The Board Challenge
The Board Challenge is a movement to improve the representation of Black directors in corporate U.S. boardrooms by challenging companies to take the pledge to appoint a Black director within the next year. This movement is crossed-sector of public and private among U.S. companies who committed to accelerating action to improve the representation of Black leaders on the boards of U.S. companies. This movement founded by Altimeter Capital, Valence and theBoardlist, signed by 34 partners. [1]
Background
Black leaders are under-represented in America’s public and private boardrooms. True and full racial representation at the board level is in the best interest of companies, employees, customers and communities and helps to advance and support a more equitable society.[1]
Black leaders are underrepresented both in America's public or private boardrooms. Approximately 66% of Fortune 500 company board members are white men and 18% of members are white women, while only 9% of members are Black men and women, according to a report by the Alliance for Board Diversity and Deloitte. And while many companies tout their commitment to improve diversity, equity and inclusion, progress at the boardroom level is limited. According to Black Enterprise, 187 S&P 500 companies, or about 37%, did not have any Black directors in 2019 – only a two percentage point improvement since 2018.[2]
"America has been reminded again in tragic fashion that we must redouble our efforts to build a more inclusive society. Business leaders can't let this moment pass us by without playing our part and taking this tangible step to build a more diverse boardroom," said Brad Gerstner, founder and CEO of Altimeter Capital and co-founder of The Board Challenge. "As a next step, we are encouraging companies to take the pledge and add a Black director in the next 12 months. The Board Challenge is a movement to accelerate these changes and help companies tap into the energy and talents of all underrepresented groups."[3]
The Board Challenge launched with the support of companies and individuals representing various sectors of industries including corporate, non-profit and training and education. These supporters include organizations such as the Executive Leadership Council, the NAACP (National Association for the Advancement of Colored People) and National Urban League who commit to supporting the mission and using their platforms to drive awareness and participation in the movement.[2]
The Movement
The Board Challenge movement is divided into two category: Founding Pledge Partners and Charter Pledge Partners. All partners in each category are committed to progress reports along the way, including six-month and one-year reporting on results with participants.
Founding Pledge Partners is the list of participating companies that committed to adding at least one Black director to their respective boards in the next 12 months. The list of the participants: Accolade, Altimeter Growth Corp, Amperity, Bolster, Gusto, Heritage-Crystal Clean, Inc., Heritage Environmental Services, HopSkipDrive, Kin, M.M.LaFleur, Nextdoor, PagerDuty, RealSelf, Ripple, Senreve, Vinyl Me, Please, and Zillow.[2]
The Board Challenge co-founders will check in with Founding Pledge Partners within six months and at 12 months to evaluate their progress in adding a Black director.
Charter Pledge Partners is the list of companies that already have at least one Black director and will continue to use their resources to accelerate change. The list of the participants: Avnet, Broadridge Financial Solutions, CDK Global, Cockroach Labs, Corning Incorporated, Elovee, Executive Leadership Council, Impact Capital Managers, Lightspeed, Lyft, Merck, Nasdaq, Nordstrom, Okta, Ranpak, Redfin, Ro, Sonos, Southern California Public Radio, SurveyMonkey, The New York Stock Exchange, The RealReal, Uber, United Airlines, Upstart, Verizon, and WW (formerly Weight Watchers).[2]
Not only making the challenge and gathering the partners, The Board Challenge co-founders will provide and equipped partners with access to qualified talent to help in their search and recruitment of Black director candidates, while supporters will offer resources and training.[3]
References
- ↑ 1.0 1.1 The Board Challenge. Retrieved January 16, 2021.
- ↑ 2.0 2.1 2.2 2.3 The Board Challenge Launches Pledge For U.S. Boards Of Directors To Add A Black Director Within One Year. PR Newswire. 9 September 2020. Retrieved January 16, 2021.
- ↑ 3.0 3.1 The Board Challenge Launches Pledge For U.S. Boards Of Directors To Add A Black Director Within One Year. Yahoo Finance. 9 September 2020. Retrieved January 16, 2021.