Freshfields
In partnership with WomenExecs on Boards
​4 October 2023
Impact Boards EM Research
The benefits of having a diverse board are being acknowledged around the world, thus resulting in gradually changing board compositions. However, simply changing the board composition will not result in better decision-making, innovation, and organisational performance.  
Promoting diversity on boards goes hand-in-hand with inspiring an inclusive culture, where board directors have a sense of belonging and feel that their opinions are valued, respected, and accepted. Directors, particularly those from under-represented groups, should be encouraged to provide their opinions freely to avoid the pitfalls of groupthink. Greater representation of backgrounds and competencies will likely result in different perspectives when directors are truly given a voice on the board, thus leading to a better identification of the risks and opportunities.
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Impact Boards EM, in collaboration with WomenExecs on Boards, conducted a deep dive into this topic to uncover some insights through the varied and rich experiences of women board directors around the globe.
The key learnings are highlighted below, which we hope will help our community of board directors and other stakeholders improve governance practices of the boards that they serve on.
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What can board directors and, more broadly speaking, communities or platforms, such as WomenExecs on Boards and Impact Boards EM, do to change the mindset of shareholders to improve diversity and inclusion at the board level?
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How is the recruitment of board members conducted in your organisation, and who drives the process of developing the board composition?
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Can you provide real-life examples of how companies where you have served/are serving as NED benefited from diversity?
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On the other hand, what are some challenges that boards may face with increased diversity and can you provide some examples from your experience?  How can these challenges be overcome?
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What is the role that boards play in influencing an inclusionary culture? How important is the role of a Chair in this regard, and what are the skills needed?