Hotel boards are becoming decidedly more diverse, with growing numbers of seats now held by women and Black members, a 2022 study conducted by the American Hotel & Lodging (AHLA) Foundation found.
The increase exceeds the 2022 average in both categories for firms in the Russell 3000 Index, signaling progress in the effort to diversify corporate board, the foundation said.
All told, the study, which was conducted by AHLA Foundation and?Penn States School of Hospitality Management, assessed 230 board members at 28 companies between 2016 and 2022.
In 2022, 67 percent new board members were women.????
Also last year, women held 31.3 percent of independent board seats on public hotel company boards, compared to 22.5 percent from 2021.
Only one publicly traded hotel firm has no women on its board of trustees, the foundation said. In 2021, there were two firms with no women on their boards.
Meanwhile, 22 percent of new board directors in 2022 were Black.
Upward of 12 percent (12.6 percent) of hotel public company board members were Black in 2022, compared to ?6.5 percent in 2021.
Our industry recognizes that with the boards role in governance and oversight, increased diversity on hotel boards is a pathway to a more diverse hotel industry, said AHLA Foundation President Anna Blue.
The business case for diversity is clear. Research validates the value of diverse perspectives and experiences in our organizations, which shows up in our business as better recruitment and retention, more innovation and greater success overall.?
The study is a component of AHLA Foundations five-year, $5 million initiative to promote diversity, equity and inclusion throughout the hospitality industry.
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