Minorities, Women See Greater Opportunities on Corporate Boards

While minorities and women are filling corporate board seats at unprecedented rates, challenges continue to impede the progress of diversification, according to the March issue of Worth magazine.

Signifying a trend that "is not just good PR but also good business," contributing writer Suzanne McGee cites the changing face of the workforce and the steady rise in minority-owned businesses as factors contributing to this evolution. Deciphering and pursuing these trends, she writes, is most effectively accomplished "by having someone who understands this right at the boardroom table."

This process is also being spurred by an expanding pool of minority and female candidates who have accrued the necessary senior-level business experience that qualifies them for corporate board positions.

These elements, combined with idealism and civil rights, "have given way to capitalist practicalities and shareholder responsibility," the column further explains. "Recruiters, directors and CEOs agree that building boardroom diversity is becoming a natural outcome of looking for the best possible candidate to fill a particular slot." As a result, some board recruiting committees are now mandating that each search for a new director include -- even be restricted to -- minority and women candidates.

Nevertheless, diversity is an essential element in a board's
accountability to its shareholders, according to Ms. McGee, who explains that businesses that are resistant to this trend will be in the minority in the 21st century. "Companies are beginning to realize that as long as they insist on filling their board seats with white males, they not only risk the ire of special interest groups, but also place in jeopardy their firms' future success," she concludes.

You may like these other stories...

Here's a CPA who truly walks the walk. On March 15, Frank Ryan, CPA, departed San Diego, California, with plans to be in Ocean City, Maryland, by July 2 to teach a course at the Maryland Association of CPAs’ (MACPA...
When Theodore J. Flynn first joined the Massachusetts Society of CPAs (MSCPA) in 1970, it was a different world and a different profession.  The "Big Eight" were still headquartered in Boston. Vietnam War...
Accountant Rickey Charles Goodrich had it a little too good. Many bean counters would kill to serve as financial guru to the likes of Pearl Jam. Goodrich was hired in 2005, and the following year, he became the CFO of Curtis...

Upcoming CPE Webinars

Apr 17
In this exciting presentation Excel expert David H. Ringstrom, CPA shares tricks that you can use with pivot tables every day. Remember, either you work Excel, or it works you!
Apr 22
Is everyone at your organization meeting your client service expectations? Let client service expert, Kristen Rampe, CPA help you establish a reputation of top-tier service in every facet of your firm during this one hour webinar.
Apr 24
In this session Excel expert David Ringstrom, CPA introduces you to a powerful but underutilized macro feature in Excel.
Apr 25
This material focuses on the principles of accounting for non-profit organizations' revenues. It will include discussions of revenue recognition for cash and non-cash contributions as well as other revenues commonly received by non-profit organizations.