America’s largest—and wealthiest—companies have diversified their boards of directors over the last decade, bringing more minorities and women to the table. According to a recent survey, 78 percent of the 200 largest Standard & Poor’s 500 companies have at least one African-American director on its board. A Fortune magazine study revealed that 78 percent of Fortune 1000 companies have a director who is a minority; in 1995 more than half of the companies listed had no women or people of color on their boards. Standard & Poor is a top publisher of financial research and analysis, Fortune is a leading business magazine
An appointment to board of directors of a major corporation provides increased economic and political influence for the board member. These directors, through the relationships they build with their fellow members, are often able to bend the ear of a leading politician and can often push for change to existing policies or urge the creation of new ones. When fund-raising for causes close to their hearts, these directors often turn to their co-directors for donations, knowing the favor will be returned. And when a new business venture needs funding? They once again ask their co-directors for support.
How does this affect you? Most high-powered African-Americans, regardless of the wealth they may achieve, often remain true to causes that affect their own. In their new leadership roles, they gain valuable insight into the way the funding and political games are played; insight that they bring back to their communities through speaking engagements or corporate sponsored community initiatives. The appointment of a Black woman to say, the board of directors of Microsoft or Google, could lead to, through her efforts, the creation of an initiative that funds African-American breast cancer research or funding support for community centers in urban areas, issues an all-White board may not have been inclined to support.
Though they are the exception and not the rule, there are those who seem to have forgotten their roots and often turn their backs on their community once they gain wealth and power. These few should remember that, had it not been for the tireless efforts of the Civil Rights Movement, they may not be sitting where they currently are. Corporate America did not open its doors willingly; continued pressure from grass roots organizations and the threat of customer boycotts forced these companies to re-evaluate their boards. Along the same lines, those who do not see the benefit of corporate relationship must understand that real change comes when all groups—grass roots, corporate, government and faith organizations—work together. Getting a corporation to pony up several million dollars for much needed resources is not “soft,” it is merely another way to play the game.
It is encouraging to know that Blacks are making gains in the boardroom. The glass ceiling has not been completely shattered but there are cracks. Let’s hope that as our people continue to break new ground they also continue to advocate for those who are left behind.
(Judge Greg Mathis is vice president of RainbowPUSH and a national board member of the Southern Christian Leadership Conference.)