Influenced by state legislation as well as the efforts of institutional investors and other diversity advocates, companies have been adding more diverse directors to their boards than ever before. In 2019, a record 59 percent of the directors added to the boards of S&P 500 companies were women or were men belonging to a racial or ethnic minority group. Now, as companies seek to navigate numerous issues few have faced before, including a worldwide pandemic, a lingering trade war, changing consumer demands, and widespread protests regarding racial inequality, even more may be seeking to increase their diversity. But what characteristics should boards look for when adding directors to improve gender, racial, and ethnic diversity to ensure that these new directors also enhance diversity in the boardroom from a practical perspective?
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