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A lack of diversity in gender, race, ethnicity and other demographics persists at the executive and board levels, underscoring the need for modern leadership. The New York Stock Exchange (NYSE) and Diligent Corporation set out to foster a discussion about the progress and methodologies used to promote diversity, equity and inclusion (DE&I) at the highest levels of the corporate world.
The survey was designed to identify the specific board diversity and refreshment practices companies have implemented and shine a light on any strategies they have yet to embrace.
The survey sought answers to the following questions:
- What goals are companies setting around board diversity?
- What are the time frames within which companies plan to achieve their board diversity goals?
- Which board refreshment strategies have companies already implemented?
- How likely are companies to implement other board refreshment strategies in the future?
Increasing board diversity is on the minds and agendas of the majority of corporate boards. Four out of five respondents (81%) indicated that their board either already has a plan for increasing boardroom diversity or will have one soon. However, nearly half (45%) lacked a specific timeframe for meeting diversity goals.
The following are board refreshment strategies that companies are implementing most frequently when it comes to increasing board diversity. Among respondents:
While the vast majority of respondents have implemented board refreshment strategies, they have not yet embraced the following strategies:
The survey results also indicate specific ways boards can accelerate board diversity efforts. Respondents rated their companies’ likelihood to implement board refreshment strategies in the future (ratings are on a 5-point scale):
For more insights and analysis, download the full report.