Diversity and inclusion have recently become top goals in the strategic policies of many banks, but how is execution matching up? Research continues to expose large gaps between good intentions on paper and good outcomes in practice. Diversity and inclusion are more than nice-sounding words; when realized, they boost profitability. Banks that go no further than prioritising these goals in mission statements miss out on playing the ace.
Corporate governance is moving from back to front stage. Change starts at the top, and a good board of directors is credited with strengthening value creation and stability. What makes a good board? Members should represent their company’s diverse stakeholders and be skilled in a variety of areas that were historically considered the domain of management. For too long, too many boards have fallen short and a reboot is required!