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Michigan, US — For the last five years, the national conversation about the lack of women or people of colour on US corporate boards has focused on the world’s biggest companies, with tangible results: in July, for the first time, every company in the S&P 500 had at least one female director.

At the other end of the spectrum, progress has been slower. In the Russell 3000 index of the 3,000 largest US companies, there are still more than 300 all-male boards...

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