How Is the Representation in the House of Representatives Determined

Chelsa Gurkin is Acting Director, Teaching, Workforce, and Income Security at the U.S. Government Accountability Office. This postal service is based on her recent testimony before the Firm of Representatives Committee on Financial Services.

I am pleased to be hither today to talk over our prior work on strategies for increasing diversity on corporate boards of directors. Corporate boards take actions and brand decisions that non merely affect the lives of millions of employees and consumers, but also influence the policies and practices of the global marketplace. Many organizations have recognized the importance of recruiting and retaining women and minorities for cardinal positions to improve business or organizational performance and improve see the needs of a various customer base of operations. Academic researchers and others take highlighted the importance of diverseness amid board directors to increase the range of perspectives for decision making, amongst other benefits. Our prior work, however, found challenges to increasing diversity on boards and underscored the importance of identifying strategies that can amend or accelerate efforts to increase the representation of women and minorities on boards. Our reports on workforce and lath variety span multiple years and comprehend different industries, types of boards, and workers. These include reports examining the diversity of publicly-traded company boards (corporate boards) and the boards of federally chartered banks, such as the Federal Home Loan Banks. [1] Nosotros take also published reports on workforce diversity in the financial services and technology sectors, including representation of women and minorities in direction positions, and practices to accost workforce diversity challenges. [2]

My remarks today address (1) the extent of diversity on corporate and Federal Home Loan Banking company boards, (2) factors that hinder diversity on these boards, and (3) strategies for increasing board diversity. These objectives are primarily based on ii prior reports on board diverseness issued in 2022 and 2019. [3] In those reports, we used multiple methodologies to develop the findings, conclusions, and recommendations. For example, for our 2022 report on the representation of women on corporate boards, we analyzed a dataset on lath directors at companies in the S&P Composite 1500 from 1997 through 2022 to provide descriptive statistics. [4] To obtain stakeholders' views on various strategies for increasing the number of women on boards, we conducted semi-structured interviews with 19 stakeholders, including primary executive officers (CEO), board directors, and investors. While the views of the individuals nosotros interviewed represent a range of perspectives, they cannot be generalized to the universe of CEOs, board directors, or investors. We also interviewed officials from the Securities and Exchange Committee (SEC), and reviewed the SEC's disclosure requirements on board diversity. For the 2022 report on Federal Home Loan Banking company (FHLBank) multifariousness, nosotros analyzed gender, race, and ethnicity data cocky-reported by lath directors in the banks' annual reports to their regulator, the Federal Housing Finance Agency, as of the finish of calendar years 2015, 2016, and 2017. To obtain data on the challenges FHLBanks face and practices they use to recruit and maintain diverse boards, we interviewed Federal Housing Finance Agency and FHLBank staff and a nongeneralizable sample of external stakeholders knowledgeable almost diversity. This argument also includes examples of challenges and practices from our 2011 report on board diverseness and governance issues at the Federal Reserve Banks. [5] A more detailed discussion of the objectives, scope, and methodologies, including our assessment of data reliability, is bachelor in each report.

The work upon which this argument is based was conducted in accordance with generally accepted regime auditing standards.

Those standards crave that we programme and perform the inspect to obtain sufficient, appropriate evidence to provide a reasonable basis for our findings and conclusions based on our inspect objectives. We believe that the evidence obtained provides a reasonable basis for our findings and conclusions based on our inspect objectives.

Background

Overview of Board Directors' Roles and Responsibilities

Our previous piece of work on board multifariousness describes some of the different roles and responsibilities of corporate and FHLBank boards and their directors.

Public Visitor Corporate Boards

Generally, a public company's [half dozen] board of directors is responsible for managing the business and affairs of the corporation, including representing shareholders and protecting their interests. [7] Corporate boards vary in size. According to a 2022 report that includes board characteristics of big public companies, the boilerplate board has about eleven directors. [8] Corporate boards are responsible for overseeing management performance and selecting and overseeing the company'due south CEO, amidst other duties. Directors are compensated for their work. The board by and large establishes committees to enhance the effectiveness of its oversight and focus on matters of particular business organisation, such as an audit committee and a nominating committee to recommend potential directors to the full board.

FHLBank Boards

Our previous reports on lath diversity include a recent report on the FHLBank Organisation. [9] Each of its 11 federally chartered banks has a board of directors and is cooperatively owned by its member institutions, including commercial and community banks, thrifts, credit unions, and insurance companies. Each banking concern'southward lath of directors is made up of directors from member institutions and independent directors (who cannot be affiliated with the bank's member institutions or recipients of loans). As of October 2018, each FHLBank board had 14-24 directors, for a total of 194 directors. The Federal Dwelling Loan Bank Act, as amended past the Housing and Economic Recovery Act of 2008, and its regulations gear up along a number of requirements for FHLBank directors, including skills, term length, and the percent who are fellow member and contained directors.

Benefits of Lath Diversity

Enquiry nosotros reviewed for our prior work cited several benefits associated with board diversity. For instance, bookish and business inquiry has shown that the broader range of perspectives represented in diverse groups requires individuals to work harder to come to a consensus, which can pb to better decisions. [10] In addition, research has shown that diverse boards make expert concern sense because they may better reverberate a company's employee and customer base, and tin tap into the skills of a broader talent puddle. Some research has found that diverse boards that include women may have a positive touch on on a visitor'south financial operation, but other enquiry has not. These mixed results depend, in office, on differences in how fiscal performance was defined and what methodologies were used. [11]

Our Prior Work Found Women and Minorities Were Underrepresented on Boards

Our prior work found the number of women on corporate boards and the number of women and minorities on FHLBank boards had increased, but their representation mostly continued to lag behind men and whites, respectively. While the information sources, methodologies, and fourth dimension frames for our analyses were different for each report, the trends were fairly consistent.

In our 2022 report, we analyzed companies in the S&P 1500 and plant that women's representation on corporate boards increased steadily from about viii percent in 1997 to about 16 pct in 2014. Yet, despite the increase in women'southward representation on boards, we estimated that information technology could still take decades for women to achieve residual with men. When we projected the representation of women on boards into the future assuming that women join boards in equal proportion to men—a proportion more than than twice what nosotros had observed—nosotros estimated it could take about 10 years from 2022 for women to comprise xxx percent of lath directors and more than 40 years for the number of women directors to match the number of men directors (see fig. 1). [12]

Similarly, in our 2022 report on FHLBank board diverseness, we found that the share of women board directors increased from 2022 to October 2022 just that women still comprised less than 25 pct of FHLBank board directors as of 2022 (see fig. two).

Our 2022 FHLBank board written report likewise showed an increase in FHLBank directors from 2022 to 2022 for some minority groups, including African- American, Hispanic, and Asian, but they still reflected a minor portion of these boards. Further, the size of the increases in minority directors on FHLBank boards was less clear than for women directors due to incomplete information on directors' race and ethnicity (meet fig. 3).

Various Factors May Hinder Board Diversity

In 2022 and 2019, we identified similar factors that contributed to lower numbers of women and minorities on corporate and FHLBank boards. Notably, stakeholders, lath members, and others nosotros interviewed said three primal factors generally limited greater board diversity: (1) not prioritizing diversity in recruitment efforts, (2) limitations of the traditional board candidate pipeline, and (3) depression turnover of board seats.

Not Prioritizing Multifariousness in Recruitment Efforts

In our reports on corporate and FHLBank board diversity, we found that not prioritizing diversity in recruiting efforts was contributing to a lack of women and minority candidates represented on these boards. For example, stakeholders told us board directors frequently relied on their personal networks to identify potential board candidates. Some stakeholders said that given most current board members are men, and peoples' professional networks often resemble themselves, relying on their own networks is not likely to identify every bit many women lath candidates. In our 2022 report on FHLBank board diversity, stakeholders we interviewed raised similar challenges to prioritizing diversity in recruitment efforts. Some FHLBank representatives said that member institutions—which nominate and/or vote on manager candidates—may prioritize other considerations over diversity, such every bit a candidate's name recognition.

Stakeholders we interviewed for our 2022 report suggested other recruitment challenges that may hinder women's representation on corporate boards. For case, stakeholders said that boards need to prioritize diversity during the recruiting process considering unconscious biases—attitudes and stereotypes that affect our actions and decisions in an unconscious manner—tin can limit diverseness. One stakeholder observed that board directors may accept a tendency to seek out individuals who look or audio like they do, further limiting lath diversity. In addition, our 2022 report establish some indication that board appointments of women dull down one time one or 2 women are on a board. A few stakeholders expressed some business organization over boards that might add a woman to appear equally though they are interested in board multifariousness without actually making variety a priority, sometimes referred to as "tokenism."

Limitations of the Traditional Board Candidate Pipeline

Our reports on corporate and FHLBank board diversity also identified challenges related to relying on traditional career pipelines to identify potential lath candidates—pipelines in which women and minorities are likewise underrepresented. Our 2022 report found that boards often appoint current or onetime CEOs to board positions, [xiii] and that women held less than 5 percent of CEO positions in the Due south&P 1500 in 2014. [14] One CEO we interviewed said that every bit long as boards limit their searches for directors to women executives in the traditional pipeline, boards will have a difficult fourth dimension finding women. Expanding board searches across the traditional sources, such as CEOs, could increase qualified candidates to include those in other senior level positions such as chief financial officers, or chief man resources officers.

In 2022 we reported that FHLBank board members said they also experienced challenges identifying diverse board candidates inside the traditional CEO talent pipeline. Stakeholders we interviewed cited overall low levels of diversity in the financial services sector, for example, as a claiming to improving board diversity. Some bank representatives said the pipeline of eligible women and minority board candidates is small.

Several FHLBank directors said the requirements to place candidates from inside corresponding geographic areas may exacerbate challenges to finding diverse, qualified board candidates in sure areas of the country. By statute, candidates for a given FHLBank board must come from member institutions in the geographic area represented by the vacant board seat. Similarly, in 2011 we reported on Federal Reserve Bank directors and establish they tended to be senior executives, a subset of management that is also less diverse. Our report also institute that diversity varied among Federal Reserve districts, and candidates for specific board vacancies must reside in specific districts. [15]

Recruiting board candidates from within specific professional backgrounds or geographic regions is farther compounded by competition for talented women and minority board candidates, co-ordinate to some stakeholders. In 2019, lath directors from several FHLBanks described this kind of contest. For instance, a director from one banking concern said his board encouraged a adult female to run for a managing director seat, but the candidate felt she could non because of her existing responsibilities on the boards of two publicly traded companies. We heard of similar competition among Federal Reserve Banking concern officials in 2011, where organizations were looking to diversify their boards but were competing with individual corporations for the same small pipeline of qualified individuals.

Low Turnover of Board Seats Each Year

The relatively small-scale number of lath seats that become available each twelvemonth also contributes to the slow increase in women's and minorities' representation on boards. Several stakeholders we interviewed for our 2022 written report on corporate boards cited low board turnover, in large function due to the long tenure of most board directors, as a barrier to increasing women'southward representation. In addition, with respect to FHLBank board diversity, Federal Housing Finance Bureau staff acknowledged that low turnover and term lengths were challenges. Several stakeholders nosotros interviewed for our 2022 report on FHLBank boards said balancing the need for board variety with retaining institutional cognition creates some challenges to increasing diversity. I director said new board directors face a steep learning curve, so it tin can take some time for board members to be most effective. Every bit a issue, the directors at some banks will recruit new directors only after allowing incumbent directors to achieve their maximum terms, which can be several years. [16]

Potential Strategies for Increasing Board Diversity

Just equally our 2022 and 2022 reports found like challenges to increasing the number of women and minorities on corporate and FHLBank boards, they also draw similar strategies to increase board diversity.

While the stakeholders, researchers, and officials from organizations knowledgeable about corporate governance and FHLBank lath diversity nosotros interviewed generally agreed on the importance of various boards and many of the strategies to reach multifariousness, many noted that in that location is no one-size-fits-all solution to increasing diversity on boards, and in some cases highlighted advantages and disadvantages of various strategies.

Based on the themes identified in our prior work, strategies for increasing board diverseness generally autumn into 3 main categories—making variety a priority; enlarging the pipeline of potential candidates; and addressing the low rate of turnover (see fig. 4).

Making Diversity a Priority

Setting voluntary targets. Several strategies nosotros identified in our 2022 report encouraged or incentivized boards to prioritize diversity. These strategies include setting voluntary targets for the number or proportion of women or minorities to have on the board. Many stakeholders nosotros interviewed for our prior piece of work supported boards setting voluntary targets for a specific number or percentage of women and minority candidates rather than externally imposed targets or quotas.

Requiring a various slate of candidates. Many stakeholders we interviewed supported a requirement by corporate boards that a slate of candidates be diverse. A couple stakeholders specifically suggested that boards should aim for slates that are half women and half men; two other stakeholders said boards should include more than one woman on a slate of candidates so as to avert tokenism. Tokenism was besides a concern for a few of the stakeholders who were non supportive of defining the composition of slates.

Filling interim board seats with women or minority candidates. Our 2022 study included strategies for making multifariousness a priority for FHLBank boards. For instance, some FHLBank directors and Federal Housing Finance Agency staff said filling interim board seats with women and minority candidates could increase diversity. By regulation, when a FHLBank director leaves the board mid-term, the directors may elect a replacement for the remainder of his or her term. 1 director we interviewed said that when a woman or minority manager fills an interim term, the likelihood increases that he or she will exist elected past the member institutions for a subsequent total term.

Emphasizing the importance of diverseness and diverse candidates. Our 2022 study found that emphasizing the importance of multifariousness and diverse candidates was important for promoting board diverseness. Almost all of the stakeholders we interviewed indicated that CEOs or investors and shareholders play an important role in promoting multifariousness on corporate boards. For instance, 1 stakeholder said CEOs tin "gear up the tone at the superlative" by encouraging boards to prioritize variety efforts and acknowledging the benefits of diversity. Every bit we reported in 2019, FHLBanks have taken several steps to emphasize the importance of lath diversity. For instance, all eleven FHLBanks included statements in their 2022 election announcements that encouraged voting fellow member institutions to consider diversity during the board ballot procedure. Six of the 11 banks expressly addressed gender, racial, and ethnic diversity in their announcements. In addition, nosotros institute that FHLBanks had developed and implemented strategies that target board variety in general and fellow member directors specifically. For example, the banks created a task strength to develop recommendations for advancing board diversity and to enhance collaboration and information sharing across FHLBank boards. Each bank is represented on the task force. Directors we interviewed from all 11 FHLBanks said their banks conducted or planned to acquit diversity training for board directors, which included topics such as unconscious bias.

Mentoring women and minority lath candidates. In addition, several stakeholders nosotros interviewed about corporate and FHLBank boards noted the importance of CEOs serving as mentors for women and minority candidates and sponsoring them for board seats. For example, conducting mentoring and outreach was included as a strategy in our 2022 study for increasing diverseness on FHLBank boards, including current directors pledging to identify and encourage potential women and minority candidates to run for the board. One manager we interviewed said he personally contacted qualified diverse candidates and asked them to run. Another manager emphasized the importance of outreach by member directors to member institutions to increase diversity on FHLBank boards. Member directors have the most interaction with the leadership of fellow member institutions and can engage and brainwash them on the importance of nominating and electing various directors to FHLBank boards.

Improving information on lath variety. As we reported in 2015, several large investors and many stakeholders we interviewed supported improving federal disclosure requirements on board diversity. In addition to increasing transparency, some arrangement officials and researchers we interviewed said disclosing information on board diversity could cause companies to retrieve about diversity more. While the SEC aims to ensure that companies provide material information to investors that they need to make informed investment and voting decisions, we found information companies disclose on lath diversity is not ever useful to investors who value this information. [17] SEC leaves it up to companies to define diversity. As a result, there is variation in how much and the blazon of data companies provide publicly. Some companies choose to define variety as including characteristics such every bit relevant knowledge, skills, and experience. Others define variety as including demographic characteristics such as gender, race, or ethnicity. [eighteen] (See fig. 5) In February 2019, SEC issued new guidance on its variety disclosure requirements, which aims to analyze the agency'south expectations for what information companies include in their disclosures. [19]

Nearly all of the stakeholders nosotros interviewed for our 2022 report said investors also play an important role in promoting diversity on corporate boards. For example, nigh all of the lath directors and CEOs nosotros interviewed said investors or shareholders can influence board diverseness past exerting pressure on the companies they invest in to prioritize diversity when recruiting new directors. Ane board director we interviewed said boards listen to investors more than anyone else. For example, there take been recent news reports of investor groups voting against all candidates for board positions when the slate of candidates is not diverse.

In addition, in 2022 nosotros recommended that the Federal Housing Finance Agency, which has regulatory authority over FHLBanks, review FHLBanks' data collection processes for demographic data on their boards. [20] By obtaining a better understanding of the different processes FHLBanks use to collect board demographic information, the Federal Housing Finance Bureau and the banks could better determine which processes or practices contribute to more complete data. More than consummate information could ultimately help increase transparency on board variety and would allow them to finer analyze data trends over time and demonstrate the banks' efforts to maintain or increment board variety.

The Federal Housing Finance Bureau agreed with this recommendation and said it intends to engage with FHLBanks' leadership to discuss lath data drove issues. The agency as well stated that it plans to asking that the FHLBank Lath Diversity Job Forcefulness explore the feasibility and practicability for FHLBanks to adopt processes that can lead to more complete data on lath managing director demographics.

Enlarging the Pipeline of Potential Board Candidates

Expanding lath searches beyond CEOs. Expanding searches for potential lath members is nonetheless some other strategy for increasing board diversity, equally we reported in 2022 and 2019. Most all the stakeholders we interviewed supported expanding board searches beyond the traditional pipeline of CEO candidates to increase representation of women. Several stakeholders suggested that boards recruit high performing women in other senior-level positions or look to candidates in academia or the nonprofit and authorities sectors. Our 2022 assay establish that if boards expanded their director searches beyond CEOs to include senior-level managers, more than women might be included in the candidate pool. Our 2022 report on FHLBank board variety also included looking beyond CEOs equally a strategy for increasing diversity. For example, we reported that FHLBanks can search for women and minority candidates by looking beyond member banking concern CEOs. By regulation, member directors can be any officer or director of a fellow member establishment, but there is a tendency to favor CEOs for board positions, co-ordinate to board directors, representatives of corporate governance organizations, and bookish researchers we interviewed for the study. Like to the findings from our 2022 report, the 2022 report found that the likelihood of identifying a adult female or minority candidate increases when member institutions wait beyond CEOs to other officers, such as chief human resources officers. Several directors of FHLBanks likewise reported hiring a search firm or consultant to help them identify women and minority candidates, which is a strategy that can be used to enlarge the typical pool of applicants.

Addressing the Low Charge per unit of Turnover

Adopting term limits or historic period limits. Several stakeholders discussed adopting term or age limits to address low turnover of lath members. Nigh stakeholders nosotros interviewed for our 2022 report were not in favor of adopting term limits or age limits, and several pointed out trade-offs. For case, one CEO we interviewed said directors with longer tenure oftentimes possess invaluable knowledge about a company that newer board directors do not have. Many of the stakeholders who opposed these strategies noted that term and age limits seem arbitrary and could upshot in the loss of high-performing directors.

Expanding lath size. Several stakeholders nosotros interviewed supported expanding board size either permanently or temporarily then as to include more women. Some stakeholders noted that expanding lath size might make sense when a board is smaller, merely expressed business concern about challenges associated with managing large boards.

Evaluating board performance. Some other strategy we identified in our 2022 report to potentially aid accost low board turnover and in turn increase board diverseness was conducting lath evaluations. Many stakeholders we interviewed by and large agreed it is good practise to conduct evaluations of the total board or of individual directors, or to apply a skills matrix to place skills gaps. However, a few thought evaluation processes could be more robust. Others said that board dynamics and civilization can brand information technology hard to use evaluations every bit a tool to increase turnover by removing under-performing directors from boards. Several stakeholders we interviewed discussed how it is important for boards to place skills gaps and strategically address them when a board vacancy occurs, and one stakeholder said identifying such gaps could help boards think more proactively about finding diverse candidates. The National Association of Corporate Directors has encouraged boards to use evaluations non only equally a tool for assessing board managing director performance, merely also every bit a means to assess board composition and gaps in skill sets.

Chairwoman Waters, Ranking Member McHenry, and Members of the Committee, this completes my prepared statement. I would be pleased to answer to any questions that yous may take at this time.

Endnotes

1GAO, Corporate Boards: Strategies to Address Representation of Women Include Federal Disclosure Requirements, GAO-xvi-30 (Washington, D.C.: Dec. three, 2015) and GAO, Federal Home Loan Banks: Steps Have Been Taken to Promote Lath Variety, but Challenges Remain, GAO-19-252 (Washington, D.C.: Feb. 14, 2019).(go dorsum)

2See, for example, GAO, Financial Services Manufacture: Representation of Minorities and Women in Management and Practices to Promote Diversity, 2007-2015, GAO-19-398T (Washington, D.C.: Feb. 27, 2019), GAO, Fiscal Services Industry: Trends in Management Representation of Minorities and Women and Diversity Practices, 2007- 2015, GAO-18-64 (Washington, D.C.: Nov. eight, 2017), and GAO, Diversity in the Technology Sector: Federal Agencies Could Meliorate Oversight of Equal Employment Opportunity Requirements, GAO-18-69 (Washington, D.C.: Nov. 16, 2017). See Enclosure I for boosted related reports.(go back)

threeGAO-xvi-30 and GAO-nineteen-252.(become back)

4The Due south&P Blended 1500 combines three indices—the S&P 500, the S&P MidCap 400, and the S&P SmallCap 600. S&P 500 companies have an unadjusted market capitalization (the total dollar market value of all of a visitor'south outstanding shares) of $five.3 billion or greater; S&P MidCap 400 companies accept an unadjusted market capitalization of $1.four billion to $5.9 billion; and S&P SmallCap 600 companies have an unadjusted market capitalization of $400 million to $ane.8 billion. In this report, we refer to these companies as large, medium, and small, respectively. Appendix I of GAO-16-30 contains more information about our analysis of Due south&P Blended 1500 companies.(go back)

5The 2011 report reviewed the governance of the twelve Federal Reserve Banks, each of which has a lath of directors. Come across GAO, Federal Reserve Banking company Governance: Opportunities Exist to Augment Director Recruitment Efforts and Increase Transparency, GAO-12-eighteen (Washington, D.C.: Oct. xix, 2011).(become back)

6A public company can exist defined in various ways, just the SEC defines the term on its website to include companies that merchandise securities on public markets and disclose sure business and fiscal information regularly to the public.(go back)

7The requirements apropos corporate construction, including the role of boards of directors, are primarily adamant by state We did not examine specific country police force requirements concerning boards of directors.(become back)

8https://www.spencerstuart.com/-/media/2018/october/ssbi_2018_trends.pdf.(go back)

9GAO-nineteen-252.(go dorsum)

10For instance, see Katherine Phillips, How Variety Works, Scientific American, October 2014.(get back)

11For an overview of research on the bear upon of women on business firm functioning, come across Gary Simpson, David A. Carter, and Frank D'Souza, "What Do We Know Nearly Women on Boards?", Journal of Applied Finance, No. ii (2010); and Deborah L. Rhode and Amanda K. Packel, Diversity on Corporate Boards: How Much Difference Does Departure Make, 39 Del. J. Corp. L., 2 (2014).(get back)

12Appendix I of GAO-16-30 contains more information near this projection.(go back)

13Heidrick and Struggles, Board Monitor: Four Boardroom Trends to Lookout, New York (2015). This study also found that current and quondam CEOs and chief fiscal officers together claimed two-thirds or more of new appointments to boards of Fortune 500 companies in 2014.(go back)

14This study also reported that ten pct of chief fiscal officers in the Southward&P 1500 were women. EY Center for Lath Matters, Women on US Boards: What are We Seeing? (2015).(get back)

15We recommended in GAO-12-18 that Reserve Banks consider ways to augment their pipeline of potential candidates for directors, such as including officers who are below the senior executive level at their organizations, amid other recommendations. We closed the recommendation based on a 2011 memorandum sent by the Vice Chair of the Federal Reserve Board to all Reserve Bank presidents encouraging consideration of potential candidates who hold positions beneath the senior executive level in their organizations. The Vice Chair's annual letter of the alphabet to Reserve Banking company leadership too emphasized the Lath'due south focus on increasing director diversity.(get back)

xviUnder FHLBank board statutory requirements, as amended past the Housing and Economical Recovery Act of 2008, directors generally serve four-year terms. Typically, directors cannot exist elected to serve more than three sequent full terms, totaling 12 years. A director may be reelected to a directorship for a term that commences no earlier than two years after the expiration of the third full term.(go dorsum)

17According to SEC, information is considered material if there is a substantial likelihood that a reasonable investor would consider it important in making an investment or voting conclusion. The standard for materiality has been established by case police, including TSC Industries, Inc. v. Northway, Inc., 426 U.S. 438 (1976).(go back)

eighteenAaron Dhir, Challenging Boardroom Homogeneity: Corporate Law, Governance, and Multifariousness (Cambridge Academy Press, April 2015).(go dorsum)

19For the guidance, come across https://world wide web.sec.gov/divisions/corpfin/guidance/regs-kinterp.htm#116-11 and https://world wide web.sec.gov/divisions/corpfin/guidance/regs-kinterp.htm#133-13.(go back)

20As of June 2019, this recommendation was open. The Federal Housing Finance Agency'due south 2022 regulation amendments crave FHLBanks to compare board demographic data with prior year's data and provide a narrative of the analysis. The Federal Housing Finance Agency also stated in the amendments that it intended to utilise the manager data to establish a baseline to analyze hereafter trends of board variety.(go back)

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