RedTracker| Helena Morrissey, chief executive of the money manager Newson, backed by the chairmen at the Lloyds Banking Group, HSBC, the retailer J Sainsbury and other companies, has launched an initiative in Britain to place women in one-third of management boards by 2015.
This move comes as more nations in Europe consider mandating board quotas for businesses, as they have done in placing women in government. France and Norway have already adopted a quota system, and Spain is phasing it in.
Mrs. Morrissey’s initiative, named the 30% Club, seems well timed. The financial crisis had exposed the shortcomings and weaknesses of management boards and made chairmen ponder whether a more diverse board might lead to better decision-making. A new British corporate governance code that took effect in June, partly to help avoid another banking crisis, says that boards should be “well balanced,” with gender diversity, to avoid “group think.” via NYTimes