> Unless you believe that only old white men are capable of being on the board you should ask yourself why only old white men are on the board.
Have you asked that question and looked for a scientifically valid answer instead of jumping to bigotry?
There are many objective reasons for that, one being:
> Fewer women than men become executive managers. They earn less over their careers, hold more junior positions, and exit the occupation at a faster rate. We compiled a large panel data set on executives and formed a career hierarchy to analyze mobility and compensation rates. We found that, controlling for executive rank and background, women earn higher compensation than men, experience more income uncertainty, and are promoted more quickly. Amongst survivors, being female increases the chance of becoming CEO. Hence, the unconditional gender pay gap and job-rank differences are primarily attributable to female executives exiting at higher rates than men in an occupation where survival is rewarded with promotion and higher compensation.
> There is still a question of why women have a higher nonmarket outside option than men. One explanation is that women acquire more nonmarket human capital than men throughout their lives, and hence find retirement a relatively attractive option. Women in the top executive market are mostly beyond childbearing age, but there is evidence that such women are more likely to leave for personal and other household reasons than their male counterparts. For example, Sicherman (1996) finds that in a case study of a large insurance company, female executives were more likely than their male counterparts to exit the firm because of better working conditions elsewhere, to be near home, change of residence, household duties, personal health, illness in the family, and positions abolished. Most of those reasons, except position abolished, are voluntary departures related to home or family.
http://humcap.uchicago.edu/RePEc/hka/wpaper/Gayle_Golan_Mill...