In 2020, I had the privilege to speak with Kaori Sasaki and Meyumi Yamada at the 25th Annual International Conference for Women in Business about the importance of women on boards. I know many of you, as female leaders in Japan, have spoken at that conference! I shared information on global trends in board diversity and specifically discussed California Senate Bill 826, which put in place gender quotas for companies headquartered in California. California was the first state to have a quota for women on boards. The panel was asked whether Japan should have a quota for board diversity. My answer was "yes." My answer now is "YES"!
Do you know what happened in California? While there were companies that complained and lawsuits were filed, almost all companies complied and added talented women to their boards. Yes, talented female board directors existed (we knew that)! A study of the new women who joined California boards can be found HERE. This study was authored by the newest JBDN Partner KPMG representative Annalisa Barrett, who also played a role in the Senate Bill before she joined KPMG.
In the absence of a quota system, investors will continue to be the source of change. In the US, investor board diversity policies are generally moving towards the expectation of 30% women directors. For Japan, almost all investors either have a policy for one woman or do not have a policy. If investor policies set a minimum level of one director, then what might you expect most Japanese companies to do?
Your talent gives me the confidence to recommend a quota system.
Your talent gives me the confidence to recommend investors have higher standards for Japan.
Your talent informed my views in the Proxy Watcher videos below!
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