More women aspiring to boards
By Cindy Krischer Goodman
Knight Ridder News Service
MIAMI — Cristine Varney carries a full load as a law partner at Hogan & Hartson in Washington, D.C. But her responsibilities as a board member of Miami's Ryder System are almost equally as consuming.
Between drafting legal documents, Varney, 49, scrambles to read materials, participate in conference calls and attend committee meetings for Ryder.
It is an increasingly demanding juggling act that more women than ever aspire to undertake. The reasons for their interest go beyond the handsome financial compensation to include prestige and an opportunity to influence the businesses operating in giant industries such as trucking.
Varney, who already balances her work responsibilities with motherhood, said the time demands of board membership are worth the sacrifices.
"It's very fulfilling," she said. "You are interacting with management and trying to figure out what are the best avenues for the company to pursue."
Nationwide, women are carefully building their networks, gaining governance exposure with positions on charitable and collegiate boards, and taking career paths that give them vital experience to make them attractive to corporate boards.
"It takes a great deal of effort to raise the visibility of qualified women," said Carol Soon, vice president of marketing and executive leadership initiatives with Catalyst, a nonprofit organization that works to advance women in business. "Women are just starting to position themselves to be qualified to serve on corporate boards.
"Women at the senior level are good about networking for their business, but it doesn't come naturally to network for themselves."
Women are making small steps in pushing open the doors to America's corporate boardrooms. Women hold about 13.6 percent of all board seats in the Fortune 500 companies.
Evelyn D'An, a South Florida financial consultant, wants to serve on a public company board.
To position herself and get experience, she now serves on the city of Miami audit committee.
"It is volunteer work, but I see it as a step in the right direction," said D'An, 43. "I can say I am able to serve on an audit committee of a larger company because I know the risks and I have the experience. I am also making important contacts."
D'An said women need to use their discretion when building their profile.
"Women have so much to do in their lives that we have to be choosy about what we do to make the right contacts. A lot of women get on five or six not-for-profit boards and they stretch themselves too thin. You have to look at who else is involved in which boards. When you step down from the board, what will you take with you that can help you move into the next position?"
Serving on public company boards post-Enron comes with increased time demands — and risk. Corporate boards select chief executive officers, set their pay and sign off on key decisions.
But unforeseen events can call board members into special meetings and require them to keep up with major developments. Directors of big companies generally get paid $20,000 to $100,000 a year, plus benefits.
By the time most women (and men) are chosen for corporate boards, they have mastered the work-life balancing act and typically have moved into more established phases of their careers. Most board members of Fortune 500 companies are 50 or older.
Corporate America is only beginning to notice that women in the boardroom make a difference. Catalyst research shows companies with the highest representation of women on their top management teams experienced better financial performance.
Soon said, "If you are willing to make a leap, the broader perspective is that gender diversity in the boardroom would lead to better financial performance, too."
