Diversity in the Boardroom; Diversity at the SEC

The WSJ had a short article on the growing use of a chief diversity officer inside large public firms.   As the article noted:

• About 60% of Fortune 500 companies currently have a CDO or executive role designated for diversity, according to a recent study by Heidrick & Struggles, an executive search firm. Among them, 65% are female and 37% are African-American. They come from a variety of backgrounds, from human resources and marketing to finance and operations.

It is an important position and reflects commitment to diversity.  The bailiwick of the position, however, ought to include a place where there is much needed room for improvement:  The board of directors. 

Corporate America is not the only place increasing its commitment to diversity.  The SEC has filled the position of Director of the Office of Minority and Women Inclusion, a post created by Dodd-Frank.  The title was given to Pamela Gibbs.  According to the SEC Release:

• Ms. Gibbs comes to the SEC from the Commodity Futures Trading Commission, where she has served since October 2009 as the Director of its Office of Diversity and Inclusion. In that role, Ms. Gibbs was the principal advisor to the CFTC Chairman on equal employment and diversity matters, and oversaw outreach and recruitment of minority and women’s groups. She also worked with the agency’s Office of General Counsel and Office of Human Resources to ensure fairness and consistency in the agency’s personnel policies and practices.

We applaud the appointment and are looking forward to the influence the office will provide at the Commission.