February 06, 2012
Why Aren't There Women or Minorities on Facebook's Board?
Posted by Usha Rodrigues

That's the question Huffington Post asks.  Bloomberg observes the same.  This though 58% of Facebook's users are women and its COO, Sheryl Sandberg, has commented on gender equity issues before (as Christine observed).

Just today I sat in on a discussion about the dearth of women on boards.  Some thought maybe the issue was passe, already solved.  We've come a ways, after all: according to Catalyst 15.7%. of board seats were held by women in 2010. 

OK, that doesn't really sound so good, does it? 

But by my calculations, 15.7% of 7 (the number of Facebook directors) is 1.099, and that's 1.099 more women directors than Facebook has.

Really?  The blockbuster IPO of 2012 doesn't see fit to put anyone but 7 white guys on its board? Really? 

I realize may sound angry, but I really don't mean to.  I'm more incredulous.  This is a the social media company, whose professed mission is "to make the world more open and connected."  Mark Zuckerberg is already serving as both Chairman and CEO and using dual class common to keep control, both of which are corporate governance best practices no-nos.   Basically they translate into 1) letting you as CEO head up the entity that's supposed to monitor you and 2) selling your company to the public without risking that your could ever be bought out, even if the market thinks you're doing a lousy job.  I would have thought Zuckerberg would at least make a gesture towards boardroom diversity, so that Facebook's vision of the world has some semblance of input from the outside.

Nope.

 

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