This
International Women’s Day, WomenCorporateDirectors Endorses Global Push for
Racial and Gender Board Diversity
“This
movement is about writing a new chapter in corporate governance – visionary in
its goal to capture expertise from an underrepresented group of highly
qualified professionals to effectively respond to the increased complexity businesses
face today.” – Susan C. Keating, WCD CEO
NEW YORK, NY – March 4, 2021 – #IWD2021 – Endorsing the surge in support for boardroom
diversity from some of the most powerful names in the financial sector –
most recently from Norway’s $1.3 trillion sovereign wealth fund (the world’s
largest), the Carlyle Group, and Nasdaq – WomenCorporateDirectors
Foundation (WCD), CEO Susan C. Keating has
issued the following statement:
“Boardroom diversity is no longer simply nice to have
– it has become a driver of global business success. As the world’s largest
community of global women board members, WomenCorporateDirectors applauds the
tsunami of support for gender and racial board diversity from financial
institutions around the world.
“Norway’s sovereign wealth fund, the Carlyle Group,
and Nasdaq are only the latest in a growing list of industry leaders
incorporating boardroom diversity into their business and investing models.
BlackRock, State Street, and Vanguard are other powerful forces in the movement
to accelerate gender and racial diversity on boards, threatening to not invest
in companies, or to vote against their directors who fail to act.
“These institutions have been explicit in linking
diversity to a company’s performance and good governance. In its position paper
just released, Norway’s fund stated: ‘As a long-term global investor, we are…concerned that
companies with boards that are not diverse will not be able to maintain the
trust of their customers, investors and society at large over time.’
Vanguard has expressed the same, stating in a report that if there is a lack of
commitment to progress on diversity, ‘We become concerned that long-term
shareholder returns may suffer.’
“The growing show of support from these heavyweights –
bolstered by Goldman Sachs’ push for board diversity prior to taking companies
public – reveals unstoppable momentum.
“This movement is about writing a new
chapter in corporate governance – visionary in its goal to capture expertise
from an underrepresented group of highly qualified professionals to effectively
respond to the increased complexity businesses are facing today.
“There is a pipeline of exceptionally qualified women
filling C-level and comparable positions today – including women in racial,
ethnic, and other minority groups – who are eager to help boards fulfill a
greater vision for 2021 and beyond. WCD alone has a network of 2,400 members – directors
of public or large privately-held companies – from dozens of countries around
the world.
“The steps we are all taking toward assuring greater
board diversity are critical and necessary. Looking back in history, progress
often seems inevitable. But inevitability usually disguises the true decades of
hard work and advocacy, failures and re-tries, and using everything you’ve got
to make just some of the gains you envision.”
“We honor the trajectory and the movement and are
proud to be a part of it.”
For more information, please contact
Davia Temin, Suzanne Oaks Brownstein or Trang Mar of Temin and Company at [email protected] or
212.588.8788.
About
WomenCorporateDirectors Education and Development Foundation, Inc.
The
WomenCorporateDirectors Education and Development Foundation, Inc. (WCD) is the
only global membership organization and community of women corporate directors.
WCD members serve on numerous boards of large private and family-run companies
globally. A 501(c)(3) not-for-profit organization, WCD has 76 chapters around
the world. The aggregate market capitalization of public companies on whose
boards WCD members serve is over $8 trillion. For more information visit www.womencorporatedirectors.org or follow us on Twitter @WomenCorpDirs,
#WCDboards.
# # #