What are the key strategies to ensure diversity in board composition?

1 Assess the current situation

The first step to ensure diversity in board composition is to assess the current situation and identify the gaps and opportunities. You can use various tools and frameworks to evaluate the diversity of your board, such as the Global Board Diversity Tracker by Egon Zehnder, the Board Diversity Census by Deloitte and the Alliance for Board Diversity, or the Board Diversity Toolkit by Catalyst. These tools can help you measure the diversity of your board across different dimensions, such as gender, race, ethnicity, age, disability, sexual orientation, and skills. You can also compare your board diversity with your peers, your industry, and your market.

2 Set clear and measurable goals

The second step to ensure diversity in board composition is to set clear and measurable goals that align with your business strategy and vision. You can use the SMART framework to define your goals, which means they should be specific, measurable, achievable, relevant, and time-bound. For example, you can set a goal to increase the percentage of women on your board from 25% to 40% by 2025, or to have at least one board member from each of the regions where you operate by 2023. You can also use the 30% Club, a global campaign that aims to achieve at least 30% women on boards, as a benchmark or inspiration.

3 Expand the pool of candidates

The third step to ensure diversity in board composition is to expand the pool of candidates and avoid relying on the same sources and networks. You can use various methods and channels to find and attract diverse candidates, such as executive search firms, professional associations, databases, referrals, or social media. You can also partner with organizations that promote diversity in leadership, such as Women Corporate Directors, Black Corporate Directors, or Out Leadership. You should also ensure that your selection criteria and process are fair and transparent, and that you avoid biases and stereotypes.

5 Monitor and report on progress

The fifth step to ensure diversity in board composition is to monitor and report on progress and hold yourself and others accountable. You can use indicators and metrics to track and evaluate the impact of your diversity efforts, such as the composition, performance, satisfaction, and turnover of your board. You can also communicate your progress and achievements to your stakeholders, such as your shareholders, employees, customers, and regulators. You should also seek feedback and input from your board members and other parties, and use it to improve and refine your strategy.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?