FTSE 100 Glencore Xstrata Pressured To Add Woman On Board
Glencore Xstrata Plc, symbol $GLEN, the sole remaining FTSE 100 company without a woman on its board, intends to appoint a female director by 2014.
GLEN is a major producer and marketer of more than 90 commodities. According to its website, it operates in over 50 countries and has a workforce of 200,000.
A company as large as GLEN, FTSE 100 member, listed on three continents and major world exchanges; LSE, HSE & JSE could not find one diverse candidate for its board seat?
As a possible investor purchasing its stock seems management has other priorities and not listening to the outside world. Diversity is not a strategic priority to the firm and sets a tone at the top for the rest of its management.
Pressured From Outside
The catalyst that finally broke the glass ceiling for women and diverse candidates to be considered on this company was the Local Authority Pension Fund Forum, an association of 60 public sector funds with assets of 120 billion pounds ($202 billion), this month advised members to oppose Glencore Chairman’s Tony Hayward’s re-election because of lack of progress in appointing a female board representative.
The U.K. wants more women directors. A government-commissioned study led by former Standard Chartered Plc Chairman Mervyn Davies recommended a 25 percent goal by 2015 rather than quotas.
According to the Cranfield report, the level of women on FTSE-100 boards was 20.7 percent, up from 17.3 percent last year. In February last year, there were seven companies with only male directors.
Peter Grauer, the chairman of Bloomberg LP, parent of Bloomberg News, is a non-executive director of Glencore Xstrata and chairman of the company’s nomination committee.