THE PENN MUTUAL LIFE INSURANCE COMPANY ANNOUNCES SPONSORSHIP OF NATIONAL INITIATIVE THAT TARGETS FULL EQUALITY FOR WOMEN BY 2020
$600,000 Pledge to Vision 2020 Underscores Company’s Own Commitment to the Advancement of Women
Penn Mutual News Release
September 14, 2009
Horsham, PA — September 14, 2009 -- The Penn Mutual Life Insurance Company today announced its sponsorship of Vision 2020, an effort tied to the centennial of the 19th Amendment ratification that aims to assure that men and women will have equal access to leadership roles at all levels of American society, working together to shape every aspect of the country’s future and making America stronger as a result.
Vision 2020 is a national initiative being launched by Drexel University College of Medicine’s Institute for Women's Health and Leadership. Penn Mutual Life Insurance Company, the initiative’s presenting sponsor, is a recognized advocate for the financial security of women, which is a foundation for equality. The company is contributing $600,000 to the project over the next two years.
For its part, Penn Mutual has long been focused on making certain that clients — both men and women — have the opportunity to realize their goals and dreams, which is why Penn Mutual created its WORTH initiative for women. WORTH helps to educate women on the significant value of their contributions to home and family, and encourages them to take charge of their financial futures.
Over the past several decades, there has been tremendous change in women’s stature in society primarily due to education and career advancement opportunities. For example, 59% of all post-high school degrees go to women, and 60% of all wives with MBAs out-earn their husbands. Women are not only 51% of the population1, but they are 43% of top wealth holders2 and influence 95% of all total U.S. purchasing power3. Remarkably, most women report that they are not confident about their finances, nor have they planned for their future. Because of Penn Mutual’s strong desire to be a voice and agent of change for women through its WORTH initiative, the company’s sponsorship of Vision 2020 is a natural fit.
“Through our WORTH initiative, Penn Mutual’s advocacy for the financial future of women—a foundation of equality — is very strong. This is why we are especially proud to be the presenting sponsor of Vision 2020 and applaud the work the organization has set in motion today to advance the goals of women,” says Eileen McDonnell, Executive Vice President and Chief Marketing Officer for The Penn Mutual Life Insurance Company. “We are excited and energized as Vision 2020 completes what the suffragists began nine decades ago to enable future generations of women realize their dreams and build a stronger future for everyone.”
Vision 2020 endeavors to complete the work of the suffragists, who pursued women’s right to vote as the gateway to full equality for their sex. While American women have made momentous strides since 1920, when the 19th Amendment was ratified, they continue to face substantial roadblocks. Women hold far fewer leadership positions than men and as a result have considerably less influence on many key areas of American life. While women represent 51% of the U.S. population1 they occupy just under 18% of the seats in Congress4. Despite the fact that they hold 43% of the nation’s wealth2 and nearly 45% of the American labor force5, women lead only 3% of the Fortune 500 companies6 (they are directors of a little over 15%7) and roughly 3% of the Fortune 10006.
Vision 2020 is the brainchild of former U.S. Senate and Pennsylvania gubernatorial candidate Lynn H. Yeakel, director of Drexel’s Institute for Women's Health and Leadership; founder and CEO of Women’s Way, the first and largest women’s funding federation in the country and a founder of the National Women’s Funding Network; and former Mid-Atlantic Regional Director for the U.S. Department of Health Human Services. Yeakel co-chairs Vision 2020 with Rosemarie B. Greco who until December 2008 was Pennsylvania governor Ed Rendell’s director of the Office of Health Care Reform — a new Cabinet-level position to which she was the first appointee. Greco is a former banker who rose from secretary to become one of the top-ranking women in her industry. During her tenure as president of CoreStates Financial Corp., the $45 billion institution was ranked one of America's most profitable and efficient banks.
Completing the Work of the Suffragists
Vision 2020 was inspired by the suffragists, who pursued women’s right to vote as the first step in achieving full social, political and economic equality. The initiative will focus on seven areas that go beyond the traditional spheres in which women have had the greatest influence; namely, family and community. These areas are: Politics and Government; Business, Law and Finance; Science, Technology and Health; Education; Communications and Media; Philanthropy, Faith and Volunteerism; and Arts and Culture.
Experts in each of these areas will meet over the next year, inviting 102 delegates — two women from each state and the District of Columbia, chosen through a competitive selection process — to create an action agenda for the decade 2010-2020. That agenda will be developed in the fall of 2010 during the flagship event, Vision 2020: An American Conversation About Women and Leadership. The focus of the discussion will be on setting measurable objectives to advance equality for women by 2020, the 100th anniversary of the 19th Amendment.
Vision 2020’s national advisory board reflects women’s leadership in the chosen topic areas and the commitment of women to help each other. Members are prominent women in business, law, medicine, journalism, education, philanthropy, athletics and other fields. Penn Mutual’s Eileen McDonnell, Executive Vice President and Chief Marketing Officer, will serve on the board along with journalists Anna Quindlen and Cokie Roberts, philanthropist Doris Buffett, college presidents emerita Johnnetta Cole (Spelman) and Mary Patterson McPherson (Bryn Mawr), ABA president Carolyn Lamm, CEOs Lynn Elsenhans (Sunoco) and Janet Dillione (Siemens IT division), JAMA editor-in-chief Dr. Catherine DeAngelis, Olympic gold-medalist Dawn Staley, and others.
The Penn Mutual Life Insurance Company The Penn Mutual Life Insurance Company is the nation’s second oldest mutual life insurer. Throughout its history, it has remained clearly focused on the future and assuring that its clients — both men and women — have the opportunity to realize their goals and dreams. The company proudly supports the work of Vision 2020. For more information visit www.pennmutual.com or www.worthforwomen.com.
The Penn Mutual Life Insurance Company, 600 Dresher Road, Horsham, PA 19044.
Drexel University College of Medicine and Drexel University VISION 2020 founding institutions, Drexel University College of Medicine and Drexel University, have long histories of opening doors for women and minorities. Woman’s Medical College of Pennsylvania, established in 1850 as the world’s first medical school for women, and Hahnemann Medical College, established in 1848, merged in 1993 as MCP/Hahnemann and became Drexel University College of Medicine in 2002. It was the first medical school in the country to fully integrate women's health into its curriculum. The Institute for Women’s Health and Leadership was a designated a National Center of Excellence in Women’s Health by the U.S. Department of Health and Human Services in 1996. A core program of the Institute is the Hedwig van Ameringen Executive Leadership for Academic Medicine, the premiere leadership program for women in academic medicine.
Footnotes
1 2009 U.S. Statistical Abstract reflecting 2007 population (Table 7, 18+ years of age). 2 2009 US Statistical Abstract reflecting 2004 top wealth holders (table 696). 3 Women and Diversity WOW! Facts 2005. 4 Of a total of 435 seats in the House of Representatives and 100 in the Senate, women hold 76 and 17 seats, respectively. 5Current Population Survey, U.S. Department of Labor, Bureau of Labor Statistics (Table 1, Employment status of civilian non-institutional population by age and sex, 2006 annual averages). 6Fortune Magazine, May 4, 2009. 7 2008 Catalyst Census of Women Board Directors of the Fortune 500.
Contacts
| Adrienne Kowalski Karma (215) 790-7839 Adrienne@karmaverse.com | Keith Bratz Penn Mutual (215) 956-7907 bratz.keith@pennmutual.com |
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