2013 Report on Women and Corporate Boards in Louisiana
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This report examines the status of women in leadership positions in the top 50 publicly traded companies in Louisiana. We look at the number of women serving on corporate boards, as executive officers, and as the top paid executives in a company. No matter which factor we examined, women are underrepresented in leadership positions in Louisiana corporations.
This report was prepared by Associate Professor Saru Matambanadzo and Research Assistants Mariya Volzskhaya and Anthony Johnson for the Newcomb College Institute of Tulane University in partnership with ION (http://www.ionwomen.org) and the New Orleans chapter of the National Association of Women Business Owners (http://www.nawbo-nola.org).
Newcomb College Institute’s mission is to educate undergraduate women for leadership in the 21st century. We support women students’ research initiatives, advocate for a gender-integrated curriculum, develop community engaged service-learning courses, promote student organizations for women, and bring women leaders to campus. NCI carries on the legacy of Newcomb College by offering a women- centered educational experience in a co-educational institution. To learn more about NCI and their contributions to Tulane and the community, visit tulane.edu/newcomb.
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Introduction The state of Louisiana is far too frequently rated 49th or 50th in state comparisons. For example, Louisiana has now plunged to be ranked 50th in the number of women in its state legislature, with just under 12% women.1 But Louisiana, unlike many states, has had a woman serve as governor, unlike our neighboring states of Texas and Mississippi, Louisiana has a woman senator, the second woman Chief Justice of the Louisiana Supreme Court was sworn in last year, and 104 of 365 judges are women (28.5%).
We can do better.
If women currently earn more than 44% of business degrees in the United States2 and are more than half of the population, there is no excuse for more than half of Louisiana companies continuing to have no women serving on their board of directors and women representing only 7% of directors overall. We need to put pressure on these companies to recruit women and develop lists of well-qualified women in Louisiana ready to serve. Fundamental fairness demands that women serve on boards of directors. It makes no sense to waste half of our talent pool. Countries such as Norway and Spain have set quotas for women on corporate boards— an issue also under discussion in the European Union. We are no longer content to be last and call on corporate leaders to do better. As the Minnesota Census of Women in Corporate Leadership states: “One woman on a board is a token. Two are a presence, and three are a set of diverse views.” We congratulate those Louisiana companies who have more than three women on their corporate boards and look forward to working with them to establish an inclusive and diverse board of directors as a social norm.
Sally J. Kenney, PhD Newcomb College Endowed Chair Executive Director, Newcomb College Institute Professor of Political Science
1 http://www.cawp.rutgers.edu/fast_facts/levels_of_office/documents/stleg.pdf. 2 Hannah Rosin, The End of Men and the Rise of Women. New York: Penguin, 2012.
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Data and Methods This report provides information on women’s representation in executive suites and on corporate boards in Louisiana’s fifty publicly traded companies. Conforming to the guidelines set by the ION project, the data is drawn from the most recent publicly available documents filed with the Securities and Exchange Commission (SEC) and available in the EDGAR (Electronic Data Gathering and Retrieval) database. It contains information derived from SEC documents including the companies’ annual reports (10-K filings) and proxy statements (Def 14A filings). The report provides a quantitative account of the number of women who have been elected to the board of directors and the number of women who hold executive offices in publicly traded companies as of July 2013. The data presents three snapshots of women’s representation in the management of publicly traded companies in Louisiana. First, it presents data on the number of women elected by the shareholders to serve on the board of directors for each company and compares this number to the number of men elected. Second, it presents data on the number of women the companies hold out as executives in their publicly available documents and compares this number to the number of men holding similar positions. Third, it presents data on the number of women occupying the Named Executive Officer positions in the company and compares this number to the number of men occupying these positions.3 After we collected the publicly available data from the EDGAR database, we made efforts to verify the data with the human resources departments or investor relations team of each company. Where available, the data also captures other information including age, length of service, and relevant credentials.
3 Regulation SK of the Securities and Exchange Commission Rules requires, under Section 229. 402, requires that companies disclose all plan and non-plan compensation awarded to, earned by, or paid to the named executive officers. The Named Executive Offices include the principal executive office (PEO which is often the designated CEO) and the principal financial officer (PFO which is often the designated CFO) and the three most highly paid executive officers other that the PEO and CEO. Together these individuals constitute the Named Executives or the “top five paid executives.”
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The Data Percent of board members of the top 50 publicly traded companies in Louisiana who are women
7.2%
Women occupy only of the total board positions in Louisiana. There are 363 total board positions on the top 50 publicly traded companies in Louisiana. Women occupy 26 of them.
Percent of board members of the top 50 publicly traded companies in Louisiana who are women
7.2% 92.8%
Women Men
13.6%
Women serve as of the total number of executive officers. There are 287 executive officer positions at the top 50 publicly traded companies in Louisiana. Women occupy 39 of them.
Percent of executive officers of the top 50 publicly traded companies in Louisiana who are women Women Executives
13.60%
Men Executives
86.40%
39
248 Above: Number of Louisiana executive officers in the top 50 publicly traded companies in Louisiana
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Women make up only
8.4% of the
top paid executives at the top 50 publicly traded companies in Louisiana. Of 191 executives, 16 are women.
Percent of the top paid executives of the top 50 publicly traded companies in Louisiana who are women Top Paid Executives Women
8.4%
Top Paid Executives Men
91.6%
Percent of the top paid executives of the top 50 publicly traded companies in Louisiana who are women
8.4%
91.6%
Only
1 company in Louisiana has more than
3 women on its corporate board.
26 of the 50 companies have no women on their boards.
No Women on the Board
26
1 - 2 Women on the Board
18
3 - 4 Women on the Board
1
5 or more Women on the Board
0
n/a
5 0
5
10
15
20
25
30
Number of top 50 Top companies with women their boards 50 companies byon number of women on their boards
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2 companies in Louisiana have
more than 3 women executive officers.
Number of women executive officers number of companies No Women Executives
21
1 - 2 Women Executives
22
3 - 4 Women Executives
2
5 or More Women Executives
0
n/a
5
total
50
21 of the 50 companies have
no women executive officers. 52%
No Women Executives
48%
No company has more than
3 women as a top paid executive. 31
Number of top paid executives
31
No Women as Top Paid Executives
13
1 - 2 Women as Top Paid Executives 3 - 4 Women as Top Paid Executives
0
5 Women as Top Paid Executives
0
n/a
6
7
of the 50 companies have no women as top paid executives.
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hen you combine the data on women board W members and women executive officers, 8 companies have more than 3 women in these positions. Number of companies No Women Serving
12
1 Woman Serving
17
2 Women Serving
8
3 Women Serving
2
4 Women Serving
5
More than 5 Women Serving
1
n/a
12 companies have none.
5 Total
50
8 companies that have more than three women board members and executive The
officers are below.
Companies with 3 or more women board members and executive officers Company Name
# of Women board members and executive officers
# of Men board members and executive officers
% Women
Abermerle Corp
6
17
26.1%
Polymer Solutions and Fine Chemistry
Century Link Inc.
4
16
20.0%
Communication Services
Entergy Corp
4
20
16.7%
Utility Company
CKX Lands Inc.
4
8
33.3%
Non-Producing Mineral Royalties
Stewart Enterprises
4
17
19.0%
Personal Services
Stone Energy Corp
4
16
20.0%
Crude Petroleum and Natural Gas
McMoran Exploration
3
12
20.0%
Crude Petroleum and Natural Gas
Crowncrafts Inc
3
5
37.5%
Consumer Products Infants and Toddlers
8
Industry
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Comparison to other regions When we compare the percent of women on corporate boards in Louisiana to data from other states that have done reports,
Louisiana ranks at the bottom.
Percent of Board Seats Held by Women
19.0%
New York Metro
16.4% 16.0% 15.9% 14.5% 14.4% 12.7% 11.0% 10.7% 10.7% 10.4% 9.6% 9.1% 9.0% 8.2% 7.2%
Ohio California Michigan Minnisota Wisconsin Massachusetts Pennsylvania Texas Maryland Georgia Tennessee Florida Alabama Kansas City Louisiana
0.0%
5.0%
10.0%
15.0%
(non-Louisiana data from the 2012 Minnesota Census of Women in Corporate Leadership report, http://www.stkate.edu/mn_census/12/census.pdf)
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20.0%
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Appendix Company Name
# Of Women Directors
Total # Of Directors
% Of Women Directors
# Women Executive Officers
Total # Of Executive Officers
% Of Women Executive Officers
Total # Of Paid Women Execs
# Of Paid Execs
% Of Women Top Paid Execs
Total Number Of Women On Board
Cleco Corp
1
8
12.50%
1
6
16.00%
1
5
20%
2
Centurylink Inc
2
12
16.67%
2
8
13%
1
5
20%
4
Crown Crafts Inc
1
5
20.00%
2
3
66%
2
3
66%
3
Entergy Gulf States
0
6
0.00%
2
13
15%
1
2
50%
2
Entergy Corp
2
11
18.18%
2
13
15%
0
5
0%
4
Entergy New Orleans
0
4
0.00%
2
10
20%
1
2
50%
2
Phi Inc
0
6
0.00%
1
5
20%
1
6
17%
1
Tidewater Inc
1
12
8.33%
0
5
0%
0
5
0%
1
Whitney Holding Corp
1
15
6.67%
0
5
0%
0
5
0%
1
Sizeler Property Investors
0
7
0.00%
0
2
0%
0
4
0%
0
Bayou Steel Corp Cla
0
6
0.00%
0
5
0%
0
5
0%
0
CKX Lands Inc
4
9
44.44%
0
3
0%
0
1
0%
4
Iberia Bank Corp
1
11
9.09%
0
5
0%
0
5
0%
1
Stewart Enterprises Cla
0
7
0.00%
4
14
29%
0
5
0%
4
Superior Energy Services Inc
0
10
0.00%
0
9
0%
0
5
0%
0
Petroquest Energy Inc
0
6
0.00%
0
6
0%
0
5
0%
0
Global Industries Ltd
0
11
0.00%
1
10
10%
0
7
0%
1
Midsouth Bancorp Inc
0
12
0.00%
0
5
0%
0
5
0%
0
Stone Energy Corp
2
10
20.00%
2
10
20%
0
5
0%
4
Shaw Group Inc
0
8
0.00%
0
8
0%
0
5
0%
0
Albemarle Corp
2
9
22.22%
4
14
29%
2
6
33%
6
McMoRan Exploration Co
1
11
9.09%
2
4
50%
2
5
40%
3
Amedisys Inc
1
7
14.29%
1
5
20%
0
5
0%
2
Teche Holding Co
1
11
9.09%
0
3
0%
0
3
0%
1
Pool Corp
0
8
0.00%
2
8
25%
0
5
0%
2
Lamar Advertising Co
1
7
14.29%
1
11
9%
0
3
0%
2
Gs Financial Corp - - Securities Registration Termination 7-25-11
0
7
0.00%
1
4
25%
0
3
0%
1
10
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Gulf Island Fabrication Inc
1
8
12.50%
1
9
11%
0
5
0%
2
Omni Energy Services Corp
0
6
0.00%
0
9
0%
0
5
0%
0
Conrad Industries Inc
1
7
14.29%
0
4
0%
0
4
0%
1
Energy Partners Ltd
0
5
0.00%
1
5
20%
1
5
20%
1
Cleco Power Llc
0
8
0.00%
2
11
18%
1
5
20%
2
Valentec Systems Inc - Commission Order Revoking Exchange Act Registration Formerly Acorn Holding Co.
0
4
0.00%
1
5
20%
N/A
N/A
0%
1
Hornbeck Offshore Svcs Inc
1
9
11.11%
0
5
0%
0
5
0%
1
LHC Group Inc
1
11
9.09%
0
3
0%
0
4
0%
1
Home Federal Bancorp Inc/ La
0
10
0.00%
0
3
0%
0
3
0%
0
Amerisafe Ince
0
7
0.00%
1
6
17%
1
5
20%
1
H&E Equipment Services Inc
0
8
0.00%
1
5
20%
1
5
20%
1
Stallion Oilfield SrvcsRedh
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
0.00%
Globalstar Inc
0
6
Superior Offshore Int’l Inc
N/A
N/A
0
5
0%
0
4
0%
0
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Edgen Murray Lp
0
4
0.00%
0
4
0%
0
5
0%
0
Edgen Murray Plc
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Edgen Murray Ltd
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Louisiana Bancorp Inc
0
6
0.00%
1
3
33%
1
3
33%
1
Westway Group Inc
0
7
0.00%
0
4
0%
0
4
0%
0
Home Bancorp Inc
0
7
0.00%
0
5
0%
0
3
0%
0
Planet Beach Franchising
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
State Investors Bancorp
0
7
0.00%
1
4
25%
0
3
0%
1
Lamar Media Corp
1
7
14.29%
0
3
0%
0
3
0%
1
Total
26
363
39
287
16
191
Percent
7.2%
13.6%
8.4%
11