Assembling a diverse group of directors is a good start, but it takes strong board leadership to create a culture that embraces it.

Publicly traded companies in the United States have been adding more diverse directors to their corporate boards than ever before. In 2019, a record 59 percent of the directors added to the boards of S&P 500 companies were women or men belonging to a racial or ethnic minority group, up from 50 percent in 2018.

...we find that banks with more gender diversity on their board perform better once the composition of these boards reaches a critical level of gender diversity, corresponding to a board female share of around 13-17 percent.

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