Numerous studies have shown that diversity can have a positive impact on the performance of boards. A diverse group of individuals has different experiences, perspectives, and angles to approach the problem, which could result in solutions that would otherwise be missed by a board that is more homogenous. This is especially applicable to boards that contain members of groups that are not represented. They will gain insights into the culture and preferences of these groups, which could help them better serve those groups as clients.

Additionally, the presence of different backgrounds and experiences in a board can increase morale and trust. If board members believe that their views and opinions are being heard they are more committed to the success of the business. This is why it's vital to keep track of the progress of your board in promoting diversity and identifying obstacles that need to be addressed.

Another area where diversity can make a difference is in mitigating risk. A recent study by Berger et al. The study concluded that greater gender diversity and age diversity in the board led to more effective risk management, as well as less exposure to market risks. It should be noted, however, that the same study also indicates that a large amount of diversity on the board could create problems with cohesion and communication.

Finally, boards with a diverse mix of members are more observant and aware of the unique challenges that are faced by communities that are not represented. This could encourage them to take steps to promote social responsibility in their business. It is vital to continue to find and find highly skilled women, individuals from diverse backgrounds, and LGBTQ candidates to fill board positions.