Embedding Diversity at Every Level
A key feature of our ongoing effort to serve as a pillar of the community is cultivating a team that reflects the lived experiences of all our stakeholders. At every level of work and leadership, we’re continuously building a diverse team.
An Industry-Wide Goal
We’re proud of our achievements so far, which include our board having one of the highest numbers of female directors of all companies listed on the Nasdaq. But much of our industry has historically struggled to achieve diverse management and leadership, despite recognizing its clear value.
To encourage more boards to increase their diversity and align with these opinions, last year Nasdaq put in place a new ruling. It requires operating companies listed on Nasdaq's U.S. exchange to have at least one board member identifying as a woman, and at least one from an under-represented minority, or an explanation as to why the minimum could not be achieved. While Cambridge Trust was already beyond compliant with this ruling, in conjunction with systemic social shifts, it resulted in an increase in board diversity over the last year across the industry.
About 32% of board positions in the S&P 500’s financial companies are women and 22% are from historically underrepresented racial and ethnic groups.
At the same time, in PwC’s Annual Directors Survey, directors agreed that;
However, challenges continue to persist in creating not only diverse boards but diverse leadership and management tracks. Allowing people from all backgrounds to rise through the ranks of a company, helping to develop more inclusive, equitable, and stronger cultures and operations.
At Cambridge Trust, we’re working hard to emphasize diversity at every level of our operations. Below we’ve outlined some of our continuing efforts and their impacts.
Building a Stronger Professional Practice
Today, 53% of the Cambridge Trust workforce are women and 24% identify as ethnically or racially diverse.