May 23—LOS ANGELES — A pair of financial institutions with branches in northern Michigan received the second-highest rating on the 50/50 Women on Boards Gender Diversity Index.
Independent Bank in Grand Rapids and TCF Financial Corporation based in Detroit were among 15 companies based in Michigan with three or more women on their boards of directors. SpartanNash Company in Byron Center, which operates grocery stores in the region, also made the '3+' list.
50/50 Women on Boards is a 501©3 nonprofit that "is the leading global education and advocacy campaign driving the movement toward diverse, gender-balanced corporate boards," according to a release.
The nonprofit looks at the board makeup of companies in the Russell 3000 Index, which represents "99% of all incorporated equity securities in the U.S.," according to www.5050wob.com.
The 50/50 Women on Boards Gender Diversity Index found that of the 2,982 Russell 3000 companies analyzed, just 154 — 5 percent — have gender-balanced boards.
Of the 53 companies based in Michigan in the recently released report, only six were found to be "Companies with Gender-Balanced Boards."
The six companies headquartered in Michigan found to have gender-balanced board of directors were CMS Energy Corporation (Consumers Energy) in Jackson, General Motors Company in Detroit, Herman Miller, Inc. in Zeeland, Steelcase, Inc. in Grand Rapids, Sterling Bancorp, Inc. in Southfield, and Taubman Centers, Inc. in Bloomfield Hills.
Of the 53 companies on its website in Michigan, 15 were "Companies with 3 or more women" on their boards of directors, 14 were "Companies with 2 women," 13 had one, and five companies had none.
Independent Bank has three women directors "representing 27.3% of its corporate board seats," according to a release from Independent Bank.
"We are honored to have three remarkable women, Joan Budden, Christina Keller, and Ronia Kruse, serve on our board of directors," Independent Bank President and CEO Brad Kessel said in a release. "Working toward gender balance and diversity is a primary goal of Independent Bank."
"Investors, legislative mandates, and enlightened leaders continue to make institutional decisions that reinforce the business advantages of gender balance," 50/50 Women on Boards CEO Betsy Berkhemer-Credaire said in the release. "We are pleased to recognize Independent Bank for prioritizing this business imperative that benefits stakeholders and shareholders."
TCF Financial Corporation has five women listed among its 17 directors, according to its website. SpartanNash has three women on its 10-person board of directors, according to its website.
The other Michigan-based companies with three or more women on their boards includes Ally Financial Inc., Detroit; Domino's Pizza, Inc., Ann Arbor; Dow Inc., Midland; DTE Energy, Detroit; Ford Motor Company, Dearborn; Kellogg Company, Battle Creek; Kelly Services, Inc., Troy; La-Z-Boy Incorporated, Monroe; Penske Automotive Group, Inc., Bloomfield Hills; Stryker Corporation, Kalamazoo; Whirlpool Corporation, Benton Harbor and Wolverine World Wide, Inc., Rockford.
Among the companies with two women on their boardss were Lear Corporation, which has a plant in Traverse City, and Sun Communities, which operates Town & Country and King's Court Mobile Home Park in Traverse City.