Momentum builds for more women on boards paid KPMG_US
While progress has been steady for women and people of color to become directors, most boards remain populated primarily by white men aged 50 and older. To more rapidly alter the status quo of board gender, several states have proposed laws requiring public companies to appoint at least two women to their boards or to provide publicly available demographic data on the board’s composition.
Prior to the legislation’s signing in October 2018, the 84.5% of director seats on the boards of 632 California companies were men, according to, a 2018 report authored by Annalisa Barrett, senior advisor at the KPMG Board Leadership Center and an advisor to board directors on emerging trends in corporate governance. She noted that nearly one-third of California companies had all-male boards and a meager 1% of California boards had attained gender parity.
“Mandatory disclosure often leads to change in corporate practices,” Barrett said. “The thinking is that shareholders, employees, customers and the media, once apprised of the board demographics, will make decisions based on this information.” Regrettably, boards that take this position may be harming the shareholder value of the companies they serve. “Multiple research studies have concluded that more diverse boards make better decisions, particularly about issues that matter to investors, employees and customers,” said Barrett. “These studies tend to focus on board gender diversity as opposed to other forms of diversity, since that’s where much of the data resides for research purposes.
After these data sets were correlated with the board composition of the Fortune 1500 companies, the researchers discovered that boards that are composed mostly of men take far fewer actions on ESG issues. “The boards with at least three female members had better ESG performance than those with fewer women on the board and especially those without any women at all,” McElhaney said.
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