New White Paper from Ellig Group and SHRM Focuses on Practical Wisdom from 20 Top Governance Leaders on how to Change Boards Now
As the call for companies to further diversify their boards of directors grows in intensity and urgency – with pressure from Nasdaq to Goldman Sachs to investing giants such as Vanguard – a new report from Ellig Group and the Society for Human Resource Management (SHRM) captures insights from top CEOs and board leaders on how companies can begin to change today.
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“The heat is on boards right now to diversify, but this is not just a moment – it is a movement,” says Janice Reals Ellig, CEO of Ellig Group. “We will likely see more legislative and regulatory action around board diversity like we’ve already seen in California and with Nasdaq’s proposal to change its listing standards. It’s time that boards take the independent initiative with purposeful actions to drive this change faster, and our report gives clear steps on how to do this.”
Ellig Group, a leader in recruiting and onboarding executive talent, and SHRM, which has 300,000+ executive and HR members worldwide, hosted a virtual convening of twenty accomplished CEOs and board members – many of whom represent some of the largest public companies in their industries. During their candid, no-holds barred conversation about diversity in boardrooms, the attendees identified specific actions that they felt were the most important for companies looking to make lasting change. “Bold Leaders: Nine Actionable Solutions to Reimagining Board Diversity” is the report stemming from that meeting.
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“We have seen steady progress at the board level for certain groups such as women, but even the number of women on boards has had less than a 1% average annualized increase over the past 25 years,” says Ellig. “Other underrepresented groups have had a much slower rate of increase in board seats, and this is just one of the many ways in which companies need to address the issue of racial equity in their organizations.”
Adds Johnny Taylor, CEO of SHRM, “Increasingly, corporate diversity initiatives are deemed successful only when they show better representation at all levels of the organization – from entry-level recruits to board members. The HR profession is committed to helping boards and CEOs achieve these important outcomes.”
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