New group seeks to add more female managers

Monday, May 5th, 2014 By Jack Nevison

The New York Times has profiled a new group that is focusing on increasing the number of women in management roles. The group, known as the "30% Club," consists of about two dozen CEOs and corporate leaders, including billionaire Warren Buffett. 

The 30% Club is the continuation of an effort in Britain to induce the 100 largest companies in the country to increase the number of women on their boards to nearly one-third of all directors by 2015. This endeavor was begun by Helena Morrissey, CEO of Newton Capital Management, in 2010, when women made up only 12.5 percent of British directors on boards. As of March this year, the 92 participating companies have raised that percentage to 20.8.

For more than a decade, the number of female board members acting for American companies has hovered around 17 percent. For members of the 30% Club, this is unacceptable.

"Businesses do better when they avoid 'group think', and better gender balance is a key factor in business success. That said, we have a lot more work to do in the U.S. to improve female representation, and senior business leaders have to drive that change," said Peter Grauer, Chairman of Bloomberg L.P., and founding U.S. Chair for the organization. 

The article points out that it will be a long process for the group to reach its 30 percent goal. There has been no pressure from Congress or state governments to make companies more inclusive of females at high-level positions. 

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