“Our findings show that the boards of elite private firms are incredibly homogenous.”
of women in the venture capital industry, women were least represented among executive directors and investor directors . But the numbers trend even lower than one would expect given this very skewed pipeline. Women represent 10% of VC partners overall, but private-company female investment directors are outnumbered about 20-to-1 by men, double the expected rate.
Broadly, we suspect that the dearth of women on private company boards may be driven by reduced accountability pressures faced by these companies, greater reliance or personal and professional networks in board member recruitment, and increased emphasis on prior board or CEO experience,The largest is that private firms have a lot of work to do toward improving board diversity, given how much they lag behind their public counterparts in this area.
In our private-firm sample, 115 companies were based in California. Only 44 of them had at least one female board member. The majority would fail to meet the state’s near-term requirement; only four of the boards we studied would meet the 2021 mandate. In short, most such private California-based firms looking to go public soon will have to make big governance changes.
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