The Diversity Dilemma: Representation vs. Real Change in Corporate Boards

Mar. 21, 2025

Board meeting minutes from the UK’s National Health Service reveal that minority directors often avoid discussing diversity due to professional risks, such as being perceived as unqualified or facing backlash, says Renée Adams (University of Oxford) in a video interview at the Swedish House of Finance.

The study also finds that HR directors, rather than minority board members, drive diversity discussions—underscoring the role of authority in advocacy. While quotas improve representation, their broader impact remains unclear without empowering directors to address these issues openly, Adams explains. 

She also discusses: 

• The uniqueness of NHS board meeting data. 

• The concept of “advocacy costs” and why they disproportionately affect minority directors. 

• How policymakers and companies can foster inclusion beyond representation. 

• Whether quotas drive real change or are just a box-ticking exercise.