LONDON, U.K., November 14th, 2024 – Despite trends continuing to show a steady increase in the adoption of LGBTQ+ inclusive corporate board policies in recent years, the actual representation by LGBTQ+ individuals remains disappointingly low. To address this gap, The LGBTQ+ Board Alliance – a partnership between Audeliss, INvolve, and Out Leadership – launched today to turn the increasing number of LGBTQ+ Inclusive Board policies into actual LGBTQ+ representation on corporate boards, which remains disappointingly low chiefly due to LGBTQ+ talent not being positioned in the pipeline for senior leadership at leading companies. Until now, companies didn’t know how to identify and where to find board-ready LGBTQ+ talent.
The new organization was officially launched during the London Stock Exchange’s closing bell with Suki Sandhu OBE, Founder & CEO, Audeliss & INvolve and Todd Sears, Founder and CEO, Out Leadership, and special guest Dame Julia Hoggett, Chief Executive Officer at the London Stock Exchange, and leading LGBTQ+ and Ally Executives.
MEDIA PLANNING PURPOSES: Audio/Visual collateral of today’s London Stock Exchange launch is available for media use. Please email kristofer@lunaeisenla.com to receive copies.
“It is an honour to be a member of the LGBTQ+ Board Alliance Advisory Board, and to have launched this global partnership between Audeliss, INvolve, and Out Leadership at the London Stock Exchange. Equity, diversity and inclusion in the workplace is fundamentally about giving everybody an equal opportunity to thrive, including access to opportunities across all stages of their career. While LGBTQ+ inclusive board policies are important, they will only work if accompanied by intentional tangible steps to create authentic, lasting change, to support a pipeline of great leaders and to recognise their value in executive roles. The work of the LGBTQ+ Board Alliance will be a positive step in ensuring we continue to drive meaningful change for LGBTQ+ representation at the board level,” said Dame Julia Hoggett, CEO, London Stock Exchange plc.
“While the adoption of LGBTQ+ inclusive corporate board policies continues to increase each year in the nine years since Out Leadership began focusing on board diversity, translating those policies into actual LGBTQ+ representation on boards has been disappointingly low. LGBTQ+ individuals continue to lag too far behind in actual representation on corporate boards in proportion to the number of policies,” said Todd Sears, Founder & CEO of Out Leadership.
“The gap in representation underscores a critical challenge: policies alone don’t guarantee representation. While companies are formalizing their commitment to LGBTQ+ inclusion, actual appointments of LGBTQ+ leaders to board positions continue to lag. That’s why Audeliss, Involve and Out Leadership partnered to form this new global organization—to address the shortage of LGBTQ+ individuals on corporate boards worldwide. It’s time to turn inclusive policies into real representation at the highest levels of corporate leadership,” added Suki Sandhu, Founder & CEO, Audeliss & INvolve.
The LGBTQ+ Board Alliance is a global organization dedicated to advancing LGBTQ+ board diversity by implementing inclusive policies, securing board seats for LGBTQ+ individuals, and driving meaningful progress in corporate leadership. This partnership positions The LGBTQ+ Board Alliance as the leading authority on LGBTQ+ inclusion in corporate boardrooms worldwide with a mission dedicated to advancing LGBTQ+ inclusion in corporate leadership. The LGBTQ+ Board Alliance will work to implement inclusive board policies, secure board placements for LGBTQ+ individuals, and drive meaningful progress for LGBTQ+ representation at the board level.
Out leadership’s 2024 OutQUORUM Report provides insights into the progress of LGBTQ+ inclusive board policies, and the lack of board seats held by LGBTQ+ leaders:
- From 2022 to 2024 LGBTQ+ inclusive board policies on the Nasdaq increased from 113 to 1,691 companies – a 1104% increase, yet translating those policies into actual representation by LGBTQ+ leaders on corporate boards remains low.
- Only 45 corporate board of directors’ seats are held by LGBTQ+ individuals, out of a total of 5,449 board seats in Fortune 500 companies, accounting for less than 1%.
- 14% of FTSE 350-listed companies now have LGBTQ+ inclusive board policies – a 69% increase in one year (29 in 2023, compared to 49 in 2024).
The LGBTQ+ Board Alliance will focus its work around four action areas:
- Research & Policy: To pave the way for increasing LGBTQ+ representation at Board level through compelling research and policy change
- Readiness: To create a pipeline of LGBTQ+ leaders ready and equipped to take on the challenges of a Board appointment
- Visibility: To showcase a diverse range of LGBTQ+ leaders ready to step into corporate Board appointments
- Access: To actively connect board-ready LGBTQ+ leaders with corporate Board opportunities and connections
The LGBTQ+ Board Alliance Advisory Board is made up of the following leaders: Beth Ford, President and CEO, Land O’Lakes, Inc, Darren Walker, President, Ford Foundation, Dame Julia Hoggett DBE, CEO, London Stock Exchange, Jim Fitterling, Chair and CEO, Dow, Lord Browne of Madingley, Founder and Chairman of BeyondNetZero & Former Group Chief Executive, BP, Lord Charles Allen of Kensington CBE, Chairman, Balfour Beatty, Invictus Games, THG plc, Global Radio and Advisory Chairman at Moelis & Company, and Patricia Lewis, Executive Vice president & Chief Sustainability Officer, United Health Group.
Out Leadership is the premier global platform utilized for over thirteen years by many of the world’s greatest companies, nonprofits, and governments to drive equality through business. Its 2021 report was the first-ever to measure LGBTQ+ inclusive corporate board diversity and in 2020 Nasdaq cited Out Leadership’s research their proposal for approval by the SEC of their board diversity disclosure requirement. This year’s data is mapped fully after the full implementation and reporting of the U.S. Securities and Exchange Commission-approved Nasdaq board diversity disclosure requirement deadline of December of 2023.
Media interested in learning more about the new global alliance or interviews with Out Leadership and its partners, or LGBTQ+ board representation, please contact: Kristofer Eisenla at kristofer@lunaeisenla.com
________________________________________
About Audeliss
Audeliss was founded in 2011 to increase the representation of women, LGBTQ+, people of color, and other diverse individuals on Boards and in C-Suite by leveling the playing field in the executive search process. 83% of all board appointments made by Audeliss since 2011 have been diverse, with 8% of total global appointments being LGBTQ+ individuals. They also host key forums led by prominent LGBTQ+ CEOs and leaders to discuss the challenges of advancing LGBTQ+ representation in business.To learn more visit: audeliss.com.
About INvolve
INvolve helps organizations drive systemic culture change and create inclusive workplaces where LGBTQ+ and other diverse individuals can thrive. INvolve publishes the annual global Outstanding Role Model Lists, supported by YouTube, showcasing LGBTQ+ leaders and their senior allies who are breaking down barriers at work for LGBTQ+ employees within global businesses. Since 2013, the Outstanding Lists have featured 1196 LGBTQ+ Role Models from 395 different organizations across 50 different countries.To learn more visit: involvepeople.org.
About Out Leadership
Out Leadership is the world’s premier global platform for businesses to drive LGBTQ+ equality. Out Leadership works closely with the world’s leading companies to develop extraordinary talent, produce cutting-edge research, advance powerful advocacy, and improve business outcomes. Since 2011, Out Leadership has advised hundreds of the world’s most powerful companies in the world on LGBTQ+ issues. Out Leadership is a certified B Corp and NGLCC certified LGBTBE. To learn more visit: outleadership.com.