Another step forward: the 2024 LGBTQ+ Corporate Directors Summit

On September 19th, 2024, over 200 leaders, directors, aspiring board members, investors, governance specialists, and sponsors gathered at JPMorgan Chase’s headquarters in New York City for the second annual LGBTQ+ Corporate Directors Summit. The event was more than just a meeting of minds — it was a decisive step toward reshaping corporate governance by increasing LGBTQ+ representation at the highest levels, and responding to the question: what is the power of an out LGBTQ+ executive in the boardroom?

The day kicked off with a warm welcome by David Barbee of JPMorgan and Ted Acosta of EY, setting the tone for a day filled with meaningful discussions, eye-opening data, and strategic insights. The highlight of the opening session was an inspiring interview with Reggie Van Lee, who shared his perspective on the role of inclusive leadership in today’s fast-evolving business world.

The day included panels on trends in the public boardroom and small ventures boards featuring prominent board members and CEOs like David Hedley (Sanmina), Robert Hanson, and Gaingels’ Jennifer Jeronimo.

Unveiling the 2024 LGBTQ+ Board Monitor

One of the most anticipated sessions was the unveiling of the 2024 LGBTQ+ Board Monitor Report, which included a piece by Norton Rose Fulbright on the legal developments of the Nasdaq disclosure rule. Presented by Professor Wouter Torsin, the research highlighted the stark underrepresentation of LGBTQ+ individuals in U.S. boardrooms. Despite progress, only 1.3% of board seats on Nasdaq and 0.9% in the Fortune 500 are held by LGBTQ+ individuals, unchanged from 2023. The data painted a clear picture: while some companies lead the charge, we still have a long way to go in breaking the “lavender ceiling.” Prof. Torsin also discussed the market reaction to LGBTQ+ appointments and the experience of LGBTQ+ people in the boardroom.

Throughout the day, panels explored the intersection of corporate governance, emerging technologies like AI, and the challenges of fostering diversity in small ventures. Expert panelists like Christy O’Gaughan from GE and Patrick Chung of Xfund shared their experiences on how innovative technologies and inclusive leadership can propel companies forward.

Candour on the DEI landscape

The DEI landscape was brought into sharp focus during a conversation between Stacey Friedman, JPMorgan Chase’s general counsel, interviewed by the Association’s executive director Fabrice Houdart. Stacey offered candid insights into the current state of diversity efforts, urging attendees to resist efforts to weaponize inclusion and stay vigilant in their advocacy.

As the day drew to a close, Rob Smith and Chiqui Cartagena outlined the future of the organisation, emphasizing the need for continued growth, mentorship, and advocacy to support aspiring LGBTQ+ directors. The event ended with a lively cocktail reception, where attendees networked and reflected on the day’s discussions.

This year’s summit was a milestone and a catalyst for action. With the support of sponsors like JPMorgan Chase, EY, and Cooley LLP and the passion of our members, we are poised to make real, lasting change in boardrooms across the country.

Together, we are breaking barriers and opening doors, ensuring that LGBTQ+ professionals have a seat at the table. This summit is just the beginning. Stay tuned for what’s next as we build a future where LGBTQ+ representation matters and inclusion is the norm, not the exception.