Numerous studies show that diversity can have an impact positive on board performance. A diverse group of individuals has different experiences, perspectives and perspectives on a problem which can offer solutions that might otherwise be missed by a board that is more homogenous. This is particularly the case for boards that comprise people from groups that are underrepresented. They will gain a better understanding of the preferences and culture of these groups, which could help them serve these groups better as clients.

The diversity of backgrounds and experiences on a board can also improve morale and strengthen trust. When board members feel that their opinions and experiences are being heard they are more devoted to the success of the business. It is important to track your board’s progress on promoting diversity, and also to pinpoint any obstacles.

Another area where diversity can contribute to mitigating risk. A recent study by Berger et al. found that greater gender and age diversity on the board contributes to better operational risk management and less exposure to market risk. The same study shows, however, that a high degree of diversity on the board may cause issues with communication and cohesion.

Finally, boards that have a diverse composition are more aware and sensitive to the unique challenges that are faced by communities that are not represented. This may encourage them to take steps to encourage social responsibility in their business. It is crucial to continue to attract and search for highly skilled women, individuals from diverse backgrounds and LGBTQ candidates for the board posts.

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