I was recently honored to be named board chair at Lumentum, a terrific public company in the technology space. As I thought about my new responsibility, I became curious as to how many other companies have women board chairs and unfortunately what I found was not good.

First, for context, consider the number of women on boards in the US. While the number of women directors has increased marginally in the last few years, women still make up less than 23% of the S&P 500 directors**.

The situation is no better as you go down the market to smaller companies. Women only just achieved 20% of director seats in the Russell 3000 halfway through this year (up from 16.4% in 2018). Additionally, while all S&P 500 companies have at least one women director (the last holdout added a woman earlier this year), a staggering 10.8% of the companies in the Russell 3000 still do not have a single woman director.

Companies in the information technology industry are even worse — woman comprise less than 15% of the board members in this sector (perhaps the only “good” news is that the energy sector is even worse, with women comprising only 11% of the board members).

And remember, just one woman on a board isn’t enough. We now know that more than one woman in the room changes the dynamic to enable the women to be more likely to be heard and not interrupted and/or talked over, as well as often providing greater representation of the customer base. It’s good to see Blackrock will vote against boards who do not have two women on the board in 2019 and Vanguard and State Street will now vote against boards with no women. Investors can definitely put social pressure on this issue.