Today’s Thursday Thoughts are inspired by World Day of Social Justice.

Most boards have adopted ESG frameworks and diversity statements. Fewer have incorporated equity mechanisms into their actual governance processes. There’s a crucial difference between aspiration and structure.

The figures are striking: all-female founding teams received just 2.3% of the $289 billion invested globally in venture capital in 2024. At this rate, gender parity in VC funding won’t be reached until roughly 2065. These disparities reveal governance systems that were not built with equity in mind.

At Women Get On Board Inc. (WGOB) and through our Women Funding Women Inc. (WFW) collective, I’ve seen firsthand what happens when boards move from aspiration to action. I want to share three specific steps boards can take today.

1. Audit Your Nomination Process for Network Bias
Most boards fill vacancies through personal networks, which can lead to homogeneity. Require that for every board vacancy, the nominating committee review at least three candidates from outside existing networks. Collaborate with organizations like WGOB or executive search firms that have diversity mandates. Monitor the percentage of candidates interviewed from structured searches versus personal referrals.

2. Embed Capital Access Equity in Investment Oversight
If your board oversees venture investments, corporate development, or pension
allocations, set clear targets for investing in women-led ventures. Require quarterly reports on the diversity of funded ventures. Define a minimum threshold and timeline for progress.

3. Integrate ESG Metrics into Executive Compensation
Include diversity and inclusion KPIs in CEO and C-suite compensation scorecards. Make ESG performance account for at least 10-15% of variable pay. Publicly disclose metrics and results in annual governance reports.

The United Nations‘ World Day of Social Justice theme this year is “Empowering Inclusion: Closing Gaps for Social Justice,” with a call to turn political commitments into tangible actions. For boards, that means integrating structure into governance processes.

I believe in the power of three: one mechanism is symbolic, two are progress, and three create systemic change.