A new report published by Spencer Stuart on the LGBTQ+ presence on Corporate Boards in the United States presents some fascinating results. Specifically, their survey found that:
* In 2022, 103 S&P 500 boards (21 percent) included LGBTQ+ disclosure in their proxy statements, a significant increase from 32 (6 percent) in 2021.
* Of the 103 boards, 74 included a general statement about their LGBTQ+ representation and 29 boards identified LGBTQ+ directors by name. As a comparison, just five LGBTQ+ directors were named in 2021.
The report argues that LGBTQ+ directors bring their personal experience and important perspective on critical business issues and areas of opportunities and risk, whether that’s related to talent development, compensation, succession planning, product roadmaps or an ad campaign. That is especially true when the LGBTQ+ community is well represented among the company’s customers and associates, who are delivering the brand experience.
For prospective LGBTQ+ board members, the report provides advice for navigating board dynamics. Most importantly, the report’s authors encourage LGBTQ+ directors to be their authentic selves from the beginning.
Read more and the complete report HERE.