In 2024, Only 0.9% of Fortune 500 Company Board Seats and 1.3% of NASDAQ Company Board Seats Occupied by LGBTQ+ Individuals, Despite Gains in Other Diversity Areas
NEWS PROVIDED BY
Association of LGBTQ+ Corporate Directors
http://lgbtqdirectors.org
NEW YORK, September 16, 2024 / — Ahead of its Annual Summit, which will take place on September 19th in New York City at JPMorganChase Headquarters, the Association of LGBTQ+ Corporate Directors, the premier organization promoting LGBTQ+ representation on corporate boards, released today the 2024 LGBTQ+ Board Monitor, in partnership with JPMorganChase, EY, Norton Rose Fulbright and Equilar. The report highlights a persistent lack of LGBTQ+ representation on the most prominent company boards in the U.S. LGBTQ+ directors occupy just 0.9% of Fortune 500 board seats and 1.3% of NASDAQ board seats.
“As businesses plan for the future, it is crucial to recognize that LGBTQ+ individuals account for 7.6% of the U.S. population and contribute significantly to the economy,” stated Betsy Bernard, Chair of the Association and a Fortune 500 Board Director. “This underrepresentation reflects missed opportunities for boards to benefit from the diverse perspectives that LGBTQ+ directors bring.”
Key Findings from the 2024 LGBTQ+ Board Monitor:
- 0.9% of Fortune 500 board seats are occupied by LGBTQ+ individuals, representing a slight increase from 2023 due to better accounting.
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- The Fortune 500’s LGBTQ+ seat holders are more diverse than the overall F500 directors population, with 60% being women and African American and Latino LGBTQ+ directors accounting for 20% and 15%, respectively, demonstrating some racial and ethnic diversity.
- 1.3% of NASDAQ board seats are occupied by LGBTQ+ individuals, which is on par with findings from 2023.
- 1 in ten F500 and NASDAQ companies have an LGBTQ+ Board Director.
Despite progress in gender, racial, and ethnic diversity, LGBTQ+ representation lags. The report calls attention to bottlenecks in the selection and nomination process, including a “network gap” signaling potential unconscious bias against admitting LGBTQ+ talent into certain key access pipelines and platforms. It highlights the Association’s efforts to bridge this gap.
“While other diversity metrics have shown improvement, LGBTQ+ inclusion on boards remains critically low. Boards must address this gap to reflect better the diversity of their consumers, employees, and investors,” said Fabrice Houdart, Founder and Executive Director of the Association of LGBTQ+ Corporate Directors. “We are committed to driving this change through advocacy and building a pipeline of LGBTQ+ board-ready professionals.” The Association boasts 600 members who will have their Annual Meeting at the upcoming Summit.
The report also highlights the impact of the Nasdaq Board Diversity Rule, which has increased disclosures regarding LGBTQ+ board representation in corporate filings. However, the rule’s legal future remains uncertain, with ongoing litigation posing potential threats to its survival.
Download the full report (.pdf): LGBTQ+ Board Monitor 2024 Final
About the Association of LGBTQ+ Corporate Directors
The Association of LGBTQ+ Corporate Directors, founded in 2022, is the only U.S. not-for-profit dedicated to increasing LGBTQ+ representation in corporate boardrooms. With over 600 members, the Association offers a range of programs, including mentorship, board preparation, and networking opportunities. The organization also provides corporate governance programming focusing on diversity and inclusion.
Contact:
Fabrice Houdart
fabrice@lgbtqdirectors.org