|
Out
of 388 new directors added by the top U.S. corporations, 36%
self-identified as Black, Hispanic or other racial or ethnic
minorities, down from 46% last year, said the report issued
Tuesday by executive search firm Spencer Stuart.
Separately 46% of all new directors were women, the same as last
year, it said.
Julie Daum, leader of Spencer Stuart's North American board
practice, said boards still prioritize diversity and noted the
share of new minority directors was double its 18% level in
2013.
But as companies face geopolitical and macroeconomic uncertainty
they have sought new directors with financial expertise like
chief financial officers or investment managers, or current or
former CEOs.
Traditionally those roles have included more white executives,
leaving a narrower pool of minorities from which to recruit
directors and driving down their share of the new class.
According to research firm Equilar, just three of 68 financial
services CEOs in the S&P 500 are nonwhite.
"There is a desire to have CEO and CFO experience and there is
not as much diversity in those categories currently," Daum said.
Investors have sought more boardroom diversity as part of a
broader U.S. reckoning on race relations.
The decline in the share of new minority directors came from a
drop in Black or African-American directors. They accounted for
15% of the new directors this year, from 26% in 2022. New
directors of Asian background made up 11% of this year's class
while 9% were of Hispanic or Latino origin, each a percentage
point higher than a year ago.
Blacks account for 14% of the U.S. population, while Hispanics
accounted for 19% and Asians 6%.
(Reporting by Ross Kerber; editing by Jonathan Oatis)
[© 2023 Thomson Reuters. All rights
reserved.]
This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
