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Univ. of Toledo College of Law

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Wednesday, May 4, 2011

Aguilar on Lack of Board Diversity

Statement by SEC Commissioner Luis A. Aguilar: The Abysmal Lack of Diversity in Corporate Boardrooms is Growing Worse (May 2, 2011):

Today, the Alliance for Board Diversity released a report, Missing Pieces: Women and Minorities on Fortune 500 Boards — 2010 Alliance for Board Diversity Census, that confirmed what many of us have known for some time. The abysmal statistics regarding the lack of diversity in Corporate America are growing worse. This report found that women and minorities lost ground in America’s corporate boardroom between 2004 and 2010.

Specifically, the report finds that in the Fortune 100, between 2004 and 2010, white men increased their share of board seats in corporate America from 71.2% to 72.9%. Minorities and women shared the remainder with very few seats occupied by Asian Pacific Islanders, Hispanics or minority women in particular.

Thus, even though there are more qualified diverse candidates for corporate board seats than ever before, fewer of these candidates are being chosen for corporate board seats. Even though our nation has grown more diverse, the corporate boardroom is proving resistant to change.

I find this status quo unacceptable and question why at a time when there are more qualified diverse board candidates, we have less diverse board members.

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