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© 2017 Observer Media · Terms · Privacy


GOLDMAN DEMANDS MORE FEMALE BOARD MEMBERS, BUT REAL ESTATE STILL NEEDS HELP

BY MATT GROSSMAN JANUARY 24, 2020 12:13 PM

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Goldman Sachs CEO David Solomon. Photo: Getty Images

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On a snoozy afternoon in Miami last month, a small breakthrough went mostly
unremarked: A panel at the Commercial Real Estate Finance Council‘s annual
conference — an otherwise humdrum discussion of the industry outlook for the new
year — consisted entirely of women.

SEE ALSO: Digital Brokerage SquareFoot Nabs Transwestern’s Jonathan Tootell

In front of an audience that, like the industry at large, teemed with a
supermajority of men, finance leaders such as Wells Fargo‘s Kara McShane and
Brookfield Asset Management‘s Nailah Flake-Brown waxed predictive about what was
on tap for the new year without pausing for a moment to remark on the rarity of
an all-female panel. Progress, albeit unspoken, was in the air.

Corporate gender parity got a more explicit boost today, when Goldman Sachs CEO
David Solomon announced that the investment bank will refuse to participate in
IPOs if none of the prospective public company’s board members are female, or
diverse in other ways. As Wall Street’s most prolific underwriter of initial
stock sales, Goldman should find out soon whether it has the sway to open
boardrooms to a more varied mix of people.



Goldman’s move will only affect now-private firms that are hitting public
trading for the first time. But a glance at commercial real estate’s publicly
traded heavyweights — the real estate investment trusts — show that REITs have
some room for improvement as well.

Of the 57 people who serve on boards of directors at America’s five largest
REITs by market cap, 13 — just under a quarter — are women. And none of the five
companies — which each has at least 11 corporate directors — employs more than
three women in that role. 

By the percentages, American Tower, an owner of telecommunications
infrastructure, and Equinix, which controls data centers, look the most
progressive of the quintet. At each of those companies, three out of 11 board
members are female.

Crown Castle, another cell-tower owner, and Prologis, a warehouse landlord, both
count two women among their 11 board members. And at Simon Property Group, a big
shopping-mall company, three of the 13 board members are female.

Among real-estate related companies, the most progressive in this regard might
be Casey’s General Stores, a convenience-store operator based in Ankeny, Iowa.
The chain, which operates more than 2,000 stores in the Midwest, has more women
than men on its board of directors. As of last year, it was one of just six
Fortune 500 firms that could make that boast, according to Fortune.

Beyond Casey’s the gender-parity standings thin out fast. Just two Fortune 500
retailers, Ascena Retail Group and Williams-Sonoma, had equal numbers of men and
women on their boards.


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Keywords:American Tower, Ascena Retail Group, Brookfield Asset Management,
Casey's General Stores, Commercial Real Estate Finance Council, Crown Castle,
David Solomon, Equinix, Goldman Sachs, Kara McShane, Nailah Flake-Brown,
Prologis, Simon Property Group, Wells Fargo, Williams-Sonoma


ORGANIZATIONS IN THIS STORY

Tenant


ASCENA RETAIL GROUP

Lender


WELLS FARGO

Tenant


WILLIAMS-SONOMA

Investor


PROLOGIS

Owner, Property Manager


BROOKFIELD ASSET...

Investor


GOLDMAN SACHS

Investor


SIMON PROPERTY GROUP

Industry Group


COMMERCIAL REAL ESTATE...

Tenant


EQUINIX


PEOPLE IN THIS STORY


KARA MCSHANE

Employee, Wells Fargo


DAVID SOLOMON

Associate, CBRE

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