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Expand chart
Data: BoardReady; Chart: Connor Rothschild/Axios

There's a fresh data point on how corporate America fared during the pandemic year. Businesses with more diverse boards came out on top, according to data provided first to Axios by BoardReady, a nonprofit.

Why it matters: It adds to a ballooning body of research that shows that generally better business comes alongside boardrooms that are less old, male and white.

To be clear, the data doesn't prove companies did better because their boards were more diverse — there is a slew of other factors that play a role.

What they're saying: "There isn't enough data yet to show causation, but there's strong correlation," says Deanna Oppenheimer, founder of BoardReady.

By the numbers: As a cohort, the companies with more women on their boards saw the smallest year-over-year drop in revenue growth in 2020.

  • And a group of companies with board members whose ages spanned over 30 years saw an improvement in revenue growth compared to the prior year. The rest saw growth slow.
  • The businesses with at least 30% of seats filled by non-white executives saw a bigger jump in revenue growth. However, those that had between 20% and 30% non-white board executives fared worse than those with fewer non-white members.
  • BoardReady cautions that this data might be skewed because so few companies have enough non-white executives on their boards to meet that threshold.

What to watch: The data comes as there's a sea change of sorts in corporate America. Legislators, regulators and the Nasdaq are eyeing the makeup of corporations' top decision-makers — and pushing them to step it up on diversity.

  • "People used to ask the question: 'Why diversify?' The debate has now moved on from why to how," says Oppenheimer.

Where it stands: The numbers are improving, though still dismal.

Worth noting: BoardReady used revenue as a yardstick — rather than say, profits or EBITDA — to avoid the data being distorted by any adjustments companies made during the pandemic, the study says.

Go deeper: Read the report

Go deeper

Oct 1, 2021 - Health

Data holes could complicate Moderna and J&J booster shot process

Illustration: Megan Robinson/Axios

Deciding which Moderna and Johnson & Johnson coronavirus vaccine recipients should get booster shots may end up being even messier than the process for Pfizer recipients was.

Why it matters: More Americans may very well need another round of shots, particularly older people and those who received J&J's one-dose vaccine. But regulators had issues with the quantity of data available for boosting with Pfizer, and there's even less — at least publicly available at this time — for the other two vaccines.

5 mins ago - Technology

Race and technology in America

Illustration: Annelise Capossela/Axios

The technology industry is famously determined to change the world — but its efforts to diversify its workforce and remove bias from its products haven't changed nearly enough.

Biden: "Being a cop today is one hell of a lot harder than it's ever been"

President Biden speaks during the 40th Annual National Peace Officers Memorial Service at the U.S Capitolon Oct. 16. Photo: Brendan Smialowski/AFP via Getty Images

President Biden speaking at the U.S. Capitol on Saturday honored members of law enforcement who died in the line of duty in 2019 and 2021 and saluted those who are currently serving.

Driving the news: "We expect everything of you, and it's beyond the capacity of anyone to meet the total expectations. Being a cop today is one hell of a lot harder than it's ever been," Biden said.