Wendy Cai-Lee established Piermont Bank in 2019, unintentionally creating a female-dominated board, now comprising 78% women. This contrasts sharply with the 30% average for Russell 3000 boards. Piermont’s approach to diversity comes at a time when many organizations are reconsidering their diversity initiatives due to recent legal shifts, including a Supreme Court ruling against affirmative action. Cai-Lee emphasizes that diversity enhances board effectiveness, allowing for better company guidance, including the adoption of flexible work policies amidst pushback from other banks.
Research suggests diversity can improve board effectiveness, and Cai-Lee says that her female directors have helped steer the company in positive ways.
Our focus was on finding the best board to help me, not necessarily creating a board dominated by women.
The U.S. Supreme Court's 2023 ruling striking down affirmative action in college admissions has had a chilling effect on workplace inclusion efforts.
Piermont's commitment to board diversity comes as many corporations are rethinking initiatives aimed at increasing representation of underrepresented groups.
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