"How boards can lead on racial diversity, equity and inclusion" from EY's Center for Board Matters explains how diversity impacts corporate performance and long-term value, and why racial diversity, equity, and inclusion ("RDEI") in particular is important; suggests action steps for the board to lead on this issue; and suggests a flexible framework for management's design and implementation - and the board's oversight of - enterprise-wide RDEI.
Along with other steps that include adding RDEI as a regular board agenda topic, boards are tasked with directing the CEO to form a standing cross-functional management team to develop, implement, and report on a strategy, measure management's performance, and hold management accountable for advancing RDEI in a manner that is consistent with corporate strategy, culture, and long-term value.
The framework is premised upon behavioral changes that are baked into the corporate culture via modeling, communicating, cultivating, and reinforcing desired attitudes, practices, and behaviors. Along those lines, the report includes helpful examples on page 5 of shifts from current ways of perceiving and/or managing relevant aspects of DE&I to ways that support cultural change.
The report also includes questions for the board to facilitate meaningful dialogue on RDEI in the boardroom.
Access additional resources on our Racial Equality & Diversity page. This post first appeared in the weekly Society Alert!