Women on Board, a non-profit which aims to get women more seats in the boardroom, is partnering with leading private equity firms to make that goal a reality.
The organization has partnered with firms including VMG Partners, L Catterton, Swander Pace Capital, Alliance Consumer Growth, TSG Consumer Partners, Encore Consumer Capital and CircleUp.
Cassie Nielsen, vice president of talent at VMG Partners, told Yahoo Finance’s On the Move, “What we’re doing is bringing together a group of investors that are supporting this initiative, and every six months announcing a cohort of 20 companies that have pledged to add a woman to their board.”
The group of investors represents over $20 billion in assets under management, “and we’re largely competitive in some ways. For us to all be collaborating on such an important initiative, that’s why we started with that community, and they’re all completely supportive,” Nielsen said.
Women on Board has also developed a strategic partnership with theBoardlist, an online talent marketplace that connects CEOs who are looking for female board director candidates, which Nielsen said gave them access to a community of 14,000 women.
Nielsen says it “just makes economic sense” for women to have a voice in the room. “In the consumer industry … purchasing decisions are 70-80% led by women.”
Nielsen hopes women will continue to fight for board positions, explaining, “You don’t have to have been a previous CEO or a seasoned board member to add incredible value at the board level.”
McKenzie DeGroot is a producer at Yahoo Finance. Follow her on Twitter: @degrootmckenzie
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