Gender Diversity on Corporate Boards

Urge your reps to vote YES on SB 1248 — requiring corporations receiving tax breaks to have gender-balanced and diverse boards.

Working with several Northern Virginia Groups, we have introduced SB 1248, sponsored by Senator Louise Lucas, requiring corporations requesting tax breaks/incentives from the state of Virginia to have gender-balanced and diverse corporate boards.

It is hoped that gender-balanced and diverse board members would advocate for programs that are important to working families without jeopardizing corporate profitability. Moreover, it is believed that gender-balanced and diverse boards members will have the ideas, skills and knowledge to sustain corporate growth, since gender-balance and diverse boards mirror corporations' investors, their customers and their employees.

Similar legislation has either been proposed or passed in 13 states in both Democratic and Republican state houses. Companies with gender-balanced and diverse boards have performed very well, showing that they are less risk averse, carry less debt, have improved stock performance and have higher employee retention rates.

A review shows most profitable companies in the U.S. have gender-balanced and diverse boards. No one would question the success of these corporations.

Additionally, it should be noted that the NASDAQ has issued a ruling that if a company does not have a balanced and diverse board, they will not list it on the exchange.


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