Following a pressure campaign from outsiders, more companies are disclosing the racial breakdowns of their boards of directors
FILE- In this Aug. 25, 2020, file photo, the 'Fearless Girl' bronze sculpture, commissioned by State Street Global Advisors, looks towards the New York Stock Exchange from its roadside perch in New York. Amid the push to get U.S. boardrooms to look more like companies customers and employees, advocates are finally seeing just how steep the task will be. Boards of directors at publicly traded U.S.
The survey found only 6.2% of directors are Black, versus 13.4% of the country. And the 5% of directors who are of Asian or Pacific islander descent also fell short of the 6.1% for the entire U.S. population.Equilar pulled the numbers from a range of sources, including disclosures from companies, data from affiliate networks and lists of influential executives from racial and ethnic minorities.
At the Nasdaq, for example, U.S. securities regulators approved a rule last summer requiring companies listed on its U.S. exchange to file an annual document detailing racial and ethnic backgrounds of its directors, among other demographic data. Nasdaq even has a fillable PDF form available to make it easier for companies, which have to submit the data by Aug. 8 or whenever they file their 2022 proxy statement, whichever comes later.By Aug.
The push for more racial and ethnic diversity on boards follows years where the focus was mostly on gender. Thursday's numbers from Equilar show how women from racial and ethnic minorities are among the least represented on boards. Just 0.9% of U.S. directors are Hispanic women, for example, half of the already low 1.8% for Hispanic men.Some of the requirements to increase diversity have met stiff resistance.
Her research found that board appointments went up substantially for directors of Asian, Middle Eastern and North African descent after the signing of the California law. But the number of appointments for Black directors did not. That’s likely because California companies were substituting nominees from the first group for the second to comply with the rule, she said.Bogan said the 2020 murder of George Floyd had a bigger effect, specifically for the appointment of Black directors.
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