On February 1, Facebook announced its $5 billion IPO--with only white men on its board. Now we're calling on Facebook to expand its board before the company goes public in June.
There are many reasons to do so.
It's good for business.
It's good for Facebook.
- Studies have shown that when boards include women, attendance at board meetings improves, audits occur more frequently, and equity -- the shareholders' investment in the company -- grows. As Ann Mulcahy, former Chairman and CEO of Xerox argues, "We're long past having to defend or explain why women should be on boards, given all the data that shows how companies with female directors perform better.
It’s good for society:
- In his "letter to Investors," Mark Zuckerberg referred to Facebook's role in the Arab Spring, saying that Facebook should "empower people" to challenge the "monolithic, top-down structure that has existed to date." Shouldn't Facebook's top management structure be less monolithic, too?
So, why not?
- The composition of Facebook's board is a problem -- but also an opportunity. Catalyst statistics have shown that the percentage of women on corporate boards has remained constant at 15-16 percent over the last ten years. But it's not just business. It's government. It's Hollywood. Expanding Facebook's board would set a precedent, confirming the company's place as a leading innovator -- not only in social media but in social justice.
- There are many qualified women. Aileen Lee, a partner at the venture firm Kleiner Perkins Caufiled & Byers, lists twenty on TechCrunch. Clayton Rose, a professor of management practice at Harvard Business School acknowledges that although some argue that there are not enough women who have the skill sets to serve on boards, “there’s nothing to that case.”
Sign the petition to tell Facebook to expand its board now!