Diligent
Director Network Creates the Largest and Most Diverse Community of
Board-Ready Executives; Creation of More than 50 New Board Roles for
Diverse Candidates by Participating Leading Private Equity Firms;
Partnership with Spencer Stuart to Post Board Roles on Diligent Director
Network Platform
NEW YORK-Saturday 27 June 2020 [ AETOS Wire ]
(BUSINESS
WIRE)-- Diligent Corporation, a leading modern governance company used
by nearly 700,000 board directors and leaders, today introduced Modern
Leadership – an initiative to provide senior leaders with the resources,
insights, partnerships, and technology they need to further catalyze
diversity in their organizations and modernize governance.
Diligent
also announced today, Diligent Director Network – the largest and most
diverse community of board-ready executives globally created to widen
the pool of diverse candidates for a vacant board seat. With the
Director Network, Diligent is:
Activating Diligent’s network
of nearly 700,000 board directors and leaders across 16,000
organizations to nominate diverse, board-ready executives to build a
database of largely untapped talent that will be searchable free of
charge within the Diligent application.
Teaming up with leading
private equity firms to post more than 50 board roles for increased
visibility and transparency for diverse director candidates. The 10+
private equity firms that have each committed to posting five open board
roles include Insight Partners, Clearlake Capital, Vista Equity
Partners, Hellman & Friedman, Hg, Genstar Capital, TA Associates, K1
Investment Management, Aurora Capital Partners, and Grain Management.
Partnering with Spencer Stuart, a leading executive search and
leadership advisory firm, to post board searches in the Diligent
application creating more transparency for diverse candidates to apply
for those roles. Spencer Stuart has long recognized the value of board
diversity – last year, minority executives and women comprised more than
60% of their placements in the U.S.
Partnering with
organizations that have a track record and mission for diversifying
board rooms and executive suites – including The Executive Leadership
Council, Ascend, Latino Corporate Directors Association, and National
Association of Corporate Directors – to promote and create opportunities
for their members.
Opening an offer to Diligent’s clients to
post open board and executive roles within Director Network for
visibility and transparency for diverse rising directors.
“Diligent
is committed to being a catalyst for greater diversity and inclusion,
starting with the highest levels of leadership – and we are using our
network of nearly 700,000 board directors and leaders to help drive that
change,” said Brian Stafford, CEO of Diligent. “By increasing the
number and visibility of diverse board members, truly changing
composition from the top, we believe organizations will be able to
better serve stakeholders and create long-lasting, positive change in
the world. We hope other companies will join us to create more board and
C-Suite opportunities for diverse talent.”
“There is no doubt
that successful and visionary corporate leadership today requires
diverse viewpoints, perspectives, and experiences that create a richer
fabric for guidance and decision making, and Modern Leadership is meant
to help organizations create their best futures,” continued Mr.
Stafford.
The first job posting in the Director Network is from
Diligent itself as the Diligent board of directors seeks to add an
additional independent director, ideally with a racially diverse
background.
There has never been a more pressing time for change
and diversity in the U.S. and across the globe – and a more critical
moment to identify and address a lack of diversity within the highest
levels of leadership. Today, there are only four Black CEOs across
Fortune 500 companies, representing less than 1% of the makeup.
Additionally, 83.9% of all directors of Fortune 500 companies are
Caucasian/White according to Deloitte. Modern Leadership intends to
improve those numbers as Diligent and other companies actively measure
and report on diversity as a part of their ESG strategy.
Modern
Leadership will also include convenings of existing, rising, and next
generation leadership to discuss actions to drive change in the
boardroom and at the executive level.
Creating transparency around available board roles via partnerships with private equity
“In
order to address social and economic justice, we need scalable
solutions that speak to both Main Street and the boardroom,” said Robert
F. Smith, Founder, Chairman and CEO of Vista. “We’re proud of the work
Vista Equity Partners’ portfolio companies are doing to address access,
equality, and building the talent pipeline, and we’re thrilled to also
join Diligent's smart and scalable initiative to increase board
diversity. This is the right way to empower corporations to make strides
towards equality of opportunity. Vista proudly joins Diligent and its
partners in taking this critical step along the path toward a more just
and equitable future."
“Diligent’s Modern Leadership initiative
aligns closely with the long-held principle at Clearlake that diversity
drives differentiated outcomes,” said José E. Feliciano, Co-Founder and
Managing Partner at Clearlake Capital. “It’s evident that the Diligent
team, in tandem with the company’s industry partners, are committed to
increasing diversity in leadership roles for the long-term. We are proud
to partner alongside Diligent in what we hope will become a long list
of our peers, as we collectively advocate and take the necessary steps
to ensure a major change at the board level.”
“Insight firmly
believes that diversity is a fundamental asset of high-performing
boards,” said Deven Parekh, Managing Director at Insight Partners, who
led the 2016 take-private of Diligent. “We’re committed to driving
change within the software ecosystem and invested in Diligent because we
believe its platform has potential to transform leadership. Diligent’s
Director Network will enhance our board recruitment and executive search
process in pursuit of better outcomes for our portfolio companies and
our community. We are proud to not only participate in this initiative,
but to help bring our fellow private equity peers to the boardroom table
as well.”
"Grain Management was built on the principle that
access is critical. The digital economy has the power to lift people up,
bring people together, and level the playing field – but only if we
harness technology to scale positive change. I admire how quickly the
Diligent team built this new tool, to connect the supply of outstanding
leaders and the demand among companies to diversify their boards,”
commented David Grain, Founder and CEO of Grain Management. “I look
forward to supporting this platform and benefiting from the diversity of
thought, background and opinion that it helps inspire in the boards of
our portfolio companies, and in companies all across the world."
Expanding
the pool of diverse, board-ready candidates through partnerships with
organizations whose mission is diversifying board rooms
“The
Executive Leadership Council is committed to advancing the role and
contributions of Black executives. This partnership with Diligent will
provide our members even more visibility during the board and executive
search process,” said Crystal E. Ashby, Interim President and CEO of The
Executive Leadership Council. “We look forward to working together to
increase the number of Black directors and executives at leading
organizations.”
“There is an urgent need for more diverse board
members and executives at companies around the world but change of this
magnitude cannot be done alone,” said Esther Aguilera, President &
CEO, Latino Corporate Directors Association. “We are excited to partner
with Diligent to bring even more scale and speed to a systemic issue
that is incredibly important to us and our members.”
“The
Pan-Asian community is the fastest-growing population in the U.S., but
approximately 70% of Fortune 1000 companies do not have the benefit of
an Asian perspective in the boardroom,” stated Janet Wong, Ascend
Pinnacle, Lead Executive Advisor. "Ascend is pleased to partner with
Diligent to help companies tap into the broad network of talented
Pan-Asian directors and executives to help ensure corporate leadership
reflects their important perspectives.”
Modern Leadership is free
of charge to Diligent Boards customers and designed to be inclusive of
the broader community. Diligent welcomes all potential partners across
diversity organizations, search firms, private equity and our clients to
join in the effort to accelerate diversity in the boardroom by visiting
www.diligentmodernleadership.com.
About Diligent Corporation
Diligent
Corporation is the pioneer of modern governance, empowering leaders to
turn effective governance into a competitive advantage. Leveraging
unparalleled insights from a team of industry innovators, as well as
highly secure, integrated SaaS technologies, Diligent’s industry-leading
suite of solutions changes how work gets done at the executive and
board levels. Leaders rely on Diligent to drive accountability and
transparency, while addressing stakeholder and shareholder priorities.
Its applications also help streamline the day-to-day work of board
management and committees, and support collaboration and secure
information sharing. Designed for both public and private sector
organizations, Diligent is helping to usher in a new era of modern
governance.
The largest global network of directors and
executives, Diligent is relied on by more than 16,000 organizations and
nearly 700,000 leaders in more than 90 countries. With an eye towards
inclusivity and accessibility, Diligent serves some of the largest
public governing bodies, including more than 50% of the Fortune 1000,
70% of the FTSE 100, and 65% of the ASX.
Contacts
Media Contact:
Nicholas Koulermos
Diligent@5wpr.com
646-843-1812
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