While stakeholders and shareholders increase demands for gender, racial, and ethnic diversity in the boardrooms of America’s companies, many forward-thinking boards recognize the benefits of such change. This business case for board diversity is not new and may no longer be forward-thinking. The protests over racial injustices and state legislative action on board composition in 2020 made clear that the need for greater representation of women and minorities in the boardrooms of America’s largest companies can no longer be held up or held back. As demographics and buying power [1] in the United States become increasingly more diverse, corporate boards are working to obtain greater diversity of background, experience, and thought in the boardroom.

Since 2004, the Alliance for Board Diversity (ABD or “we”) has had a mission to increase the representation of women and minorities on corporate boards and amplify the need for diverse board composition. During this time, ABD has celebrated the movement forward on diverse board representation, but the fact remains that progress has been painfully slow. In 2019, Catalyst estimated that minority women are more than 20% of the US adult population (“Women of Color in the United States: Quick Take,” February 1, 2021, Catalyst). To reach a point of 20% of Fortune 100 seats held by minority women would take until 2046 at the current rate of change.

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