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The increased risks and opportunities associated with racial and ethnic diversity, equity, and inclusion (DE&I) necessitate a sharper focus on this topic from boards. As part of State Street Corp’s “10 Actions Against Racism and Inequality,” State Street Global Advisors partnered with Russell Reynolds Associates and The Ford Foundation to glean best practices for advancing racial and ethnic DE&I. Discussions with board directors identified the risks and opportunities motivating their increased attention to this topic. We hope that directors will internalize the insights from this paper, generating more value for investors, employees, and other stakeholders.