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“A diverse board of directors
is a key factor in a company’s success”
Blog “A diverse board of directors
is a key factor in a company’s success”
Fiona Egli October 5, 2023 Board of Directors, Sustainability
In this interview, Dr Thomas von Planta, Chairman of the Baloise Board of Directors, talks about the importance of diversity on boards of directors. He discusses how the way in which diversity is perceived has changed over the years, the role that gender diversity plays in decision-making and how the representation of different generations and areas of knowledge can influence a company’s long-term future.
Thomas von Planta, why is it so important to have a diverse board of directors?

Diversity is relevant on boards of directors because it can help to improve a company’s performance and corporate culture. If board members are able to bring different perspectives, experiences and backgrounds to bear, they can analyse matters more widely and will generally make better informed decisions. Diversity ensures that members take a broader view of opportunities and risks, encourages innovative solutions and helps with the development of business strategies. And the composition of the Board of Directors reflects the diversity of our stakeholders, which in turn should reinforce the confidence of and acceptance by society.
You have been a member of boards of directors for many years. What has changed over that time?

Attitudes towards diversity on boards of directors have shifted over the years. Today, companies and investors are increasingly aware of the importance of diversity and are actively championing it. There is also broader acceptance that diversity can have a bearing on business performance too.
What do you notice about gender diversity today? Does it really result in better decisions?

Mixed boards tend to reach more balanced decisions because they draw on a range of perspectives and approaches. But this does not mean that gender alone determines the quality of decision-making. Rather, it is the combination of different career paths, skills and expertise that can result in better decisions.
Do you also look at generational diversity when it comes to finding new members?

The composition of a board of directors generally reflects a broad spectrum of skills and expertise. And generational diversity can be a factor too. Different age groups bring with them different perspectives on technological developments, social trends and market changes. As the world of business is in a constant state of flux, it is crucial that this diversity is represented on a board of directors so as to ensure that the company is well equipped for the future.
Is a board of directors that represents a broad cross-section of society also a model for the leadership team? What influence does it have on the corporate culture?

A board of directors that represents a broad cross-section of society can indeed be a model for a company’s leadership team and have an influence on its corporate culture. When senior management and the board of directors respect and foster diversity, the rest of the organisation will take note. This creates a culture of inclusion in which diversity is welcomed and employees are encouraged to contribute. This boosts employee satisfaction, makes the company more attractive to talented, skilled workers and supports the company’s long-term viability.
Women’s Board Award