By Nancy Geenen, M.A. Ed., J.D.–
Whether or not legislation is with us, there is a growing demand for boards to diversify. Publicly traded, family, privately held, and nonprofit boards all benefit from electing directors with diverse identities. That said, it is not only the identity that needs to be recognized. With the attacks on DEI (diversity, equity, and inclusion), nominating and governing committees may shy away from a “numbers game.” And they should. One is never enough. The key to great decision-making is the diversity of many lived experiences, both personal and professional.
Since 2015, global management consulting firm McKinsey & Company has been researching the effect diversity has on financial performance. Surveying more than 10,000 publicly traded companies over the years, McKinsey found that those in the top quartile outperformed their industry competitors by over 30% year after year. This research led to an explosion in training courses for board readiness. In some cases, nominating committees have used this lack of formal training as an excuse not to diversify.
Great boards not only look for diversity in lived experiences, but also these boards require a matrix of skill sets from those willing to roll up their sleeves and do the work. A nonprofit board, like the GGBA, is a great place to build board experience.
The GGBA is a working board that requires a leader in development and sponsorship to raise funds, a leader in finance for proper expenditure of funds and budgeting, a leader in programing for membership that focuses on member needs, and a leader in nominations and governance to assure a multi-year succession plan and adherence to fiduciary duties. As a board, we are service oriented and ready to roll up our sleeves to do the good work for our members and the LGBTQ+ community.
In September, the GGBA membership elected five new board members with 30% of the membership voting. Aaron Boot-Haury, Tali Bray, Hitesh Tolani, Lisa Orrell, and Stella Lim join Gina Grahame, David Aguilar, Imani Brown, Josh Nair, and me as the board that will serve our stakeholders. Over the next several issues, the San Francisco Bay Times will be featuring our newest board members.
Nancy Geenen is the Acting President of the Golden Gate Business Association. She is also the Principal and Chief Executive Officer at Flexibility. https://www.flexability.com/
GGBA: Message from Leadership
Published on October 17, 2024
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