"This year, we analyzed U.S. companies over a five-year period (2011-2016). U.S. companies that began the period with at least three women on the board experienced median gains in Return on Equity (ROE) of 10 percentage points and Earnings Per Share (EPS) of 37%. In contrast, companies that began the period with no female directors experienced median changes of -1 percentage point in ROE and -8% in EPS over the study period (see below exhibits)."

[COMMENTARY]One would think after so many studies showing the financial benefits accruing to companies having women on boards, that shareholders would be demanding it. Yet relatively few do, especially in North America. The ’old boys’ network is flourishing and only slowly breaking down.
The Tipping Point: Women on Boards and Financial Performance, by Linda- Eling Lee, January 31, 2017, MSCI, USA.