A recent study from Fortune (in collaboration with S&P Capital IQ) revealed that despite advancements for women in executive roles, 90 percent of U.S. chief financial officers are men.

There are currently 58 female CFOs serving at Fortune 500 companies, according to Fortune’s analysis. (The information is based on a database that was updated as recently as early February). While this represents 30 more women in CFO positions than in 2000, the number of female CFOs only increased by one since 2013. The total? A dismal 11.6 percent of Fortune 500 CFOs are women. At the current rate of progress, it seems it could be a while before we see a 20/80 split let alone a 50/50 split.

“It’s very frustrating to see the needle move so slowly after so many years,” says Naomi Sutherland, a senior partner in the diversity and inclusion practice at Los Angeles-based executive recruiter Korn Ferry. “Consciously or subconsciously, companies are still hesitant to take the risk on someone who looks different from their standard leadership profile. And when the candidate looks different and acts differently than the people around you who have been successful, it may feel like a risk to go with the woman.”

What’s even more confounding about the slow increase in the number of female CFOs at Fortune 500 companies are the multiple studies that suggest companies preform better when their senior leadership represents a larger and more diverse pool of candidates. Furthermore, a study by Wake Forest University and the University of North Carolina-Wilmington found that women CFOs are more likely to keep companies out of legal and ethical trouble.

“Studies have found that women and men make ethical decisions differently, and that overall, women are more ethical and less likely to take risks than men,” says Ya-wen Yang, co-author of the study and assistant professor of accounting at Wake Forest University School of Business. “But for gender diversity to fully benefit a company, there needs to be a critical mass of women in both executive roles, like the CFO and governance roles like directors,” the study reports.

What are your thoughts on the lack of female CFOs in the companies represented on the most recent Fortune 500 list? Let us know by commenting below.