In a remarkable turn of events, a recent report released by Out Leadership, a leading gay-owned organization advising corporations on LGBTQ-supportive policies, unveils an extraordinary 1,556% surge in the number of companies trading on the Nasdaq Stock Market that have embraced such policies for their boards of directors. The report, titled “LGBTQ+ Board Diversity: Progress & Possibility,” showcases a groundbreaking shift in corporate America, particularly emphasizing the positive impact of LGBTQ inclusion.
The statistics speak volumes, with the number of companies trading on Nasdaq that have adopted LGBTQ-supportive policies skyrocketing from 113 in 2022 to an astonishing 1,871 in 2023. Todd Sears, the founder and CEO of Out Leadership, hails this achievement as a resounding response from executives who recognize the importance of expanding diversity within their boards. Sears remarks, “Today’s marketplace thrives on inclusion, and these numbers exemplify how embracing diversity fuels the success of companies.”
The significance of corporate boards cannot be understated, as they hold the responsibility of guiding a company’s governance and strategy. While they may not be directly involved in day-to-day hiring decisions, they play a crucial role in shaping the direction of a company and ensuring accountability for its success. The exponential growth in LGBTQ-supportive board policies demonstrates a notable commitment among corporations to create an environment that celebrates diversity and fosters inclusivity.
The Out Leadership report further reveals that an impressive 61% of Nasdaq companies now have gender-inclusive board diversity policies, marking a 206% increase since 2022. Additionally, 59% of Nasdaq companies, totaling 2,197, have implemented inclusive board policies based on race, exhibiting a remarkable 318% increase compared to the previous year’s figures. The report also extends its purview beyond Nasdaq, providing data on LGBTQ board inclusion across global stock exchanges such as the FTSE, the ASX, and the Hang Seng.
Out Leadership’s tireless advocacy has positioned the organization as a trusted partner for nearly 98 multinational companies and over 450 CEOs, including industry giants like Wal-Mart, Microsoft, IBM, and Coca-Cola. Through leveraging their platforms for social change, these companies actively promote LGBT+ equality, recognizing the positive impact it has on their bottom lines, employees, customers, partners, and communities.
While Nasdaq takes the lead in driving LGBTQ-supportive board policies, Out Leadership acknowledges that more work lies ahead. Other exchanges and companies worldwide need to join the momentum to ensure sustained progress. As the second-largest stock exchange globally, Nasdaq’s transformative efforts in promoting LGBTQ inclusion set an inspiring example for others to follow suit.
Todd Sears, a pioneer in advocating for LGBTQ supportive policies, launched Out Leadership in 2010. With an impressive background in the banking and investment sector, Sears brings a unique perspective to the fight for equality. Out Leadership’s mission focuses on advocating for LGBTQ+ rights by harnessing the power of business to effect positive economic and societal change. The organization’s ongoing efforts have led to influential actions, such as rallying business leaders against anti-LGBTQ legislation and garnering support from Wall Street banks for landmark marriage equality cases.
Sears firmly believes that Out Leadership’s approach as a Certified B corporation, combining business advocacy with social impact, has been instrumental in driving progress. The organization strives to ensure that LGBT+ individuals are protected, respected, and granted legal rights in every country where their member companies operate. With a steadfast commitment to eradicating discriminatory laws and advancing equality, Out Leadership aims to harness the economic influence of corporations to effect change on a global scale.
As the report highlights the extraordinary surge in LGBTQ-supportive board policies on Nasdaq, it underscores the undeniable power of inclusivity in the corporate world. The newfound emphasis on diversity not only demonstrates a shift towards equitable practices but also signifies the recognition of the LGBTQ community’s valuable contributions to the marketplace. By fostering an environment that values diverse perspectives, companies are poised to drive innovation, attract top talent, and ultimately bolster their own success.
While Nasdaq’s monumental progress is praiseworthy, the Out Leadership report sheds light on the need for continued efforts. The New York Stock Exchange, although influential in its own right, has yet to fully embrace LGBTQ inclusion and lacks explicit mention of the community in their diversity initiatives. Out Leadership stands ready to engage with the NYSE and other exchanges, advocating for robust diversity requirements and fostering an environment that embraces the full spectrum of human identity.
As the journey toward equality continues, Out Leadership remains at the forefront, leveraging the collective strength of their member companies to dismantle discriminatory practices and create a more inclusive business landscape. By uniting businesses, policymakers, and communities in the pursuit of LGBT+ equality, Out Leadership envisions a future where diversity is not only celebrated but also integral to sustained economic and societal progress.
In summary, the Out Leadership report highlights the groundbreaking increase in LGBTQ-supportive board policies on Nasdaq, showcasing a remarkable shift toward diversity and inclusion. The statistics serve as a testament to the commitment of corporations to embrace the power of diversity and recognize its positive impact on the marketplace. Out Leadership’s advocacy, rooted in the belief that businesses possess the potential to drive global equality, continues to inspire change and shape a more inclusive future for all.
