With a critical focus on board composition, age diversity is one aspect that’s often overlooked.
According to the Spencer Stuart Board Index, the average age of a board member is 63 and has actually risen slightly in the last few years. Since 2014, hundreds of new directors have joined S&P 500 boards, yet this director turnover has not resulted in more age-diverse boards (report via Board Governance Research & the IRRCi). Why is that?
At the first-ever Mini-Summit, ten members of the Next Gen Board Leaders Advisory Council met to discuss that very question—and many others. This group of public company directors in their 30s and 40s represents a rarity in today’s boardrooms. Each was recruited for his or her unique skill sets (ranging from cybersecurity to ecommerce) by progressive boards in search of a generational perspective (ranging from Kimberly-Clark to Ally Financial to Rosetta Stone to Potbelly Corporation).
Over two days, the Advisory Council discussed a full docket of corporate governance topics, as the conversations were filtered through a generational lens. Below is just a high-level sampling of the questions that were posed:
The Mini-Summit discussions that took place will form the foundation for ongoing thought-leadership content in the months ahead. Similar questions will be extended to a growing community of next-gen directors (both current and aspiring) to discuss how this generation will begin to move the needle. Following the Mini-Summit, the Advisory Council members agreed to draft a list of goals and action items, which they will use to measure their progress in the months ahead. The best way to stay abreast is to subscribe to emails from the Next Gen Board Leaders community.
On the afternoon of June 27, Nasdaq invited the Advisory Council along with its founding partners (Boardroom Resources and Spencer Stuart) to ring the closing bell. A 60-second highlight video of the bell ceremony is embedded above.