-
The number of women serving as bank directors has hardly changed in the past decade and this year's annual meetings are doing little to move the needle.
May 21
Robin Zager knows what it is like to be a minority on the board of a banking company. In 1999, she joined the board of Two River Community Bank, a predecessor to Community Partners Bancorp (CPBC) in Middletown, N.J. Thirteen years later, she is the only female member of the $685 million-asset company's board.
With women still struggling to get onto corporate boards, Zager, who is also a partner at Commercial Property Advisors, offers her perspective on the issue in the following excerpt.
Why is it the case that the number of women on bank boards has remained essentially unchanged the past several years?
ZAGER: I think the number of women on bank boards has remained rather constant over the 13 years I have been on the board. This is not the case on the management level [where women have made progress]. The reason might be that banking is still "an old boys' network" on the board level.
What women can offer as a director of a banking company?
ZAGER: Women can bring other viewpoints to the table. For example, women have much to say about marketing. Also women have traditionally selected the bank for personal finances, probably based on convenience of location. Was it close to the other errands? The times have changed slightly, in that more and more men are doing the errands. Also the advent of ATMs and online and mobile banking have reduced the number of actual visits to the bank.
What has your bank done about this issue?
ZAGER: Our bank board doesn't specifically look for women. Instead, when we have a vacancy, we look for people with the assets that are needed by the board regardless of sex, nationality, race, etc.
How do the men on your board treat you?
ZAGER: I feel totally comfortable on the board and I participate as an equal. At first, the men were extremely guarded in what they said, but now they are more relaxed. There is still 'gentle ribbing,' such as now that I am the corporate secretary, the men refer to me as 'Madame Secretary.' I don't think that is sexist, and it certainly doesn't bother me. It's part of the camaraderie of being a member of the board — male or female.
At first, I didn't drink scotch, smoke cigars, or play golf. The other board members didn't pressure me at all about them, but nevertheless, I now love a good scotch and enjoy an occasional round of golf. I don't think, however, that I will ever smoke a cigar.
