Actions and Initiatives to Increase Board Diversity
Despite the fanfare around diversity, equity and inclusion (DEI), the corporate boardroom remains one of the least diverse environments in America. From 2010 to 2018, the representation of people of color on corporate boards increased from 12.8% to just 16.1%, an annual growth rate of less than half a percent, according to the Alliance for Board Diversity.
Some states, such as California, are getting involved with legislation to increase diversity on public company boards. In July, Assemblyman Chris Holden introduced legislation to amend the state’s Corporations Code, which currently requires public corporations with executive offices in California to have a minimum number of female directors on their boards, to also include comparable requirements for underrepresented communities (URC). At the end of September, California Gov. Gavin Newsom signed the bill into law.
