evaluate each other, and hold each other accountable for results. Women's World Banking was one of the first microfinance networks to require its members to sign a pledge, committing explicitly to adhere to performance standards and support empowerment of low-income women as entrepreneurs, leaders, and change agents in order to maintain membership in the network. In 2007, ten Women's World Banking network members were named to Forbes magazine's first-ever list of the world's top 50 MFIs. Thirteen network members were named to the 2009 Global 100 Composite Ranking by the Microfinance Information Exchange (the MIX), a nonprofit organization that provides business information and data services for the microfinance industry. This list highlights institutions that achieve high outreach and low transaction costs while being both profitable and transparent. Women and leadership Women's leadership has been a core element of microfinance since the industry's inception. Many of the industry's pioneers were women, and a solid female managerial contingent held steady as MFIs grew. Even today, in comparison with other industries, women leaders maintain a robust presence in microfinance. The business case for gender diversity in microfinance maintains that organizations that successfully hire, retain and promote women will achieve not just social benefits, but also financial returns. According to a 2007 report, Fortune 500 companies with the highest representation of women board directors attained significantly higher financial performance on average than those with the lowest representation. More specifically, a 2007 study of 226 MFIs in 57 countries demonstrated that when the CEO of an MFI was a woman, the MFI showed a higher return on assets and lower operational costs. The premise that gender diversity in leadership makes good business sense also has been borne out in research conducted by Catalyst, a nonprofit that works globally to expand opportunities for women in the workplace. Catalyst has observed, “The more a company mirrors its markets demographically, the better positioned it is to sense and respond to evolving market needs.” A 2008 leadership survey conducted by Women's World Banking showed that female loan officers and women authority figures make powerful role models for their female customers. An MFI with a gender-diverse work force can therefore differentiate itself as an organization committed to understanding and serving women. Women's World Banking works to help network members acquire, retain and better serve their women staff and leaders, which in turn helps to attract new female clients. There is