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What do you see as the biggest challenge to increasing the number of women on boards and in senior management? What additional barriers exist for women of color?

I think people do understand the importance, but many are frustrated by what they can do about it, how to bring more women into senior executive positions and onto the board.

It's still true that women advance more readily in support functions, rather than P&L. There is the perception that men take charge and make tough decisions. There is a pervasive stereotype that women are good at taking care. After Sarbanes Oxley, every potential director is facing greater scrutiny. This has made the search for board members even more stringent and made it harder for women to get on their first board than five years ago.

Both women of color and women generally face a number of challenges as executives and as members of corporate boards. But, women of color specifically may face stereotypes and their access to networks and their ability to find mentors may be more limited. Successful women in business also are expected to wear a lot of hats, especially women of color. They are expected to carry out their executive or board role, represent their community of color and participate in diversity initiatives. That can diffuse their focus and efforts compared to someone who can be totally single minded about pursuing narrow career objectives.

What single strategy have you found to be most successful in advancing women to senior roles and tapping their contribution?

It involves a thousand small things. When you're looking at senior promotions, there should always be women on the list. If they don't get the promotion, assess why not. What did she lack and what are we, as a company, going to do to fill the gap in her experience? Is there external training she needs? What about a foreign assignment? You must insist upon creating the right cultural environment that values different viewpoints and where people feel they can speak up. Senior management must be consistent and relentless. I am concerned that the demands on top executives are so extensive that this risks getting squeezed from the agenda. You must make sure everyone in the organization understands you can't relax.

What advice do you have for women who are trying to advance? What advice do you have for men who make these decisions?

The key issue is networking. Women must make sure they are building relationships where they can make a contribution. You should be visible: lead a project, be a spokesperson for a team, be seen to be taking a risk. You should figure out how to align your personal career objectives with those of the organization - and share it with the boss. Men do these things instinctively.

Men should challenge their assumptions, and put in place a fact-based way of measuring accomplishments and potential. They should understand that women are risk takers, they will take foreign assignments and they know how to balance work and family.