...[G]reater diversity in boards and management are empirically associated with higher returns on equity, higher price/book valuations and superior stock price performance...[N]ew findings emerge from this added management analysis – we find no evidence that female led companies reflect greater financial conservatism where leverage is concerned. Also, dividend payout ratios have been shown to be higher. Female CEOs have proven to be less acquisitive than men when assuming the leadership position. The analysis makes no claims to causality though the results are striking...[W]hat can drive further improvements? There has admittedly been progressive legislation in Europe, but little has happened in the US and diversity levels remain low in most of Asia. The report considers a number of the prevailing obstacles, specifically at mid-management and senior levels and suggests some policy initiatives that could support further progress...