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Corporate Board Diversity
Corporate Board Diversity is a term used to describe the broad diversity of demographic attributes, characteristics and abilities within a boardroom. This could include gender, age education as well as professional experience, competencies as well as philosophies, cultural identities, sexual orientation, race, and religion. This diversity can cultivate an array of perspectives and skills that will address paperless board meetings the business needs and future needs of the business.
A successful company needs a board that is capable of delivering well. Therefore the composition of the board should be designed to accomplish this goal. Diversity can help the board to accomplish this objective. It helps to develop different leadership thinking, thinking, and emotional styles which support the understanding of the risks.
In this regard, investors are increasingly demanding that companies have an inclusive board. Some large institutional investment firms are actively voting against board members who don’t conform to their standards of gender and racial equality. CalPERS, the state pension fund workers issued letters in the month of August 2017 to 504 companies listed on Russell 3000, demanding that they devise and implement a plan to promote diversity.
Certain states also adopt laws that require companies to adopt measures to increase board diversity. California for instance, requires that public companies with their headquarters in the state have at least a certain percentage of female directors and directors of minority groups who are underrepresented on their boards by 2021. In addition, companies are required to publish the racial and ethnic diversity of their boards.
