Morgan Stanley CFO says lacks of women an 'embarrassment'

Morgan Stanley Chief Financial Officer Ruth Porat called the low number of women running U.S. companies an 'embarrassment' that shows the need for new laws.

'Women are still not reaching the most senior levels of corporations', Porat, one of Wall Street’s highest-ranking women, said earlier this week at the Japan Society in New York. 'This is not the shortcoming of women. We’re talented and smart'.

Bloomberg reports that four decades after substantial numbers of women began entering management ranks, they tend to start at lower salaries than men and rarely reach the top posts that pay most. Lawmakers should consider structural changes, such as requiring companies to provide family leave, so that women aren’t forced to choose between successful careers and having children, said Porat, 56.

Women accounted for only 8% of the five best-paid executives at each of the Standard & Poor’s 500 Index companies in 2012. They earned $5.3m on average, or 18% less than men, according to data compiled by Bloomberg.

'They are an embarrassment', Porat said of corporate America’s statistics.

To access the complete Bloomberg article hit the link below:

Porat Calls Too Few Women Leading U.S. Companies 'Embarrassment' 

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