When you look at a corporate company's board of directors, chances are you won't see as many females and minorities, according to The Washington Post.
In 2015, 29.8 percent of new board directors were female, while only 4 percent were Hispanic; 4.8 percent were Asian or Asian American; and 9.3 percent were African American. Though these percentages have fluctuated over the years, they've always remained relatively low.
Why aren't more minorities and women being promoted to board leadership positions?
According to a new report from executive search firm Heidrick & Struggles, it's because boards often look to former CEOs and CFOs to fill their high-ranking roles. "There's a comfort level with CEOs and CFOs, people whose track records are usually well-known and who may even be well-known to the boards," said Bonnie Gwin, vice chairman and co-managing partner of Heidrick & Struggles' Global CEO & Board Practice, according to the report.
And since there are already so few women and minorities in CEO and CFO positions, the lack of diversity is perpetuated.
Still, Ms. Gwin believes there's hope, as boards do want to promote a more diverse membership. "They see value in it," she said, according to the report. "The challenge is if they think, 'We really need a CEO' — and sometimes that really is the right skill set — the pool is not going to be very diverse."