In view of the evolving responsibilities and influences of boards, we set about to study how boardroom heterogeneity is perceived and valued by directors. Our focus was gender, as there has been a significant amount of change regarding women in the boardroom over the last decade. We were less interested in the often-quoted statistics and “glass ceiling” issues that have been analyzed and discussed by many before us and instead set out to go further, to identify why it is important to have a diversity of perspective in the boardroom. As we began to probe, we realized that our findings on this issue transcend gender to address a broader subject. How does diversity of perspective in the boardroom lead to a good dynamic and better governance? How can boards better structure themselves to benefit their constituents? Finally, how can candidates and nominating committees respond to the opportunities and needs that already exist?
But diversity for its own sake falls short of both the need and the opportunity. An evolution is under way, and boards now are beginning to realize that it is the breadth of perspective, not the mere inclusion of various diverse traits, that benefits the organization.