The National Association of Corporate Directors (NACD) and the US Chamber of Commerce announced a partnership to promote boardroom diversity with a new initiative.
The initiative will use the commitment of both organizations to diversity and equality to increase the opportunities for black business leaders and companies and to give them a seat at the meeting table.
According to a press release on this initiative, more than a third of the S&P 500 companies had zero black board members in 2019. In addition, black directors made up less than 5% of Russell 3000 board members. The boards usually blame the lack of qualified black directors for board service as the reason.
The two organizations will ensure that black executives are seen who have the business leadership, skills, experience, and judgment to serve on boards, but don’t have the access or visibility to consider.
“We see diversity as a business imperative and we know that companies that advocate diversity outperform others,” said Peter R. Gleason, CEO of NACD, in the press release. “Not only does this initiative increase the opportunities for black executives to serve on boards of directors, but by diversifying the pool of candidates, boards of directors can leverage new skills that are badly needed in corporate governance today.”
The aim of the initiative is to identify at least 250 black business leaders for the group’s Accelerate program by 2022. The Accelerate program is a two-year program that provides a way for executives with little or no boardroom experience to educate and educate attendees about basic guidance on the role of boards of directors and corporate governance.
“Increasing the increasing diversity in business, including in the boardroom, is not just the right thing to do– –It’s the smart one. ” Suzanne Clark, President of the US Chamber, said. “A greater diversity helps companies to get closer to their customers, to recruit from a larger pool of talent and experience and to bring different ideas and perspectives into their company. It’s also an important way to fill in the gaps in opportunity that have prevented too many Americans from reaching their full potential. “
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