Queer leaders: LGBTQI+ people still overwhelmingly absent from corporate boards

📆 9/28/2023 1:50 PM
📰 physorg_com

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Most companies like to show that they care about queer people. Following gains in rights and legal recognition over the last decades, it is now a commonly established ritual to display a rainbow logo during Pride Month. Big corporations such as North Face, Anheuser-Busch InBev, Target and Kohl's have all recently ran inclusive ad campaigns featuring Lesbian, Gay, Bisexual, Transgender, Queer, and Intersex (LGBTQI+) people. This makes sense from a business perspective, with 'pink money' weighing 3.5 trillion euros globally and around 874 billion euros in the EU. However, many in the LGBTQI+ community will brush off these gestures as pinkwashing if they are not backed up with more substantial action. This could mean a company standing by a queer influencer hired to promote a product when they are attacked by the far-right as a result of this exposure. Or including out LGBTQI+ people at the top of the corporate ladder.

estimates that hostilities against LGBTQI+ people deprived Hungary, Poland and Romania close to 7 billion euros annually. However, an increase of 10% in the rights of LGBTQI+ people in these countries could result in a 3,400 euros per capita increase in GDP.

What's more, a truly diverse board could boost companies' ratings in environmental, social and governance and diversity, equity and inclusion . When they occupy positions of power, LGBTQI+ people have an opportunity to strengthen their companies' corporate mission for the community worldwide. For example, this could mean advocating for queer rights in some of the near 70 countries that continue to criminalize same-sex relationships.

It has been a long-held perception that board recruitment is an insider's game where current directors bring their friends to the table. When this isn't the case, many boards. This is hardly helps matters, with not only LGBTQI+, but female leaders facing a historical glass ceiling in the corporate world. To create a diverse pool of qualified candidates, nominating committees should expand their criteria beyond those with C-suite experience at publicly listed companies.

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