The number of women serving on Florida’s top corporate boards increased modestly in the past year, new research from a University of Tampa economist finds. Women comprise 26.4% of board membership on Russell 3000 company boards of directors, up from 25.1% in 2023. That increase still lags the national average, which has reached 30%, says Daniel Diaz Vidal.
“The trend is upward sloping,” he says. But it is not outpacing national gains, meaning Florida companies again place last for gender diversity among states with at least 20 Russell 3000 businesses.
The Florida Women on Boards Coalition uses the data to encourage businesses to expand their searches for new board members beyond their personal networks. Adding women to boards of directors can improve a company’s performance, they say, because of the different experience and perspectives they bring.
One way that companies can improve both their oversight and their gender balance is by imposing term limits on board service, says Deborah Ellinger, a former CEO at numerous companies and now a senior advisor at Boston Consulting Group and a leader on the boards coalition. The longer someone serves, the less independent they may be and the more out of touch with
technological and other innovations in business like digital marketing or artificial intelligence. A 12-year limit could “future-proof Florida boards” by bringing in fresh perspectives.
“There’s value in long tenure because it means you really understand the company ... You’ve got all the context,” she says. “The downside to tenure, often it might be that long since you retired. You might not be current anymore.”
While the Securities and Exchange Commission has debated imposing term limits, they remain voluntary in the United States.
Term limits also could open more board seats that could be filled by women. Last year, Ellinger says, women were invited onto Florida’s R3000 boards only 30% of the time. That rate assures Florida will remain last in the nation when it comes to gender diversity in its top company boardrooms.