The Board Challenge launched a pledge on September 9 for U.S. corporate boards of directors to add a Black director within the next year.
The pledge was founded by Altimeter Capital, Valence and theBoardlist, signed by 17 Founding Pledge Partners, and supported by 27 Charter Pledge Partners that already have at least one Black director. Some of the pledge partners include CDK Global, Lyft, Uber, United Airlines, Upstart, and Verizon.
“We are proud to join The Board Challenge as a Charter Pledge Partner, and support the goal of true and full representation on all boards of directors,” said Brian Krzanich, CDK President and Chief Executive Officer. “We believe that embracing inclusion and diversity is essential to the growth of every organization.”
Krzanich said organizations have a responsibility to lead by example for the benefit of its employees, business, and communities. “We pledge to support and encourage the broader corporate community to accelerate these important changes,” he said.
Co-founders of the Board Challenge will check-in at six months, and evaluate the progress of its Founding Pledge Partners at the 12-month mark of the launch of the pledge.
According to the news release, approximately 66 per cent of Fortune 500 company board members are white men, 18 per cent are white women, and 9 per cent are Black men and women, based on a “Missing Pieces Report” by the Alliance for Board Diversity and Deloitte.
Brad Gerstner, Founder and CEO of Altimeter Capital and Co-founder of The Board Challenge, said America needs to redouble its efforts to build a more inclusive society.
“As a next step, we are encouraging companies to take the pledge and add a Black director in the next 12 months,” said Gerstner. “The Board Challenge is a movement to accelerate these changes and help companies tap into the energy and talents of all underrepresented groups.”
Some companies have objected, saying they are not able to find the type of diverse board talent they are looking for. To that, Guy Primus, CEO of Valence and Co-founder of The Board Challenge, said that in 2020, the issue is not a pipeline problem — “it is a perspective problem.”
More information about pledge can be found here.
