My Mentor Chuck Williams Made Us Count
This edition of OutNEWS was originally published on April 21, 2023. Get priority access in your inbox when you subscribe.
In this week's edition:?A tribute to the late Chuck Williams, how data and research drive LGBTQ+ equality, and the findings from our 2023 OutQUORUM report on LGBTQ+ Board Diversity.
Dear Leaders,
This week’s OutNEWS is dedicated to the life and work of my dear friend, mentor, and gay godfather?Chuck Williams. Though Chuck left us last week, his legacy will most certainly live on in the lives he touched both personally and through the groundbreaking research of the Williams Institute, which his historic generosity made possible.
Twenty-two years ago, Chuck had a vision. At that time, there was no credible data on the LGBTQ+ community. Nothing to show who we were, where we lived, our economic footprint, or the impact we felt from discrimination. So, as visionaries often do when they see a problem, Chuck set out to fix it.?He made an initial $2 million donation to start the Williams Institute at the prestigious UCLA School of Law, and then raised tens of millions (and donated millions) more. Today, the Williams Institute is the gold standard of LGBTQ+ data and research, conducting independent research and publishing hundreds of reports each year on sexual orientation and gender identity law and public policy.?But unlike some philanthropists who write a check and move on,?Chuck dedicated the remainder of his life to building the Williams Institute into a world-class organization?whose research and data have single-handedly changed the course of the LGBTQ+ equality movement.
Data drives change. And being counted matters. It’s hard to imagine now, but before the Williams Institute, the LGBTQ+ community was completely invisible. We weren’t counted anywhere–not in the United States Census (which Williams made happen after 19 years of work), no General Social Survey (again Williams), no counts of married (or domestically partnered) couples, or the impact of discrimination on people living with HIV (you guessed it, Williams again). No one understood where we lived, the impact we made on society, and importantly, the impact that discriminatory laws had on our community. And to this former banker, what struck me was that no one had ever calculated the economic impact and opportunity that the LGBTQ+ community brings to the United States and the world.
Which is what led me to meet Chuck Wiliams in 2005.?I was still a banker at Merrill Lynch, and I went to hear Chuck and Executive Director, Brad Sears (my Sister) speak about what they were building, and what they needed.?At that time, my work at Merrill focused on financial planning for gay and lesbian couples, who could only have their relationships protected with domestic partner benefits, which were unfairly taxed as income by the federal government.?Chuck said he wanted to get funding to calculate exactly what the tax cost was so that we could lobby Congress, and I got excited to help.?This led me to raise $100,000 from across four divisions at Merrill Lynch to fund a piece of research from Williams that was written by my brilliant friend Lee Badget.?The report, “Unequal Taxes on Equal Benefits," was published in 2007 and calculated that gay couples paid $1,069 in additional tax every year because our relationships weren’t federally recognized.?Like everything Williams publishes, the data was used numerous times, including in the Pension Protection Act, and even in multiple amicus briefs to the United States?Supreme Court years later to advocate for marriage equality.?Chuck then asked me to join the Founders Council (Board) of the Williams Institute, on which I am still honored to still serve 18 years later.??
But Chuck and I shared more than just a passion for data-driven advocacy.?The second time we met, Chuck decided he was going to be my career (and life) mentor, an offer I readily accepted.?And I have been lucky enough to have his advice, counsel, and love for so many years as I grew my career on Wall Street, and then as I started what has become Out Leadership.?You can literally see Chuck’s imprint on everything we do at Out Leadership. We?practice a tactical, results-driven approach to problem-solving?that is rooted in facts. It’s at the heart of?OutNEXT, the?LGBTQ+ Business Climate Index, and of course?OutQUORUM?(the latest version of which was released this week). Chuck showed me the power of being a “data guy.” He taught me that you don’t show up to a “values” fight with your heart on your sleeve, but with unimpeachable data in your pocket.
Chuck and I also shared a deep and abiding affection for ice-cold gin martinis which he loved to make for us to wander around his gorgeous yard in Malibu and talk about life.?And he loved being silly and cutting loose.?One of my favorite nights out with Chuck was when I surprised him with tickets to see Cher when we were in Las Vegas for the OutGiving conference.?He insisted on the feather boa for our picture, and I didn’t argue. I’m tempted to compare Cher and Chuck - after all, both are legends, both have an enduring legacy, and both are dear to my heart. Both have, in fact, helped me “Believe.”
Yeah, I went there. Chuck would have liked that.
Rest in Peace, Chuck.?I love you.
Todd G. Sears
Founder and CEO
Out Leadership
Last week, Out Leadership published our annual OutQUORUM Report on LGBTQ+ Board Diversity.
Here’s why it matters:
For the past three years, Out Leadership’s original research has been the only source of data to track and measure LGBTQ+ Board Diversity. And visibility counts, because what isn’t measured can’t be changed.
Corporate boards lacking diverse representation risk losing critical perspectives and insights that enable better business outcomes. Learn more about how Out Leadership is helping the world's largest companies, investors, and shareholders realize greater returns on investment through the advancement of equality at?outleadership.com.
Here’s what we found:
#1
Since last year, there was a 1,556% increase in LGBTQ+ inclusive?board diversity policies among companies listed on the Nasdaq.
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1,871 out of 3,743 Nasdaq?Exchange companies now have LGBTQ+ inclusive board diversity policies - that’s 50% of companies on the exchange.
This monumental increase is a direct result of the Nasdaq Board Diversity Rule, which was approved by the Securities and Exchange Commission (SEC)?in 2021. Nasdaq relied on Out Leadership’s data when it sought regulatory approval for the rule, citing OutQUORUM research seven times in its letter to the SEC.
#2
Businesses are driving exponential growth in LGBTQ+ inclusive board diversity policies.
112 companies in the Fortune 500 have LGBTQ+ inclusive board diversity policies – that’s 22.4%.?This year’s count is over four times the number from last year, and 56x the number since Out Leadership started OutQUORUM.
In the Fortune 1000, 23.2% of companies have an LGBTQ+ inclusive board diversity policy.
#3
The number of Fortune 500 board seats held by LGBTQ+ individuals rose from 26 to 39 this year.
In 2023,?39 corporate board seats were held by 32 distinct LGBTQ+ individuals?(several directors hold multiple seats).
Of those LGBTQ+ directors:
The Fortune 1000 had similar results:
#4
As LGBTQ+ board diversity has increased, so has inclusion by other metrics of difference.
A rising tide lifts all ships! The push for LGBTQ+ inclusive governance deepens diversity across identity metrics.
As Out Leadership has led the charge to measure and increase the adoption of LGBTQ+ inclusive board diversity policies, companies re-examining their board selection process to include the LGBTQ+ community also chose to include gender, age, ethnicity, race, and national origin as metrics to measure and further diversity.
#5
For the first time, OutQUORUM is global, tracking data from the United States, the United Kingdom, Australia, and Hong Kong.
In order to replicate the success OutQUORUM has achieved in the United States, Out Leadership has begun measuring LGBTQ+ inclusion in board diversity policies in the?Financial Times Stock Exchange?(FTSE) 350, the Australian Securities Exchange (ASX) 200, and the Hang Seng Index (HSI).?
Help us spread the word.