Queer leaders: LGBTQI+ people still overwhelmingly absent from corporate boards
Big corporations such as North Face, Anheuser-Busch InBev, Target and Kohl’s have all recently ran inclusive ad campaigns featuring Lesbian, Gay, Bisexual, Transgender, Queer, and Intersex (LGBTQI+) people.
- Big corporations such as North Face, Anheuser-Busch InBev, Target and Kohl’s have all recently ran inclusive ad campaigns featuring Lesbian, Gay, Bisexual, Transgender, Queer, and Intersex (LGBTQI+) people.
- This makes sense from a business perspective, with “pink money” weighing 3.5 trillion euros globally and around 874 billion euros in the EU.
- And I can testify that diverse corporate boards are a long shot from becoming reality.
- This comes as a particular surprise given the European Commission’s recent pledges to boost opportunities for the community.
The case for diversity
- And yet, the case for board diversity is stark.
- What’s more, a truly diverse board could boost companies’ ratings in environmental, social and governance (ESG) and diversity, equity and inclusion (DEI).
- For example, this could mean advocating for queer rights in some of the near 70 countries that continue to criminalize same-sex relationships.
Step forward
- For DEI initiatives to reach a successful outcome, there must first and foremost be reliable demographic data.
- Due to historic discrimination against LGBTQI+ people, there has long been a justifiable reluctance to self-identify.
- The findings showed that when companies are not inclusive, LGBTQI+ employees are willing to leave for those that are.
- The organization encourages out LGBTQI+ corporate directors to self-identify, be counted, and mentor qualified candidates for board seats.
Leveraging gender policies to appoint more LGBTQ+ women at the top
- After the share of CEOs in the Fortune 500 dropped by 25% in 2018, a host of European countries, including Norway, Germany, Finland, France and Spain, introduced gender quotas in 2022.
- As companies look to comply with this law, there is an opportunity to appoint women who identify as LGBTQI+.