White Male Boards Explain to Investors Why Diversity Is Elusive

One Nasdaq-listed company blames its lack of board diversity on an inability to find a “suitable” contender. Another says a “rigorous and intrusive” licensing process has hampered its efforts to add a diverse board member. A third says it doesn’t know whether it has a woman, minority or LGBTQ+ director because it didn’t want to ask for privacy reasons.

These are among the reasons companies are giving for why they don’t have—or even know if they have—a diverse board under Nasdaq rules that required thousands of firms to have at least one woman, minority or LGBTQ+ director by the end ...