Diversity drives diversity, in and outside the boardroom.

• Position: SPI BOARD REPORT

Ed. Note: Ernst & Young LLP has released its latest report on the status of women on boards. Titled "Diversity Drives Diversity," the report shows that companies that have female CEOs, female independent chairs or lead directors, or female nominating committee chairs are more likely to have higher levels of gender diversity on the board and to have added new directors in recent years. Another major finding is that the historically slow pace of board turnover may be poised to accelerate as a result of expected turnover in board seats in coming years. More highlights from the report follow.

Gender diversity accelerates board renewal and diversification. Companies with women on the board are more likely to have added new directors, including more women, to the board.

* The portion of companies with just one female director has stayed constant at 36% over the past seven years; however, the portion of companies with two or more female directors has increased to 42% and the number of all-male boards has dropped to 22%.

Progress toward gender diversity on boards continues, while gender diversity by industry varies greatly.

* More women are being appointed to boards and to board and executive leadership positions, though change continues to be gradual. However, women still account for only 15% of board seats, which is less than the proportion of seats held by directors named John, Robert, William and James.

* The presence of women on boards varies depending on the industry. For example, companies in the power and utilities (20% female directors), consumer products and media and entertainment industries leach 19% female directors) have the highest levels of gender diversity. In contrast, construction and oil and gas companies have the lowest levels of gender diversity (each 10% female directors), and nearly 40% of technology companies do not have any women on their boards. Other industries most likely to have all-male boards include oil and gas, diversified industrial products, and real estate.

More women are joining public company boards for the first time. Industry experience is the top qualification cited by companies for newly appointed female board members.

* 49% of female directors appointed to boards in the past two years are first-time public company directors.

* The six most common qualifications cited by companies for women joining boards in 2012-2013 include: 1) Industry experience; 2) Financial/accounting; 3) Executive leadership; 4)...