ABSTRACT
The correct composition of boards of directors (BoDs), in terms of heterogeneity of competences, professional profiles, gender and culture, is considered one of the drivers of effectiveness in corporate governance systems. Women have been historically under-represented on company boards, despite a clear change in this area since the 1990s (Farrell and Hersch, 2005). The presence of directors of different nationalities, on the other hand, is mainly the direct consequence of cross border acquisitions, leading to the entry of foreign shareholders into the company capital, also with controlling shares, and the consequent appointment of relative representatives to the boards. There is widespread belief that board diversity represents the mechanism through which it is possible to access a wide range of talents and resources, guaranteeing the necessary skill mix in the board (Goodstein et al., 1994). The European Commission (2010) and the Basel Committee (2010) recently underlined the importance of an appropriate mix of skills and viewpoints on boards, to promote the quality of the decision-making process and the effectiveness of control over conflicts of interest.
