Black History Month invites us to reflect on where we've been, and to take seriously what we are responsible for protecting. I've been thinking about Rev. Jesse Jackson since he passed this week at 84. I was fortunate to meet him twice when Credit Suisse sponsored Rainbow PUSH. What struck me wasn't only his stature, but his steadiness. He challenged institutions directly without writing people off. He believed in dialogue, in coalition, and deeply that everyone mattered. In 1972, on Sesame Street, he led children in repeating three words: "I am somebody." Simple. Powerful. Entirely consistent with everything he stood for. Those words were never only for children on television. They were a reminder to institutions, and to leaders, that dignity and inclusion are not political slogans. They are leadership disciplines. |
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| | Jesse Jackson in a 1972 episode of “Sesame Street,” Photo Courtesy Sesame Street |
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| During his corporate campaigns, he often said: "If you can buy from us, you can hire us." It was both a moral argument and a market argument, a reminder that participation in the marketplace carries responsibility. He wasn't criticizing from the outside. He was negotiating measurable change inside boardrooms and capital markets. That context makes something that also happened this week especially striking. One of Wall Street's most prominent firms, a longtime leader on governance and inclusion, announced it would step away from explicit diversity criteria in evaluating board candidates, following political pressure and a resolution with a conservative advocacy group. What was framed only a few years ago as sound governance is now being recast, by some, as optional. I understand the pressures institutions are navigating. What concerns me is the signal — because leadership on inclusion has never been only about any one firm's policies. It's about what the market, collectively, decides to expect and protect. The deeper question, and I don't think anyone can answer it with certainty yet, is what happens to governance behavior when the guardrails come down. We've seen this before. When the federal government stepped back from climate commitments, the picture didn't simply revert. States, cities, corporations—and importantly investors—that had built real strategy around sustainability continued. Some accelerated. The business case had taken root deeply enough that it survived the policy shift, at least in part. Something similar may be true here. Over the past decade, the argument that diverse boards reduce risk, improve oversight, and drive better long-term performance has moved from advocacy to evidence. It's in the governance literature, investor statements and board policies. It's embedded in how many institutional investors evaluate companies. It's part of how a generation of directors and executives were trained to think. That doesn't disappear with a policy reversal–I hope. But I won't be naive about it. Norms without requirements can erode. Representation without accountability slides. And the history of civil rights, including economic civil rights, teaches us that progress left untended tends to contract. What we're watching right now is a real test of how deeply those values were actually internalized, versus how much was compliance. The answer will show up in data. And that will entirely depend on the choices leaders make when no one is requiring them to. Out Leadership has been running that particular experiment for over a decade through OutQuorum, our board inclusion program. When we launched OutQuorum in 2014, only two companies in the Fortune 500 had LGBTQ-inclusive board policies. Two. We wrote the first model inclusive policy ourselves and spent the following 12 years pushing for its adoption — one conversation, one board, one pension fund (thank you CalPERS, CalSTERS, NY City and NY State pension funds!) and one governance committee at a time. The results tell a genuinely interesting story. The Nasdaq moved from 4% of listed companies with LGBTQ-inclusive board policies to 52% — a transformation that followed the exchange's own listing requirements, which we helped develop. Accountability, when applied, works. But here's what may be more telling: the Fortune 1000 had no such requirement. No mandate, no exchange rule, no enforcement mechanism. And yet, as of our last OutQuorum report, 31% of Fortune 1000 companies had adopted LGBTQ-inclusive board policies. That's not compliance. That's companies deciding on their own, for their own reasons, that inclusion is part of how they govern. That report is now a year old (our 7th). We are beginning to dig into the data for our next one. I'll be honest: I don't know yet what it will show. Given the current environment, the question of whether that 31% holds, or grows, or contracts, feels like one of the most important data points we'll publish this year. Progress, as Black history reminds us, is rarely linear. When California passed Proposition 209 in 1996, banning race-conscious admissions at public universities, enrollment of Black and Latino students dropped sharply at UCLA and Berkeley. Recovery wasn't immediate or uniform, but it happened because leaders decided it would. The lesson isn't that policy doesn't matter. It clearly does. The lesson is that leadership matters alongside it. Many of you reading this sit at tables where decisions are made about board composition, executive succession, and governance standards. The standards you defend, the leaders you sponsor, the opportunities you widen, those are the decisions that determine what comes next. Rev. Jackson believed institutions could evolve because people inside them chose to evolve. He showed up without guaranteed outcomes and built a more just world anyway. We are the beneficiaries of that courage. Now we are the stewards. "I am somebody." Together, Todd |
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| | Out Leadership Events Coming Soon… |
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 Q1 Member Council Reception | Tuesday, March 17th
5:30 pm Mizuho Americas, 1271 Avenue of the Americas, New York We’re excited to invite you to our first Member Council Reception of 2026—a chance to be in the same room, share what we’re seeing, exchange ideas, and discuss how to advance in a complex moment. Once again, our friend Jean MacInnes, Managing Director, Head of Diversity, Opportunity and Inclusion at Mizuho, will host our gathering at Mizuho’s New York Headquarters. We’re thrilled to welcome Kenji Yoshino, Chief Justice Earl Warren Professor of Constitutional Law at New York University School of Law and Out Leadership Global Advisory Board Member Emeritus. His latest book, How Equality Wins, hits bookstores this month, and signed copies will be available for attendees. In a time of constant change and division, this opportunity to share collective wisdom and chart a path forward couldn’t be more timely.
Space is limited. Please RSVP by February 27th here 
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OutWOMEN+ Breakfast | Thursday, March 12th | New York 8:30-11:30 am Citi HQ, 45 Hubert St New York, NY 10013 Our annual OutWOMEN+ Breakfast, generously hosted by our longtime sponsor Citi, is one of our most uplifting and meaningful gatherings of the year. In celebration of Women’s History Month, this special conversation connects legacy to leadership honoring the women, especially LGBTQ+ pioneers, who expanded opportunity while looking ahead to how we shape what comes next. Moderated by author and thought leader Jennifer Brown, and featuring special guests; Kim Persaud, Managing Director in Enterprise Risk Management at Citi, Simone Clarke, CEO of UN Women Australia, Cindy Wong, Director and Head of Transaction Management at HSBC, Lanaya Irvin, transformational CEO and former head of Coqual, Meghan Maze, Director of Finance & Control at Bloomberg LP & Dani Matthews, Co-Founder of Abundium Our discussion will explore career progression, the value of mentorship, and what leadership looks like at every stage, from early to senior roles. The panel will be followed by group mentoring and table discussions focusing on how we become more resilient, more human leaders along the way.
Space is limited. Please register here by February 27th
Proud Sponsor 
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The OutHour | Wednesday, February 25th | Virtual Noon ET
Williams Institute Study: The Impact of Anti-Transgender Legislation Our ongoing OutHour series brings people together for candid, engaging lunchtime conversations about the issues our members are navigating right now. This week Elana Redfield from the Williams Institute will break down the rapidly shifting legal landscape impacting transgender youth. In 2025, more than 600 anti-transgender bills were introduced across the U.S., with 29 states enacting restrictive laws. These policies affect all of us–not just families, but workplaces, communities, and the leaders shaping them. Join the discussion here Have a great guest for a future session? Please let us know |
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| | | Survey finds LGBTQ+ Identification Holds at 9% in U.S. A new Gallup survey estimates that 9% of U.S. adults identify as lesbian, gay, bisexual, transgender or something other than cisgender-heterosexual — a figure unchanged from 2024 but more than double the 3.5% recorded in 2012, when Gallup first began tracking LGBTQ+ identification. The results are based on interviews with more than 13,000 adults conducted throughout 2025. While 86% of Americans identify as heterosexual and 5% declined to answer, bisexual identity continues to represent the largest share of the LGBTQ+ community, accounting for just over half of LGBTQ+ adults and about 5% of the total U.S. adult population. The increase over the past decade has been driven largely by younger generations. Nearly 23% of adults under age 30 now identify as LGBTQ+, compared with 10% of those aged 30 to 49 and 3% or fewer among adults 50 and older. Women are more likely than men to identify as LGBTQ+, primarily due to higher rates of bisexual identification, and Democrats are significantly more likely than Republicans to identify as LGBTQ+. As more members of Generation Z reach adulthood, Gallup suggests the overall percentage may continue to rise, reflecting generational shifts in identity and social acceptance across the country. |
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| Lambda Legal, Nonprofits Sue Administration Over Pride Flag Removal at Stonewall |
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| | A coalition of nonprofits has filed a federal lawsuit against the Trump administration, arguing that the removal of the official Pride flag from the Stonewall National Monument violated federal law. The suit, filed this week in U.S. District Court in Manhattan, contends that the decision runs afoul of National Park Service policies that allow monuments to display flags providing historical context — an exception that has permitted Confederate flags at certain federal sites. The Pride flag, which had flown at the Greenwich Village monument commemorating the 1969 Stonewall uprising, was taken down earlier this month following a federal directive limiting which flags may be displayed at national parks. The plaintiffs, the Gilbert Baker Foundation, Village Preservation and Equality New York, are seeking to have the official, Park Service–sanctioned Pride flag restored. Represented in part by Lambda Legal and the Washington Litigation Group, they argue the removal was discriminatory and part of a broader pattern of actions targeting LGBTQ+ history and visibility on federal property. The Department of the Interior declined to directly address the lawsuit but criticized local officials for what it described as “political pageantry.” |
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| Kansas Lawmakers Override Governor to Enforce ‘Bathroom Bounty’ Law |
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| Kansas lawmakers have overridden Democratic Governor Laura Kelly’s veto to enact SB 244, a controversial measure critics have dubbed the “bathroom bounty” law. The legislation restricts access to public facilities such as bathrooms and changing rooms based on so-called “biological sex” and allows private citizens to sue individuals they believe are transgender for using single-sex spaces. Those found in violation could face fines of up to $1,000. Governor Kelly had blocked the bill, calling it “poorly drafted” and warning that its vague provisions would create unintended consequences far beyond its stated aim, potentially affecting families in hospitals, dormitories, and other shared spaces. Civil rights advocates swiftly condemned the override. The Human Rights Campaign described the law as “bizarre and cruel,” arguing it will harm not only transgender and non-binary Kansans but anyone targeted by suspicion or animus. During debate, Kansas lawmaker and trans woman Abigail Boatman told colleagues she had listened for hours as lawmakers debated her “humanity” and ability to participate in basic aspects of society. Supporters of the bill say it enforces existing definitions of sex in public spaces, while opponents warn it invites surveillance and litigation against private citizens. |
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| European Parliament Declares ‘Trans Women Are Women’ |
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| The European Parliament has passed a sweeping resolution affirming that trans women are women, signaling a strong stance on gender equality ahead of next month’s U.N. Commission on the Status of Women. Adopted in a 340-141 vote with 68 abstentions, the measure urges the European Union to “emphasize the importance of the full recognition of trans women as women,” calling their inclusion essential to effective gender-equality and anti-violence policies. The resolution, reported in LGBTQ Nation, references international human rights frameworks and highlights growing concerns about democratic backsliding and attacks on women’s and LGBTQ+ rights. While the resolution is not legally binding, it is expected to shape the E.U.’s official position at the U.N. forum in New York. It also calls for continued support of LGBTQ+ organizations, access to gender-sensitive mental health services, and protections for women and LGBTQ+ human rights defenders globally. Independent journalist Erin Reed noted that the move places the E.U. “on a direct collision course” with the United States, where federal policy under the current administration denies recognition of transgender identities. The vote underscores Europe’s commitment to trans inclusion as debates over gender rights intensify worldwide. |
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| From a Pride Flag to a Bathroom Ban: LGBTQ+ Federal Workers are Suing From the display of a Pride flag to restrictions on which restroom they can use, a growing number of LGBTQ+ federal employees say recent executive orders have reshaped their workplaces and their careers. A new report in The 19th, LGBTQ+ details lawsuits filed by workers at agencies including the National Security Agency, the Illinois National Guard, the FBI and the Transportation Security Administration. The cases stem from a January 2025 executive order directing the federal government to recognize only “male” and “female” sexes assigned at birth, along with subsequent policies limiting LGBTQ+ expression and access to facilities aligned with a worker’s gender identity. Workers allege the changes created hostile environments, altered job responsibilities and, in some cases, resulted in terminations. Legal advocates report an uptick in inquiries from LGBTQ+ federal employees. While lawsuits against the federal government are not uncommon, experts note that sweeping executive actions — particularly those affecting civil rights — often prompt waves of legal challenges as courts become the arena where new policies are tested. Federal agencies named in the suits have largely declined to comment on pending litigation. |
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| | Smithsonian Unveils Largest-Ever Exhibition of LGBTQ+ African Art |
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| | Invocation: Severance of Ties, Jim Chuchu, Courtesy National Museum of African Art |
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| The Smithsonian’s National Museum of African Art has opened “Here: Pride and Belonging in African Art,” the largest exhibition to date dedicated to LGBTQ+ African artists. Featuring nearly 60 works by 30 artists from across Africa and its diasporas, the groundbreaking showcase spans photography, sculpture, painting, tapestry and archival materials. Co-curated by Kevin Dumouchelle and Serubiri Moses, the exhibition seeks not only to celebrate the artists on display but also to push the field forward. “I don’t know yet that there is such a thing as African LGBTQ art history,” Moses said, expressing hope that the exhibition will inspire scholars and museums to build a more comprehensive historical record. The exhibition challenges stereotypes that frame LGBTQ+ life in Africa solely through the lens of oppression, presenting instead a wide-ranging narrative of resilience, community and creativity. Works on view include pieces by renowned South African visual activist Zanele Muholi alongside artists whose work has never before been exhibited in an American museum. Spanning from a 19th-century Congolese sculpture depicting dual-gendered figures to contemporary photography and textile art, “Here” traces a continuum of gender and sexual diversity across time. Open through August 23, 2026, the exhibition underscores a central message from its artists and curators alike: LGBTQ+ Africans have always existed, and their stories are integral to the continent’s cultural history. |
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