By CultureBanx Team
Some of the world’s biggest companies are attempting to make their corporate boards a little more work by addressing the critical equity and corporate governance issue through the Black Boardroom Initiative (BBI). One-hundred forty-five S&P 500 companies have appointed at least one Black director to their board since last June, according to Latino Corporate Directors Association. The BBI aims to increase the ratio of Black executives sitting on S&P 500 corporate boards to one in eight by 2028. Zillow (Z %), Microsoft (MSFT %), Starbucks (SBUX %) and Amazon (AMZN %) will sponsor the BBI. Many are still left wondering whether or not corporate America’s top companies are finally turning the corner in diversifying their boards?
Why This Matters: The call for diversification in corporate America is as pronounced as ever. There’s research showing the many benefits of diversity in thought among corporate leadership. Research from McKinsey and MSCI shows companies with higher levels of diversity at the board level are more likely to have strong financial performance and fewer instances of poor corporate governance.