You Say You Want a More Diverse Board. Here’s How to Make It Happen.

Despite reports that U.S. board directors are increasingly interested in diversity, PwC’s latest Annual Corporate Directors Survey found that diversity among board members remains abysmally low. So what has stymied efforts towards increasing board diversity? The authors identify four commonly cited justifications: low turnover, high inertia, limited candidate pools, and inadequate succession planning. They then offer tactical strategies to help directors overcome these real and imagined obstacles and live up to their stated goals of diversity at the highest levels of corporate governance.

Three years ago, PwC reported some good news from our 2018 Annual Corporate Directors Survey: The vast majority of public company directors said that they recognized the value of including more women and people of color in the boardroom. And this trend has been reflected in new regulatory initiatives, as more and more states have begun implementing or contemplating legislation to mandate increased board diversity.

Maria Moats is the leader of PwC’s Governance Insights Center, which strives to strengthen the connection between directors, executive teams, and investors by helping them navigate the evolving governance landscape. With more than 25 years of experience at PwC, Maria is an Audit partner and has previously held important PwC leadership roles within the U.S. firm. From 2011 to 2016 Maria served as PwC’s Chief Diversity Officer. After that role, and before becoming the leader of the Governance Insights Center, Maria served as Vice-Chair, Mexico & U.S. Assurance Leader, where she oversaw PwC’s national Assurance practice.

Paul DeNicola is a principal in PwC’s Governance Insights Center, which strives to strengthen the connection between directors, executive teams and investors by helping them navigate the evolving governance landscape. With more than 15 years of corporate governance experience, Paul has a broad range of knowledge in numerous emerging governance issues. Paul is also an Associate Professor at New York University’s Stern School of Business where he teaches courses in corporate governance and professional responsibility.