Women, who  make up about 40% of the students at elite business schools,  have an especially difficult time moving into the ranks of senior management at America’s largest public companies. New data from the research from the nonprofit Catalyst shows that 60 of the Fortune 500 corporations have no female directors. Out of the same group, 136 companies have no women among their top five executives.  Moreover, there are 26 Fortune 500 firms which have neither a female board member nor a woman in executive management. The data came from proxy statements filed as of June 30, 2010.  24/7 Wall St. research found that four companies have added a female director since then: Philip Morris, Blockbuster, Virgin Media, and Synnex.

After we reviewed the Catalyst data, the companies were categorized by industry, and 24/7 Wall St. examined their corporate websites to see whether they had any women in top management at all. When we did find someone, they were usually in human resources, public relations, investor relations, or accounting.

The figures are outrageous and point to lingering misogyny in the board rooms and executive suites of a number of America’s largest companies. It is incomprehensible how public companies in the 21st Century can manage to exclude women from such critical roles.

1) Autoliv (ALV)
Autoliv makes and distributes automotive safety products, such as airbags and seat belts.
-Company lists no women on management team.

2) Cameron International (CAM)
Cameron International is a global provider of flow equipment products, systems, and services to oil, gas, and process industries.
-Rozlin Larkey – Vice President of Human Resources
-Grace B. Holmes – Corporate Secretary

3.) CC Media Holdings (CCMO.PK)
CC Media Holdings, the parent company of Clear Channel Communications, is a media company that works in radio and advertising.
-Company lists no women on management team.

4.) CHS (CHSCP)
CHS, which occupies the 91st position on the Fortune 500, is a diversified energy, grains, and food company.
-Company lists no women on management team.

5.) Emcor Group (EME)
Emcor group designs and constructs electrical and mechanical systems, including transformers, generators, and power cables.
-Mava K. Heffler – Vice President of Marketing and Communications

6.) Energy Transfer Equity (ETE)
Energy Transfer Equity, which owns the general partner of Energy Transfer Partners, transports natural gas throughout the United States.
-Company lists no women on management team.

7.) EOG Resources (EOG)
EOG Resources is one of the largest independent natural gas and oil companies in the United States.  As of the end of 2009, it employed approximately 2,100 people.
-Maire Baldwin – Vice President of Investor Relations
-Patricia Edwards – Vice President of Human Resources
-Ann Janssen – Vice President of Accounting

The companies on the 24/7 Wall St. Worst Places for Women to Work list have no women on their boards and no women in senior management.  Any company on the list would have to: 1) completely lack sensitivity to the issues of women in the work place, or 2) have enough misgivings about women to insure that all the people who have any meaningful place in running their companies have to be men. It is hard to say whether these companies are “female-free” at the top tiers because of misogyny or dull-wittedness.  The practice of equal opportunity is missing at all of these companies.

Our analysis makes an assumption, but we believe it is a fair one. A company with no women on its board or in senior management is extremely unlikely to be concerned about the issue of disparity in pay by gender  and is likely to perform worse than the national census average in terms of what it pays its non-executive female management and its women rank-and-file employees.

24/7 Wall St.’s 1o Worst Places For Women To Work:
1. Phillip Morris (PM) is one of the largest tobacco companies in the world and has nearly 75,000 employees. Women are often assigned to run human resources and corporate communications departments at companies where men dominate the management, and PM is no exception. The highest ranking corporate executive is Daniele Regorda, vice president of human resources. Phillip Morris claims that the company is “always striving to broaden the diversity of our workforce and are continuously working to identify, hire and retain the best qualified individuals, wherever they are located or whatever their background.” No wonder they call him the Marlboro Man. Nine board members, zero women.

2. Icahn Enterprises (IEP) is a diversified holding company with around 47,000 employees. Billionaire investor Carl Icahn is the firm’s chairman. Women looking for executive positions at the company can contact Icahn Enterprises, 767 Fifth Avenue, 47th Floor, New York, NY, 10153. Icahn can afford a female board member.

3. Virgin Media (VMED) is in the mobile telephone and broadcast business, and has 13,380 employees. Virgin is based in the UK and is part of the Richard Branson collection of companies. Branson is a media star among global corporate chiefs. The firm has 11 directors, all of which are, you guessed it, men. The senior female member of the Virgin Media management is Elisa Nardi, Chief People Officer, or head of human resources.

4. Liberty Media (LINTA) has a $7.7 billion dollar market value.  This part of cable and content king John Malone’s empire has about 19,000 employees and holds a number of satellite broadcast and content assets including assets in QVC, Starz, and Expedia. The company has nine directors including Malone. No women executives are listed at the corporation’s website.

5. L-3 (LLL) Holdings provides military technology and employs 66,000 people. It is the sixth largest defense company in the United States. L-3 as nine directors. There are no women in executive management but the head of employee benefits and general counsel are both women. It is almost impossible to understand why the federal government would sanction this.

6. EOG Resources (EOG) is an oil and natural gas company with 2,100 employees and a $23 billion market cap, which makes it one of the most valuable firms in its sector. The head of human resources and administration and the head of accounting are women.

7. Cameron International (CAM) provides equipment for the national gas and oil industries. The company has 17,000 employees, eight board members, no women in positions of major responsibility. Seven senior executives are listed in the proxy–all male. Also, all board members but one are over 60–a sort of reverse age discrimination.

8. National Oilwell Varco (NOV) is an oilfield services company which provides mechanical components for oil and gas drilling projects. About 40,000 employees. Eight directors, none of which are women.

9. Emcor (EME) is an electrical and mechanical construction and facilities services company with 28,000 employees. The only female corporate executive is the head of corporate communications, and she is not considered “senior management” as the SEC defines the term.

10. XTO Energy (XTO) has 3,100 employees and a market cap of $27 billion. The firm prides itself on its ability to find and import oil and natural gas.  Apparently, they aren’t quite as concerned about scavenging for corporate gender diversity.

Honorable mention: Shaw Group (SHAW) is a diversified manufacturing company has nearly 28,000 employees. Its market cap at $3 billion is relative small. They have no female officers or directors either.

Douglas A. McIntyre

Jon C. Ogg
June 11, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.