The state of play of ethno-racial representation on boards: A comparative analysis

Progress on ethno-racial diversity on boards in Europe, the United Kingdom and Australia has been at best variable. The map of ethno-racial diversity in the top ten largest listed companies across these regions provides comparative evidence of varying degrees of weak outcomes on this front, with the profile of Australian boards being the least favourable. In examining the reality of diversity on a sample of boards, we delve deeper into why the barriers persist despite internal-facing diversity and inclusion policies and external facing environmental, social, governance and government-led policies. This study proposes that governance and regulatory arrangements shape access opportunities for ethno-racial minorities on boards. Notwithstanding the varieties of such arrangements across the three regions, the reasons underscoring the lack of board diversity overall remains opaque. We offer fresh empirical evidence surrounding the limited ethno-racial diversity on boards through a cross-regional comparison and provide lessons and insights for both scholars and practitioners.