A better board is a more diverse one

This post is part of theBoardlist's #BeABetterBoard series of posts and interviews with leading CEOs and VCs from the tech industry. Thought leaders share what they've learned while serving and managing boards, what they wish they knew when they started, and what they're focusing on now.

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A growing body of research drives home that diversity on corporate boards isn’t just good optics—it’s good business. Having a female board member is linked to improved decision-making, smarter risk management, and better financial performance. But even though diversity on corporate boards is actually at an all-time high, a recent study by Deloitte and The Alliance for Board Diversity found that these boards are still, on average, more than 79 percent male. 

Companies often blame their lack of board diversity on a lack of qualified female candidates. Well, in 2017, that frankly sounds like a failure of imagination. My colleague Connie Collingsworth, who is the Gates Foundation’s Chief Business Operations Officer and a member of two corporate boards, has pointed out that companies often narrowly define “qualified candidate” to mean “a CEO.” But since only about 6 percent of Fortune 500 CEOs are women, that restriction is excluding many talented women from consideration. Connie suggests that companies correct for that by expanding the pool of potential candidates to include other top executives like CFOs, CTOs, and general counsels.

To yield the full benefits of a more diverse board, board members have a role to play, too. Each member should help ensure that everyone at the table is encouraged to share their ideas—and every perspective is valued and respected. I’d always rather be presented an idea that has survived a robust debate than one that no one even thought to question.

So to build a better board, recruit a more diverse one. And to be a better board member, make sure that every voice in the board room has the chance to be heard—whether that means speaking up yourself or amplifying someone else.