Corporate Board Diversity Best Practices

Corporate Board Diversity

As the demand grows from investors and other market participants for more diversity in the boardroom, boards need to have a clear strategy for meeting those expectations. These efforts should not be limited to just the demographic elements of gender and ethnicity, but also broader categories such as national origin, cultural and religious background; and those with disabilities.

The current state of diversity in boardrooms remains a major concern, but it is important to realize that there are a number of areas where improvements have been made. As a start, we believe it is important for boards to share their views regarding the issue, provide the diversity of their boards, and look beyond traditional candidate pools in their search for diverse candidates.

In the boardroom, the variety of perspectives on the issues that affect the business is crucial to effective governance. Many boards struggle to deal with the reality that their own membership limits their diversity. This is often because directors in the process of resigning typically seek out new members from their network that could comprise of those who are very similar to themselves, which limits the potential for a broad and diverse pool. The problem is to find the way to stop this cycle to allow the board to make diverse appointments not just to meet quotas, but to ensure that the appointments be beneficial to the company. We’ve put together an array of the most effective practices to increase boardroom diversity.

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