Friday, July 29, 2011

Diversity on Boards- written by Elizabeth Watson- Governance Expert

It has become well accepted that diverse boards, made up of individuals with a variety of backgrounds, skills and experience, make better decisions. Directors with different backgrounds bring different perspectives and are able to identify and debate all sides of an issue. This can prevent group-think, spark creativity, enhance risk review and lead to better decision-making. Diversity in this context includes diversity with respect to industry experience, functional expertise, market knowledge and leadership style, as well as community perspectives, culture and gender. In the case of an organization such as YVR, where so much of its business and clientele is international, it would seem counter-intuitive to restrict the board's ability to recruit individuals with international experience or perspectives and forgo any competitive advantage such a board might bring.

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