The Not-So-White Paper

empty boardroom with a phone that has a text bubble reading what the elf

Diversity makes e.l.f.ing cents.

It’s good for business. It’s good for shareholders. It’s better for your bottom line. And now we’ve got the research to back it up.

The Not-So-White Paper research shows that diversity in the boardroom improves outcomes and reduces risk. If your goal is to boost shareholder returns, read this report.

Explore the Not-So-White Paper

15% higher return on equity (ROE), 50% reduction in earnings risk over 1 year

The stats

The stats

The state of the board.

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  • Higher revenues. Better returns. Fewer lawsuits. Boardroom diversity has its benefits.

  • Token efforts only earn token benefits, if any.

  • People hire people who look like them. Boards are no different.

  • This is the makeup of a typical publicly traded U.S. board of directors.

  • 72%

    Of all seats held by women are occupied by white women. That’s progress. But it’s not exactly balanced progress.

  • >10%

    of board members in the U.S. are Black.

  • Diverse directors are less likely to serve in leadership positions on the board.

Our goal

Double the diversity on corporate boards

The end goal is to help double the rate of women and people of color added to boards of directors of public and private companies, regardless of location.

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Takeaways

Companies can do better. This is how.

  • It’s not about a quota.

    In thinking about the boardroom, companies should look for a diverse mix of backgrounds, perspectives and experiences.

  • Intentional efforts will yield substantial benefits.

    Thoughtful efforts that reach a critical mass are likely to reap more substantial benefits, including improved financial performance and reduced risk.

  • It’s not a zero-sum game.

    Improving diversity on your board does not have to come at the expense of your current board members. Board expansion is an option that allows the company to retain existing board’s expertise, while creating an opportunity for additional perspectives and fresh thinking.

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    “If you’re an investor, executive, board member or anyone else interested in improving business outcomes, increasing boardroom diversity is one of the best strategies on the table.”

    The Not-So-White Paper

The brains behind the research.

We partnered with North Carolina Agricultural and Technical University (N.C. A&T), the nation’s largest public HBCU, to conduct the initial research in the Not-So-White Paper.

  • Dr. Anna Lee

    Endowed Professor of Health Psychology in the John R. and Kathy R. Hairston College of Health and Human Sciences

  • Dr. Kalynda C. Smith

    Assistant Professor, Department of Psychology in the John R. and Kathy R. Hairston College of Health and Human Sciences

  • Dr. Lavlin Agrawal

    Assistant Professor in the College of Business and Economics

  • Pankaj Chaudhary

    Chairperson, Business Information Systems & Analytics Department

  • Dr. Elimelda Moige Ongeri

    Professor and Dean in Hairston College of Health and Human Sciences

  • Dr. Joe Huscroft

    Interim Dean for the Willie A. Deese College of Business and Economics

Our initiatives

Our initiatives

More diverse people. On more boards.

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Get the word out that we’re changing the board game.

E.L.F.ING AMAZING

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