A new campaign, ‘So many ‘Dicks, so few of everyone else‘, from e.l.f. Beauty, has revealed the extent of boardroom inequity in the US, and is urging other businesses to join the movement and ‘Change the Board Game’.
Its eye-opening research of 6,957 existing board members across 4,429 publicly traded US companies found that men named Richard, Rick, or Dick (Dicks) serving on these public company boards outnumbered women and diverse groups. Key findings from the research, carried out with purpose-driven agency OBERLAND, showed that:
- There were 566 men named Richard, Rick, or Dick (Dicks) serving on these public company boards.
- Black women and Asian women barely outnumber men named Dick, with only 806 Black Women, 774 Asian Women.
- There were only 283 Hispanic Women on these same boards, only half the number of “Dicks.”
- There are 19x more men named Dick than the 29 women of Middle Eastern descent on these boards.
- There are only 3 Native American Women serving on these boards compared to 566 men named Dick.
BOARD DIVERSITY MATTERS
The disruptive, eye-catching campaign was created by e.l.f. Beauty in a bid to encourage other companies to diversify their boards. The beauty firm is currently one of only four US publicly traded companies, out of 4,200+, with a board that’s two-thirds women and one-third diverse. The company has reported 20 consecutive quarters of net-sales growth and is only one of five consumer-goods companies in the US with that current record. Tarang Amin, Chairman and CEO of e.l.f. Beauty believes the company’s board diversity is helping to fuel business growth.
“One of the most important things a diverse board does is bring in multiple viewpoints to make better decisions. At e.l.f. Beauty, empathy is part of our business model because it brings us closer to our community and the things people in the community care about,” shared Amin. “A diverse board also helps us stay culturally relevant among multiple affinities. It’s the unique combination and diverse school of thought that helps us lead innovation and brand demand in the industry.”
Amin and his team want other companies to join the movement, with the campaign aiming to double the rate of women and diverse members added to corporate boards by 2027.
DIVERSE BOARD REPRESENTATION MATTERS
To drive awareness and, especially, motivate change, e.l.f. developed an attention-grabbing campaign that has hit the streets of New York City and across all e.l.f. channels. The campaign is running now until 10 June around the Financial District, including Fulton Street Station and The Oculus. The units feature bold headlines calling stats about current boards – and inviting others to learn about how diversity can drive profitability for everyone. These are among the first disruptive amplifications of many more to come in e.l.f.’s long-term commitment to this movement.
“e.l.f.’s commitment to diverse representation isn’t limited to within the four walls of our company. We want to normalise diversity – and if it takes some e.l.f.ing in-your-face advertising to do it, we’re happy to put it on some of the biggest screens you can imagine,” said Kory Marchisotto, Chief Marketing Officer, e.l.f. Beauty. “The aim of the data, the database and the compelling ad campaign is to invite others with us on this journey to drive real impact and help corporate boards more accurately reflect the world around us.”
CHANGE THE BOARD GAME
The beauty firm kicked off the “Change The Board Game” initiative earlier this year when it announced a partnership with the National Association of Corporate Directors (NACD) and its sponsorship of 20 women and/or diverse board-ready candidates through NACD Accelerate, a unique, two-year programme that creates a pathway for executives to prepare for board service. Each year in the U.S. we typically see around 3% growth of women and diverse candidates on corporate boards, but e.l.f. is aiming for 6% growth by 2027.
“This campaign demonstrates the ROI of DEI in a way that gets people’s attention, hopefully compelling them to join our cause,” said Drew Train, Chief Executive Officer, OBERLAND. “It is our belief that broad representation of the marketplace is part of a successful business plan, and an inclusive workforce and board gives the best context to achieve that.”
e.l.f. beauty is encouraging existing board members to visit the website and verify/update their gender and race to ensure the database is the most accurate representation of corporate boards in the US. For more information on “Change the Board Game,” click here.
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