A new study explores why increased board diversity hasn't resulted in improved company diversity.
Diversity on corporate boards is an urgent priority, emphasized by company leaders and public policy agendas. For example, in 2021 the U.S. Securities and Exchange Commission approved a rule requiring most companies on the Nasdaq exchange to have at least two directors from underrepresented groups—minority, female, or LGBTQ+—or to explain why they don’t.
Because board transcripts are confidential, the analysis was solely quantitative and thus the researchers could not document why such directors were so reticent. But anecdotal evidence suggests that white male members’ behavior often exerted a chilling effect. They cite the experience of Liz Dolan, who resigned from the board of the action sports and apparel company Quiksilver in 2015 after learning she had been excluded from critical discussions.
Yes, research from my own company supports that view. In September 2021 Ariel Investments commissioned a survey of the 151 Black, Latino, and Latina500 board members who attended our Black Corporate Directors Conference. They overwhelmingly felt that race receives too little attention from company leaders despite the growing emphasis on it in recent years. We have a long way to go when it comes to operationalizing diversity.That hasn’t been my experience.
A couple of caveats should be noted about the study: The researchers were unable to evaluate the content of directors’ speech, so minority members’ low participation could stem from a “blowhard” effect: Some white male directors may have talked a lot without contributing much of value, whereas Black or female directors may have been more incisive when they spoke.
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