Right now, while white men hold two-thirds of board seats in the Fortune 500, women of color account for just 4.6% of board seats in the Fortune 500 and the percentage of women on boards in the U.S. overall is around 11% and has barely risen in the last decade.
To help address this disparity and increase diversity on companies’ board of directors, Vista Equity Partners — along with 9 other private equity firms — joined Diligent’s Modern Leadership initiative, pledging to add five board seats and make them available for minority and women candidates.
“In order to address social and economic justice, we need scalable solutions that speak to both Main Street and the boardroom,” said Robert F. Smith. “We’re proud of the work Vista Equity Partners’ portfolio companies are doing to address access, equality, and building the talent pipeline, and we’re thrilled to also join Diligent’s smart and scalable initiative to increase board diversity. This is the right way to empower corporations to make strides towards equality of opportunity. Vista proudly joins Diligent and its partners in taking this critical step along the path toward a more just and equitable future.”
Read more about the commitment in Mergers & Acquisitions.