Focus & Find is the nation’s only SOCIALLY RESPONSIBLE™ talent acquisition firm. We have prioritize board search in our business because of what it signifies. Boards represent a yardstick for an organization’s commitment to change. However, recent studies found that boards of directors lack inclusive diversity by age, race and gender. In 2017, Bloomberg News reported that minorities and women are making up the majority of new board seats for the boards of comprised mostly of men who are predominately white and over the age of 60.
As the U.S.-business world has awakened to a global reality where inclusive diversity is an act of social responsibility and financially driven innovation, improvements are being made. California now outlaws all-male boards of directors for companies headquartered there, and many other states and companies are taking note.
A study by Catalyst in 2007 found that Fortune 500 companies with more women board members had a better return on equity by more than 50 percent. Another study in 2007, by consulting firm McKinsey & Company, looked at eighty-nine leading European firms. Those with more women on the board in senior management performed better and saw their stock prices improve more.
Source for the Pie Chart: The 2016 Board Diversity Census of Women and Minorities on Fortune 500 Boards, by the Alliance for Board Diversity (ABD), in collaboration with Deloitte