75 LGBTQ+ Board Members Making a Difference

At the Association of LGBTQ+ Corporate Directors, we firmly believe that giving visibility to diverse LGBTQ+ Board talent is crucial to ensuring Boardroom excellence. In celebration of Pride Month 2024 and the second anniversary of the Association (created in June 2022), we are tremendously proud to join forces with our partner, BoardProspects, to present the inaugural list of “75 LGBTQ+ Board Members Making a Difference.”

This list features an elite group of Board leaders selected for their unique talents, expertise, and grit, which they employ incorporate boardrooms across various industries in the United States. These board members best illustrate our view By Fabrice Houdart, Executive Director of the Association of LGBTQ+ Corporate Directors75 LGBTQ+ Board Members Making a Differencethat LGBTQ+ Board Diversity is not a “woke” agenda but a business one. The State of LGBTQ+ RepresentationDespite growing social acceptance and fairness in business, LGBTQ+ representation in the boardroom remains strikingly low. As highlighted in our 2023 LGBTQ+ Corporate Board Monitor, openly LGBTQ+ individuals occupy just 0.6% of Fortune 500 board seats and 1.2% of NASDAQ ones, while surveys show that LGBTQ+ identities represent a striking 7.6% of Americans1. This underrepresentation is not due to a lack of talent but rather systemic barriers and biases that have persisted for decades.

Overcoming Barriers

Our past research has identified three primary barriers to LGBTQ+ representation in the boardroom:

1. The Lost Generation: Many LGBTQ+ leaders in their 60s and 70s faced significant discrimination early in their careers, preventing them from reaching the top echelons of the business world. Additionally, the HIV/AIDS epidemic had a devastating impact on the subsequent generation of gay men, further depleting the pool of potential board candidates.
2. Industry Biases: Historically, LGBTQ+ professionals were concentrated in so-called “gay-friendly” industries like entertainment and fashion. Although this has expanded to include law, finance, and tech, many industries still lack LGBTQ+ representation. For example, manufacturing companies listed on the NASDAQ have less than 0.2% of Board Members who selfidentified as LGBTQ+ in the Board Diversity matrix included in their proxies.
3. The Network Gap: Many LGBTQ+ individuals have been excluded from traditional networking spaces, the “Country Club effect,” which is critical for board recruitment. This exclusion has created a vicious cycle of underrepresentation.

The Path Forward

Despite these challenges, ample LGBTQ+ board talent is available. Among the 600+ members of our Association, 24% have CEO experience, 60% C-suite experience, and 59% have prior board experience. However, these qualified candidates often must be made aware of nominating and governance committees.

To break this cycle of exclusion, we must focus on:

Targeted Governance Networking:

LGBTQ+ candidates must proactively seek visibility and networking opportunities within the governance space.

Company Initiatives:

Boards and recruiters must actively seek out LGBTQ+ candidates and commit to including at least one LGBTQ+ individual in their nominee pools.

Regulatory Support:

Policies like the Nasdaq Board Diversity Rule, which requires companies to disclose the diversity of their boards, can be game-changers in promoting LGBTQ+ inclusion, and we would love companies to adopt these disclosures voluntarily.

Celebrating Our Honorees

The 75 individuals identified by BoardProspects on this year’s list are not just making a difference in their respective companies but also paving the way for future generations of LGBTQ+ leaders. Time and time again, young professionals have told us how meaningful it is to read about LGBTQ+ talent at the top of business and their contributions. Their presence in the boardroom challenges the status quo and demonstrates the value of diverse perspectives in corporate governance.

As we celebrate these exceptional directors, we also acknowledge that equity in the boardroom is still a work in progress. We are committed to continuing our efforts to amplify LGBTQ+ voices and ensure that boardrooms across America reflect our society’s rich diversity.

Please join us in congratulating the 2024 “75 LGBTQ+ Board Members Making a Difference” and supporting our mission and that of BoardProspects to create more inclusive boardrooms for all.