Black Representation Absent From 20% US Public Boards

Despite corporate commitments to diversity, equity and inclusion, one in five S&P 500 company boards still have no African American representation, a new study has confirmed.

The latest exclusive report on African American representation on the corporate boards of 500 of America’s largest publicly traded companies was carried out by digital media company Black Enterprise. It identified 399 African American directors at S&P 500 companies; including Citigroup, Walmart, American Express, Salesforce and FedEx, on the Black Enterprise Registry of Corporate Directors. The registry also includes 155 Black women directors. However, the report revealed that 103 S&P companies – more than 20% – still have no African American representation among their boards of directors.

CHANGE TOO SLOW, TEPID & INCONSISTENT

“Our 2021 Boardroom Power report – featuring our Registry of Corporate Directors – reveals that 79% of S&P 500 corporations today have at least one Black board member versus 61% in 2019,” stated Black Enterprise CEO Earl Graves Jr. “However, overall change in Black corporate leadership, for the most part, remains too slow, tepid and inconsistent. Corporations’ claims of commitment to diversity, equity and inclusion ring hollow with the noticeable absence of Black executives or directors engaged in the leadership, governance and direction of major corporations.”

The report also spotlights prominent African American directors, including former MetricStream Inc CEO Shellye L Archambeau, who serves on the boards of Verizon Communications and Roper Technologies; and Park Hotels & Resorts Chairman and CEO Thomas J Baltimore, who serves on the boards of American Express and Prudential Financial.

The registry is drawn from the S&P 500 based on market capitalisation as of 30 September 2021. Black Enterprise compiled the listing by reviewing proxy statements and annual reports, as well as contacting investor relations departments, corporate governance experts, and organisations, such as the Black Corporate Directors Conference and Executive Leadership Council (ELC), a network of the nation’s most highly ranked African American corporate executives. Click here for more information.

Executive diversity recruitment expert Kenneth Johnson provides the real reason behind the stark representation of Black leaders in corporate America. Click here to read more.