1. The Gender Quota and the Gender Economics of the Nordic Countries Dr. philos. Marit Hoel Frauenfrühstück, Nordische Botschaften, Berlin March 8, 2011 Images in this PowerPoint restricted for further reproduction

2. Center for Corporate Diversity, CCD, is a Research and Advisory Organization. On behalf of the Ministry for Trade and Industry, CCD reviewed women board directors and women executive directors in ASA companies in Norway for 6 years. (2003-2008).We also study the 500 largest companies in the Nordic countries. About us

3. In 2004 CCD established the Nordic 500 data base. Data included a listing of the 500 largest companies in the five Nordic Countries. The research included the representation of women executive directors and board directors. The second Nordic 500 was published in March 2009. The Nordic 500 Projects

4. The Nordic 500 2009 Study CountryWomen Board DirectorsTotal Number Board Directors Women Board Directors % Norway22973231,3 Sweden339155021,9 Finland11467816,8 Denmark10989312,5 Total792386020,5 Women Board Directors in the Nordic 500 2009 study. End of data registration: November 2008

5. CCD Diversity Statement The Nordic 500 “The Nordic countries have for more than 30 years applied gender equality as a unique method of increasing the general skill level and work life participation in the population. This method has contributed to the growth of the economy and development of Nordic societies. Is it important for the future development of the Nordic countries to expand this model to gain from the increased diversity in corporate life”.

6. The Nordic Perspective Nordic model of diversity and inclusiveness 40 years since women entered higher education in large numbers Women were strongly included in the labour market Investment in child care facilities Gradual rise in birth rate compared to other Western economies A strong belief that this model of inclusion and diversity can be expanded and contribute to economic growth

7. CCD: Iceberg of Diversity

8. Increased diversity representation on corporate boards and management is viewed as a contribution to: Innovation Sustainability Transparency Effects of Diversity

9. Innovative thinking: The Quota Law 2002: The Norwegian quota law was introduced by the conservative Minister for Trade and Industry Mr. Ansgar Gabrielsen. The law regulates the corporate board. The number of women board directors was 6,8 %. November 2003:The law passed in Parliament.The public limited companies (ASA companies) were given a three year period to voluntarily elect women board directors to reach the 40 % target.

10. Complience 2005: Companies have reached 17,8 %. The new government (Stoltenberg) puts the law into action January 1 2006.Companies now must comply within two years. H owever, companies can apply for a dispensation if they are completely unable to find persons with necessary skills, and there are substantial reasons why they should continue to exist as ASA companies without complience.

11. CCD Data March 2007 510 ASA-companies: 9 months to comply 21,4 % of board directors were women 1/3 of the companies had reached the target 194 companies had no women on their boards ASA-companies 2007

12. The status for all of the ASA- companies, April 2008: All in complience with the law Number of companies dissolved: 0 Fast change: Target reached

13. Expectations: 1.Negative: International companies will leave the Oslo Stock Exchange 2.Company boards will suffer from loss of competence and skills 3.Positive: Companies will recruit more women CEO’s and female managers 4.Women will contribute and vitalize the board discussion Overall expectations

14. First results: 1.International companies are represented on the Oslo Stock Exchange on the same level as before the law was introduced. 2.In 2009 the Statistical Bureau showed that because of board women’s educational level the general level of education rose in the board rooms. 3.CCD analysis show so far little increase in the number of top executive women in quota companies. 4.Chairs of quota company boards express satisfaction with the women they recruited. The results so far

15. International effects Implemented Quotas CountryIncludedTargetTime NorwayPLC/state owned companies40 %2003 SpainCompanies 250+ employees40%2007 Iceland50+ employees40 %2010 France*Public Companies40 %2010

16. State Owned Companies Quotas CountryIncluded FinlandState owned companies South AfricaState owned companies SwitzerlandState owned companies IrelandState owned companies International effects

17. The Danish Presidency of the Nordic Council of Ministers stated in 2009 that they in their presidency would profile the Nordic principles of corporate social responsibility with initiatives also to enhance innovation. The next step in Nordic thinking

18. Nordic in UN Global Compact CountryBusiness MembersTotal Number of Members Time of registration Norway5060 Sweden104110 Iceland Finland 4 26 4 27 Denmark197220 Date of registration17.02.2011

19. www.ccdnorway.com Images in this powerpoint created by CCD. Not to be recreated or copied. Diversity and Innovation