Many companies are facing backlash and retreating from previous diversity, equity, and inclusion (DEI) efforts. However, cosmetics brand Elf Beauty (ELF) remains committed to promoting diversity. FactSet notes that Elf Beauty’s board of directors is made up of 78% female members and 44% of board members have diverse representation.
“For 20 years, we’ve been democratizing access to the best of beauty,” Taran Amin, chairman and CEO of elf Beauty, told Yahoo Finance. “We want to use our platform to drive positive change in society and encourage other companies to give underrepresented people board opportunities. If you look at what we’ve seen and the data that we’re releasing today, we’re basically seeing a strong correlation between board diversity and company outcomes. ”
Amin went on to say that cosmetics companies sponsor National Association of Corporate Directors (NACD) training sessions for individuals to “give them the necessary qualifications and provide them with the training they need to become good corporate directors.” said. He details the brand’s latest report, in partnership with North Carolina Agricultural and Technical State University, examining the relationship between diverse boards and the success of U.S. public companies.
“The great thing about this study, the Not-So-Good White Paper, is that it is drawn from many different data sources, and there are many different methodologies for those different data sources. It’s very simple and it is what it is.”We’ve found from our own business results that diversity, diverse teams, and diverse boards lead to better behavior. . And that’s what we’re here to encourage other companies to pursue. ”
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This post was written by Luke Carberry Mogan.
