Voluntary Code Among Search Firms in UK Aims to Boost Number of Women on Boards

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Jul 27, 2011, 08:57 ET

NEW YORK, July 27, 2011 /PRNewswire/ -- While the underrepresentation of women on corporate boards has long been documented, and has been largely resistant to change, a group of leading search firms in the UK – including Egon Zehnder International – have committed to changing the status quo. Last week, in London, the group announced a new voluntary Code of Conduct covering boardroom appointments, the action taken in response to the Davies Review of Women on Boards, spearheaded by Lord Davies of the House of Lords and published in February 2011.

The voluntary Code comprises seven key principles and includes recommended practices signatories will adhere to, ranging from the initial defining brief for a new director search through the "onboarding" process once a director has been recruited.

"Egon Zehnder International is proud to be a member of this group of forward-thinking industry leaders, not only as one of 20 Code Participants but as one of 6 members of the Code Drafting Group, where Andrew Roscoe represented our firm," commented George L. Davis, who co-leads Egon Zehnder's Global Board Consulting practice. "Search firms have a special responsibility and role to play in helping clients improve gender diversity as well as overall diversity. These practices can only strengthen boards."

The adoption of the voluntary Code stands in contrast to the quota approach to ensuring better representation of women on boards that is currently under consideration by the European Union. That legislation, if passed, would mandate that women represent 40% of directors on supervisory boards by 2020. Norway already has adopted such a quota.

"There is the carrot and then there is the stick, and quotas can be a double-edged sword," says Davis. "We are confident that success in recruiting more women to boards will breed more success, as boards experience the positive impact of greater diversity on discussion and decision-making. The voluntary Code of Conduct for search firms could prove a wise approach in the US market, where women are not yet represented in significant numbers on boards."

About Egon Zehnder International

Egon Zehnder International is the largest privately held executive search firm in the world with over 400 consultants operating from 63 wholly owned offices in 37 countries. The firm specializes in senior-level executive search, board consulting and director search, management appraisals, and talent management.

www.egonzehnder.com

SOURCE Egon Zehnder International