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FROM LEFT TO RIGHT: MODERATOR BARBARA HACKMAN FRANKLIN, CURTIS CRAWFORD, PRESIDENT AND CEO OF XCEO, CARI DOMINGUEZ, FORMER CHAIR OF THE U.S. EQUAL EMPLOYMENT OPPORTUNITY COMMISSION, SOLOMAN TRJUILLO, CORPORATE RESPONSIBILITY CHAIR FOR TARGET CORPORATION, AND BONNIE GWIN OF HEIDRICK & STRUGGLES
Naturally, certain diverse directors are sought after because they are high-performing individuals. T ese individuals might be overstretched, which raise questions about time commitments. T e best solution is to look beyond the crowd of known people and use third-party references or a search fi rm. As always when talking about diversity —there is an
inherent danger in “checking the box.” It is imperative to understand your company’s needs and not assume that once one diverse board member is present—whether a woman or minority or European—that the work is done. T e fi nal type of factor that inhibits diversity on boards
is habitual. Often diversity is not put on the board’s agenda as a discussion topic. It is often thought of as an issue of compliance rather than strategy. It can be seen as “too political.” Chief executives should make sure diversity is discussed if the board is unenthusiastic. According to one NACD survey, 53 percent of individu- als ranked “leadership experience” as the most important
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attribute when recruiting directors. Typically this results in CEOs being recruited for a directorship which brings leadership at the expense of other demographics—gender, race, perspective, and professional background. A list could include entrepreneurs, rising high-performance executives, nonprofi t leaders, prominent investors, and a variety of other investors. Companies are challenged by these barriers but their suc-
cess depends on overcoming them. It is only in the last sev- eral years that a signifi cant body of research has come out showing a strong link between corporate performance and board diversity. Companies should recognize the strengths of diversity for their boards. T ey have already acknowl- edged the benefi ts at other levels of business. Companies are promoting diversity now more than ever. Quotas and regulation are unnecessary when companies can tailor diversity to fi t their specifi c needs. MCCA is excited to look at the composition of boards in 2013 and see where they stand, where they need to go. D&B
NOVEMBER/DECEMBER 2012 DIVERSITY & THE BAR®
© Paul Morse 2012
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