Introducing the

Ascend 10x25 Initiative

Achieving corporate board excellence through diversity and inclusion, with the goal of having at least 10% of Fortune 1000 board directors be Asian American/Pacific Islanders by 2025

SEC approves Nasdaq’s plan to require board diversity

Announced on June 10, 2021, the Ascend 10x25 Initiative, together with other actions to promote board gender and ethnic diversity, will increase the effectiveness and performance of corporate boards and propel their companies to meet the global challenges and opportunities ahead. This goal will more than double the number of AAPIs currently serving on Fortune 1000 boards.

Ascend Pinnacle will lead this effort by:

Identifying talented and experienced individual candidates for open board positions

Identifying talented and experienced individual candidates for open board positions

Expanding our programs to grow director and director candidates for future executive positions

Expanding our programs to grow director and director candidates for future executive positions

Developing networks to match companies with appropriate AAPI director candidates

Developing networks to match companies with appropriate AAPI director candidates

The Rationale

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Diversity in company's leadership

It is well established that the more diverse a company’s leadership is, at both the executive and board levels, the better the company performs.

DIVERSITY TIED TO THE BOTTOM LINE

Studies have shown that companies with more diverse leadership and boards have greater shareholder returns.Source: “Diversity Matters,” McKinsey & Company, 2015

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Representation in boards

AAPIs are and have historically been severely under-represented at the highest levels of corporate America, including on boards, and stigmatized and unrecognized due to prejudice, bias and misconceptions. This needs to change now. AAPIs have earned and deserve a seat at the table and companies need to have the talents of AAPIs on their boards to help guide their companies in a complex global economy.

REPRESENTATION GAPS IN THE BOARDROOM

4.4%In 2020, a total of just 4.4% of directors of Fortune 1000 companies were AAPI (there were more director seats but many directors served on multiple boards).
71.6%Despite the importance that Asian Americans play in the U.S. economy, 71.6% of the Fortune 1000 companies do not have the benefit of an Asian perspective in the boardroom.Source: “Asian Representation on Fortune 1000 boards,” Ascend/KPMG, 2020
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Visibility

Having AAPIs in positions of leadership will help give voice and visibility to the AAPI community to break the “invisibility” and “perpetual outsider” stigma, which has contributed to the increase in AAPI hate actions and crimes.

ASIAN AMERICANS' CONTRIBUTION TO THE U.S. WORKFORCE

12%Asian Americans are 12% of the professional workforce.Source: “Asian Americans Are the Leaset Likely Group in the U.S. to Be Promoted to Management,” Harvard Business Review, 2018
30%In certain companies, especially in the technology industry, AAPIs can represent 30% or more of a company’s workforce though the AAPI percentage drops off steeply at the management and executive management levels.Source: Diversity and Inclusion reports from Facebook, Cisco, Intel, Microsoft, and Google in 2020

Will you join us?

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Show support during our media campaign.

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Amplify this work using our media kit.

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Partner with your us on a sustained basis.

With your help we can achieve corporate board excellence through diversity and inclusion.

Learn more about the background for this initiative.

  If you have questions about the Ascend 10x25 Initiative, please contact us at 10x25@ascendleadership.org.

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