Why is diversity still so lacking in boardrooms?

Why is diversity still so lacking in boardrooms?

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Martin GilbertMartin GilbertChairman at Revolut

Co-founder & CEO of Aberdeen Asset Management 1983-2017. During this time Aberdeen became one of the world’s leading independent asset managers through a combination of organic growth and strategic acquisitions. In its first year, the business had AuM of £70 million and reported profits before tax of £87, in 2016 the figure was £352 million with AuM at £312 billion.

In 2017, Aberdeen merged with Standard Life to form Standard Life Aberdeen (SLA). Following the merger, I was appointed co-Chief Executive Officer, a role I stepped down from in March 2019. I was Vice Chairman of the group from March 2019 until May 2020 when I stepped down from the PLC board. I retired as Chairman of Aberdeen Standard Investments, the asset management business of SLA at the end of September 2020.

Chairman of Revolut Limited, AssetCo and Toscafund. Also the Senior Independent Director at Glencore plc. In 2011, joined the Board of Sky PLC; in January 2016 was appointed Deputy Chairman and chaired the Board before the Company was acquired by Comcast. Between 1995 and 2013 I was Chairman of FirstGroup, having been a director since it was formed in 1989.

I am Chairman of The Net Zero Technology Centre in Aberdeen and honorary president of the Aberdeen social care charity, VSA. Also I am Chairman of Scottish Golf and a Non-Executive Director of the European Tour.

I am a member of the International Advisory Board of British American Business. Previously I chaired the UK's Prudential Regulation Authority’s Practitioner Panel as well as being a member of the International Advisory Panel of the Monetary Authority of Singapore.

In 2015, I was ranked by Harvard Business Review 22nd out of over 900 in its list of the world’s top performing CEOs. I was named Personality of the Year at the City AM Awards in 2017 and Asset Management CEO of the Year at the Global Investor Awards the following year. In 2020, I was given the Editor’s Choice Award at the Financial News Asset Management Awards in recognition for my contribution to the industry over 37 years.

I hold honorary degrees from the University of Aberdeen, Robert Gordon University and Heriot-Watt University. Also an Adjunct Professor of Finance at Imperial College Business School.

I was born in Malaysia and graduated from the University of Aberdeen in 1978 with an MA in accountancy and a LLB in law. After qualifying as a chartered accountant with Deloitte, I joined the investment department of local law firm Brander & Cruickshank, which went on to become Aberdeen Asset Management.

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Description

Most companies now enforce diverse to-do lists, yet white males still dominate the average boardroom. A veteran chairman of many top-line companies, Martin Gilbert shares his three-decades-long experiences and highlights the importance of diversity in boardrooms.

Table Of Contents

Why diversity matters
A board that is formed by people who see the same thing and think the same way is not what you need. You need dynamic and different views.
Diversity strategies
Is it so simple as shareholders telling the board to have more diversity? According to Gilbert, it is. In fact, the majority of DEI issues stem from senior management positions below the boardroom level.
The first one is the hardest
From the management level up to the boardroom, companies need to have a diverse supply of candidates as opposed to overreliance on the same people. You may find it hardest to get your first boardroom role, but once you do that, you will be more likely to be assigned to other companies' boards as well.
Advice from a veteran
Try to find any opportunities, such as charities or government organisations, and use your network to get you on board.
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