Improving Queer Women’s Representation in the Boardroom

Written by Fabrice Houdart and Chiqui Cartagena for NACD BoardTalk, this article examines the specific underrepresentation of LGBTQ+ women in US corporate boardrooms.

As the first phase of the Nasdaq Board Diversity Listing Rule took effect in the 2023 proxy season, a review of the disclosures showed that LGBTQ+ women remain almost entirely absent from most boards. Citing the Association’s own data, the authors record that only 15 lesbians sat among the more than 5,000 Fortune 500 board seats at the time, alongside a small number of other out LGBTQ+ directors including two trans women.

Drawing on a survey of more than 200 existing and aspiring LGBTQ+ directors and a dinner hosted for LGBTQ+ women with JPMorgan, the authors report two consistent messages: there is no shortage of qualified candidates, but LGBTQ+ women face low visibility at the top of corporations, limited networking opportunities, and fewer structured professional-development routes into board service.

The article closes with a direct ask of nominating and governance committees, chief executives, recruiters, and private equity firms: put the existing pool of board-ready LGBTQ+ women on their radar, and treat equity at the highest levels as something to pursue proactively rather than to wait for.