In recent months, some female celebrities — such as the tennis star Serena Williams — have been tapped to co-lead SPACs, adding marketing power. Women are also sitting on SPAC boards. But there is a striking paucity of women who are truly driving financial strategy or founding SPACs (aside from the rare exception of formidable Wall Street veteran Betsy Cohen), according to this opinion piece in The Financial Times.
An analysis by Bloomberg shows that even in terms of board seats, diversity trails the wider corporate world, probably because SPAC structures are not scrutinised like public listings. Or, as the headhunter Spencer Stuart notes: “Many SPAC sponsors find that they can efficiently formulate a board by leveraging existing personal networks . . . [which can] lead to reduced focus on securing racial, ethnic and gender diversity.” Privacy breeds clubbiness. Read more.
