First Flight are committed to helping our clients improve the effectiveness of their Boards by realising the value that diversity can bring.
Over the years, regulators have placed great emphasis on addressing different matters relating to the board of directors. Two prominent examples were: (i) stressing on the roles of non-executive directors as well as the importance of independence of the board in the Higgs Review in 2003; and (ii) emphasising the significance of balancing skills and experience of the board members as in the Walker Review in 2010. Until recently, there has been an urge for diversifying the board. Intuitively, diversity means having a range of many people that are different from each other. There is, however, no uniform definition of board diversity. Traditionally speaking, one can consider factors like age, race, gender, educational background and professional qualifications of the directors to make the board less homogenous. Some may interpret board diversity by taking into account such less tangible factors as life experience and personal attitudes.
In short, board diversity aims to cultivate a broad spectrum of demographic attributes and characteristics in the boardroom. A simple and common measure to promote heterogeneity in the boardroom – commonly known as gender diversity – is to include female representation on the board.
The Benefits of Board Diversity
Diversifying the board is said broadly to have the following benefits:
- More effective decision making.
- Better utilisation of the talent pool.
- Enhancement of corporate reputation and investor relations by establishing the company as a responsible corporate citizen.
We work closely with our clients to assist them in developing their Board succession plans utilising diverse talent pools and acknowledging gender balance and equality to achieve Board effectiveness.
We are a signatory to the Voluntary Code of Conduct for Executive Search Firms in Board Appointments – this addresses gender diversity and best practice as a result of the Lord Davies report in 2011 which revealed the low number of women Board members.
One in three of all First Flight's recent Non-Exec and Chair appointments have been women.
