success.
Not one or two, but rather, three is the magic number of women when it comes to corporate boards, according to a recently released study called Critical Mass on Corporate Boards: Why Three or More Women Enhance Governance [PDF, HTML].
Yet, according to one of the studies quoted in the research, "women held only 14.7 percent of all Fortune 500 board seats. Among the Fortune 500 companies, 53 still had no women on their boards, 182 had one woman, 189 had two and only 76 has three or more women directors" (2005 Catalyst Census of Women Board Directors of the Fortune 500).
But why does having three or more women on a businesses' board matter? After speaking with fifty women directors, twelve CEOs and seven corporate secretaries from Fortune 500 companies and analyzing the data, the study showed that anything less made women more aware of their "minority" status. As well, more women serving on these boards seemed to enhance problem-solving and collaboration.
