2023: a year in review

Closing 2023: a year of the queering of the corporate boardroom in review

In its sophomore year, the Association of LGBTQ+ Corporate Directors has pioneered a transformative shift in the narrative and framework of board diversity in the United States. This year stands as a milestone in elevating LGBTQ+ voices within corporate governance.

Here is a recap of a year that launched LGBTQ+ talent into the corporate governance conversation. Back in September, we celebrated the anniversary of the Association, which was created in June 2022 and launched officially at JPMorgan Chase’s New York headquarters in September 2022.

Since September, we have hosted new events in Los Angeles and San Francisco, released our analysis of the Nasdaq board diversity disclosure data, hosted a first dinner at the NACD Annual Conference in Washington, DC, held the inaugural Summit in New York City, and rang the bell at Nasdaq. Here is 2023 in review before we officially close the year.

Expanding membership and outreach

• Membership growth: the 217 members currently serving on boards are on average 57.23 years old and more gender-balanced than the boardrooms they sit in — 123 male, 92 female, and two identifying as non-binary (average tenure 6.45 years; average market cap $98,518 million; average revenue $29,153 million). We also count 336 aspiring board members (208 male, 125 female, one non-binary) with an average age of 54.75.
• Representation data: our unprecedented analysis revealed that despite representing 7.2% of the U.S. population, LGBTQ+ people hold only 0.8% of Fortune 500 and 1.22% of Nasdaq-listed company board seats.
• Member recognition: several members were included in the Top 50 Diverse Board Candidates list published by Equilar and Nasdaq — a testament to the skills and diversity our members bring to corporate governance.

Key events and activities

• NACD Conference in Washington, DC: hosted a significant dinner, contributing to advocacy for LGBTQ+ inclusion and a sense of community.
• New York City Summit: a landmark inaugural summit bringing together 140 leaders and advocates.
• Nasdaq closing bell: the Association rang the closing bell at Nasdaq the day after the Summit.
• Regional dinners: dinners in major cities including Dallas, Chicago, Los Angeles, San Francisco and DC, fostering networking and discussion.
• Monthly webinars: sessions on topics like NACD board accreditation and preparing for board service, underlining our commitment to education.
• Change of status to 501(c)(3): the transition from 501(c)(6) reflects our dedication to charitable and educational purposes.

Press coverage and advocacy

• Media features: coverage in publications including Nasdaq, the Harvard Law School Forum on Corporate Governance and Fortune, discussing underrepresentation on boards and the importance of LGBTQ+ diversity in corporate governance.
• Legislative engagement: engagement with legislators and policymakers, including communication with the SEC, highlighting the need for diversity disclosure regulation.

Research and reports

In collaboration with Equilar and Nasdaq, the Association published annual reports on LGBTQ+ board representation, providing critical insights and updates. We also reviewed Nasdaq-listed companies’ disclosures on whether they had an LGBTQ+ board member this year: 10% do, representing 1.22% of all board seats.

Looking ahead: initiatives and goals for 2024

• Continued networking and education: more dinners and summits in various cities, and regular webinars for members — crucial for building networks and enhancing the skills of existing and aspiring directors.
• Advocacy, research and awareness raising: continuing to amplify LGBTQ+ profiles and educate through newsletters, sponsorships and other channels.
• Legal and regulatory advocacy: as a 501(c)(3), continuing to advocate for legal and regulatory changes that support LGBTQ+ representation in corporate boardrooms.
• Strengthening global networks: expanding the global network and helping establish sister organisations in critical regions such as the UK.
• Building partnerships: strengthening partnerships with other organisations and fostering new collaborations.

2023 has been a year of significant achievements. Through its initiatives, events and advocacy, the Association has reinforced its commitment to increasing LGBTQ+ representation in corporate America. Looking ahead, we plan to professionalise our structure and push the envelope further.