Continuing the conversation: Board renewal

June 2012

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At a glance

Corporate boards can impact corporate culture, influence business strategy, and support business model sustainability. Diversity across gender, ethnicity, industry expertise, thought, and experience can broaden a board's perspective. Although many boards are diversifying, more than half of directors polled in PwC’s 2011 Annual Corporate Director Survey said it was difficult to increase gender diversity.

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Corporate boards have the ability to reshape corporate culture, to influence business strategy, and to help foster business model sustainability. Diversity across gender, ethnicity, industry expertise, thought, and experience can allow for broader perspectives as the board plays out their roles.

Many boards are seeking to diversify by adding women and minority directors, but 55% of directors polled in PwC’s 2011 Annual Corporate Director Survey said it was difficult to increase gender diversity, and nearly two-thirds said it was difficult to increase racial diversity. There are also many boards with no women or minorities at all.

Board renewal continues to be a challenge for corporate boards, but diversity can help keep a board's collective skill sets sharp for overseeing and mentoring management and being connected in today's business environment.