Stewart Landefeld was quoted in the Compliance Week article, "Emerging State Board Diversity Laws Encourage Proactive Approach," regarding the steps companies seeking to improve their board diversity efforts should consider.

Begin with a process. “Start with a matrix,” says Stewart. At a basic level, director candidates should have relevant public company board experience, knowledge, skills, and attributes. Demographics—including race, ethnicity, and gender—should be part of that matrix. Helpfully, the state treasurers’ letter to the Russell 3000 companies contains an example of a board matrix and can be used as a framework.

It’s also wise to consider your consumer market. “Most companies to some degree are selling directly or indirectly to consumers, and if you don’t have a board that represents in some way your ultimate customers, you’re at risk of missing some basic analysis of your product,” Stewart says. For example, if the company primarily markets to women, it’s prudent to have someone who can bring forth that perspective in the boardroom.

Seek candidates from multiple sources. “ You want to be drawing from the broadest pool possible,” Stewart says. In this regard, using a headhunter or executive search firm can help, so long as boards understand how that firm sources potential candidates and provides direction for doing so.