Knowledge Center

S&P 500 Pyramids: Methodology

Purpose

The Catalyst Pyramids visually highlight the gender leadership gap at S&P 500 companies. The Pyramids show that while women’s overall representation is close to parity, men are overrepresented within the upper tiers of the Pyramid (e.g., leadership positions, high-level management, board of director seats, CEOs). 

Data

The 2016 Catalyst Pyramids are based on data about S&P 500 companies as retrieved on October 6, 2015.1 Catalyst studies the companies in the S&P 500 index because they reflect large-cap US equity markets and are widely recognized as the leading companies in various US industries.2 The S&P 500 index is owned by S&P Dow Jones Indices LLC.

Catalyst’s Women in S&P 500 Companies Pyramid data are derived from four sources: 1) Catalyst, Women CEOs of the S&P 500; 2) EY Center for Board Matters, 2015 Top Earners in S&P 500 Companies, Unpublished data; 3) Catalyst, 2015 Catalyst Census: Women and Men Board Directors (2016); and 4) U.S. Equal Employment Opportunity Commission (EEOC), Unpublished 2014 S&P 500 EEO-1 data.

Catalyst’s Women in S&P 500 Industry Sector Pyramid data are based on North American Industry Classification System (NAICS) sectors, and are derived from two sources: 1) Catalyst, Women CEOs of the S&P 500; and 2)  U.S. Equal Employment Opportunity Commission (EEOC), Unpublished 2014 S&P 500 EEO-1 data.
 

Women CEOS of the S&P 500 

Catalyst updates the Women CEOs of the S&P 500 List as we become aware of women being appointed to (or departing) CEO positions at S&P 500 companies.3 Women are counted as of the date they assume (or leave) the CEO position, not the day the executive change is announced. The “Update” date on each pyramid reflects the date of the most recent revision to the Women CEOs of the S&P 500 list that impacted the specific pyramid data.

 

2015 Top Earners in the S&P 500

Analysis is based on companies in the S&P 500 index at the time of their 2015 annual meetings as disclosed in proxy statements filed with the SEC. An individual was considered a top earner if they appeared in the summary compensation table. Companies are required to disclose five to seven top earners. Data are provided by the EY Center for Board Matters. All reasonable steps were taken to ensure the accuracy of the data.

Unpublished 2014 S&P 500 EEO-1 Data 

The U.S. Equal Employment Opportunity Commission (EEOC) provided aggregated EEO-1 survey data. The EEO-1 Report is a compliance survey mandated by federal statute and regulations for companies with 50 or more employees. The survey requires company employment data to be organized by race/ethnicity, gender, and job category.4 Survey data from the 2014 EEO-1 about S&P 500 companies5 was aggregated by the EEOC and included Single Establishment or Consolidated Multi-Establishment Forms submitted by firms that reported employment figures about part-time and full-time employees from a single pay period between July and September 2014.6

Definitions and Calculation Notes

Pyramid Tier Definitions % Calculations for Women in S&P 500 Companies Pyramid % Calculations for Women in Industry Sector Pyramids7

CEO

The principal executive officer. Typically these individuals have the title of Chief Executive Officer (CEO). 

The sum of all S&P 500 principal executive officer positions held by women divided by the sum of all S&P 500 principal executive officer positions.

 

Calculations are based on S&P 500 companies as of October 6, 2015.

The sum of all S&P 500 principal executive officer positions in each industry held by women divided by the sum of all S&P 500 principal executive officer positions in each industry.

 

Calculations are based on S&P 500 companies as of October 6, 2015.

Top
Earners

The individuals listed in the summary compensation table for companies in the S&P 500 index at the time of their 2015 annual meetings as disclosed in proxy statements filed with the SEC. For analysis purposes, this means that a company can have up to seven top earners reported.8



 

The sum of all S&P 500 top earner positions held by women divided by the sum of all S&P 500 top earner positions.

 

Calculations are based on S&P 500 companies included in EY Center for Board Matters, 2015 Top Earners in S&P 500 Companies, Unpublished data.

N/A

Board
Seats

The members of the board of directors for companies in the S&P 500 index at the time of their 2015 annual meetings as disclosed in proxy statements filed with the SEC. Analysis is based on board seats and not individuals. Directors can serve on more than one company’s board.  For example, an individual director who serves on the board of Company A and Company B would hold two board seats and be counted twice.

The sum of all S&P 500 board seats held by women divided by the sum of all S&P 500 board seats.

 

Calculations are based on S&P 500 companies included in the 2015 Catalyst Census: Women and Men Board Directors.

 

N/A

Executive/Senior-Level Officials and Managers

Individuals who plan, direct, and formulate policies, set strategy, and provide the overall direction for companies, within the parameters set by the boards of directors. Typically, this includes individuals within two reporting levels of the CEO (e.g., COOs, CFOs, line of business heads, presidents or executive vice presidents of functional areas, chief information officers, chief human resources officers, chief marketing officers, chief legal officers, management directors, and managing partners).9

The sum of all S&P 500 executive/senior-level officials and managers positions held by women divided by the sum of all S&P 500 executive/senior-level officials and managers positions.

 

Calculations are based on 442 S&P 500 companies (88.4% of S&P 500 constituents as of October 6, 2015) that were linked by the EEOC to an EEO-1 submission. 

The sum of all S&P 500 executive/senior-level officials and managers positions in each industry held by women divided by the sum of all S&P 500 executive/senior-level officials and managers positions in each industry.

First/Mid-Level Officials and Managers

Individuals who typically lead major business units and report into executive/senior-level management. Includes those who oversee the delivery of products, services, or functions at group, regional, or divisional levels within the parameters set by Executive/Senior Level management (e.g., vice presidents and directors; group, regional or divisional controllers; treasurers; human resources, information systems, marketing, and operations managers).10

The sum of all S&P 500 first/mid-level officials and managers positions held by women divided by the sum of all S&P 500 first/mid-level officials and managers positions.

 

Calculations are based on 442 S&P 500 companies (88.4% of S&P 500 constituents as of October 6, 2015) that were linked by the EEOC to an EEO-1 submission.

The sum of all S&P 500 first/mid-level officials and managers positions in each industry held by women divided by the sum of all S&P 500 first/mid-level officials and managers positions in each industry.

Total Industry Employees

The aggregate of all part- and full-time employees.11

The sum of all S&P 500 positions held by women divided by the sum of all S&P 500 positions.

 

Calculations are based on 442 S&P 500 companies (88.4% of S&P 500 constituents as of October 6, 2015) that were linked by the EEOC to an EEO-1 submission.

The sum of all S&P 500 positions in each industry held by women divided by the sum of all S&P 500 positions in each industry. 

 

 

 

North American Industry Classification System Industry Sector Pyramids

The North American Industry Classification System (NAICS) is an industry classification system developed by the statistical agencies of Canada, Mexico, and the United States.12 Catalyst collected and assigned each company’s classification from Hoover’s database of company-reported NAICS codes. Industry classifications were based on the two-digit NAICS sectors.13 Additionally, Manufacturing (Sectors 31–33) was reclassified into Durable Goods and Non-durable Goods.14

 

 NAICS Industry Pyramids 

   
Pyramid Title Industry Definitions15 Companies Percentage16

Women in S&P 500 Administrative and Support Waste Management and Remediation Services

Includes office administration, personnel hiring, clerical services, cleaning services, and security services. 

14

100%

Women in S&P 500 Finance17

Includes banks, financial transaction and intermediation services, and investment trusts. 

37

77.1%

Women in S&P 500 Finance and Insurance

Includes banks, financial transaction and intermediation services, investment trusts, and insurance.

60

83.3%

Women in S&P 500 Information

Includes traditional and online publishing, broadcasting, telecommunications, information services, and data processing.

37

92.5%

Women in S&P 500 Manufacturing—Durable Goods

Includes production of durable products such as vehicles, commercial equipment, furniture, metals, and machinery.

93

95.9%

Women in S&P 500 Manufacturing—Non-Durable Good

Includes production of non-durable products such as groceries, apparel, petroleum, chemicals, and pharmaceuticals.

79

94.0%

Women in S&P 500 Mining, Quarrying, and Oil and Gas Extraction

Includes mining, quarrying, and extraction of oil, gas, and coal.

27

90.0%

Women in S&P 500 Professional, Scientific, and Technical Services

Includes legal, research, translation, accounting, architecture, engineering, consulting, and computer services.

11

84.6%

Women in S&P 500 Real Estate and Rental and Leasing

Includes real estate, vehicle, or equipment rental, leasing, or property management as well as licensing of intangible assets such as patents and trademarks.

20

80.0%

Women in S&P 500 Retail Trade

Includes brick-and-mortar stores and online retailers.

33

97.1%

Women in S&P 500 Transportation and Warehousing

Includes transportation of passengers and cargo via air, rail, water, road, pipeline, as well as warehousing and storage.

17

77.3%

Women in S&P 500 Utilities

Includes electric, natural gas, water, and sewage systems.

26

92.9%

Overall (Women in S&P 500 Companies)

 

44218

88.4%

 

 
 
Methodology Change

From 2008–2013, the Catalyst Industry Pyramids compiled data about Fortune 500 companies, based on Catalyst research, and data from the Bureau of Labor Statistics’ Current Population Survey, a monthly survey of households providing data about the US labor force.19 At the time, these sources provided the best measure of the US economy’s gender gap.

Since 2014, Catalyst research has studied S&P 500 companies as US economic indicator. To maintain consistency, the Pyramids also changed from Fortune 500 companies to S&P 500 companies. In combination with annual data from the EEOC, the Pyramids display data specific to S&P 500 companies for each tier, resulting in more meaningful comparisons. Catalyst is confident that with these changes we have captured a more precise measure of women’s representation across all tiers of the Pyramids.

 


 
How to cite this product: Catalyst. S&P 500 Pyramids: Methodology. New York: Catalyst, 2016.