Talking Points, LGBTQ+ Board Diversity: Shaping the Future of Business

The 2024 OutQUORUM data reveal ongoing progress in corporate board diversity policies, particularly in LGBTQ+ representation. For the first time, Out Leadership’s data map nine major global indices across North America, Europe, Asia, and Australia:

  • Fortune 1000, Nasdaq, NYSE 100, ASX 200, Euronext 100, FTSE 350, HSI, Nikkei 225, and S&P/TSX Composite Index. 

Across these nine indices, 2,158 of 5,529 companies (39%) have adopted LGBTQ+-inclusive board diversity policies.

2024 Findings:
  • 31% of Fortune 500 companies have LGBTQ+ inclusive board diversity policies – 78x more than when Out Leadership started OutQUORUM in 2015. But only 45 out of 5,449 board seats in Fortune 500 companies are held by LGBTQ+ people (less than 1%).
  • 31.6% of Fortune 1000 companies have LGBTQ+ inclusive board diversity policies, with at least 74 out of 7,767 board seats held by LGBTQ+ individuals (less than 1%).
  • 51% of Nasdaq companies have LGBTQ+ board diversity policies, compared to 49.9% in 2023 and only 4.2% before the implementation of the Nasdaq Rule in 2022. The Nasdaq Rule catalyzed a 12x increase between 2022-2023, followed by steady progress the following year.
  • Only 22.8% of NYSE 100 companies have LGBTQ+ board diversity policies set in place—less than half the number of Nasdaq companies. Unlike the Nasdaq, the NYSE does not have a board diversity rule for its listed companies.

Progress varies around the world:

  • Globally, LGBTQ+ board diversity policies remain below 10% among some of the world’s leading indices: ASX 200 (2.5%), HSI (7.3%), the Euronext 100 (8.9%), and the Nikkei 225 (0%).
  • However, higher percentages exist among the FTSE 350 (14%) and the S&P/TSX Composite Index (30.1%).

Despite the broader backlash against diversity, equity, and inclusion (DEI) initiatives, the overall trend toward boards that reflect the diversity of the population remains positive. Companies are demonstrating resilience in maintaining and advancing their diversity commitments. However, the pace of growth has shifted from the exponential increases seen in recent years to a steadier and slower rate of growth.

LGBTQ+-inclusive board diversity policies have seen significant growth across various markets. Over 30% of Fortune 500 companies now have such policies—a substantial rise compared to a decade ago when OutQUORUM first began its efforts. The Nasdaq Rule, which mandates the disclosure of board diversity statistics, has been a key driver, resulting in a more than 1,100% increase in LGBTQ+-inclusive policies among Nasdaq-listed companies since 2022. While this reflects a growing acceptance of LGBTQ+ leaders in the corporate sector, the appointment of LGBTQ+ board directors continues to lag.

There are at least 41 out directors in the Fortune 500 (several directors hold multiple board seats). Of those LGBTQ+ directors:

  • 19 are women
  • 3 are Black
  • 1 is Asian
  • 4 are Hispanic or Latino/a

The push for LGBTQ+ inclusive governance deepens diversity across identity metrics.

A rising tide lifts all ships.

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