The Importance of Board Diversity: Curt Framer, CEO Comerica Bank

Can you describe the culture at Comerica Bank? How relevant is it for you and the leadership team and what role does diversity play?

For us, diversity is embracing an inclusive culture that recognizes, respects and is sensitive to the differences of our community. Diversity is a pillar of Comerica’s promise to raise expectations of what a bank can be, and it is fundamental to the success of our business. Our behaviors, values, and beliefs support an inclusive work environment that embraces our role in the communities we serve. Respect for diversity is part of our culture.

Our leaders recognize and promote behavior that uses and values similarities and differences to create a work environment that encourages creative thinking and solutions; understand that the benefits of a broad range of ideas, viewpoints, and backgrounds working together will produce quality products and services; embrace inclusion of all individuals; and treat colleagues, customers and suppliers fairly, with dignity and respect. And, this is what we expect of our teams as well.

Comerica is recognized for its diversity; can you highlight some of the programs that you have in place?

We pride ourselves on being a leader in diversity programming. As of August 31 of this year, I’m pleased to say that 86 percent of colleagues were enrolled in the company’s Master of Diversity Awareness (MDA) program. Colleagues participate in nine dimensions of activities, and through the program, they have access to hundreds of educational opportunities. To date, Comerica has 17 active employee resource network groups across its markets to promote the inclusion of a wide variety of employees, from young professionals to LGBTQ colleagues, to military veterans. The network groups focus on delivering awareness about cultures while encouraging internal networking. Employees can also be members of our Local Diversity Roundtables, which are comprised of colleagues from different areas of the bank who are charged with promoting diversity and inclusion in their markets. Additionally, we have 19 market segmentation business outreach teams across the company that are responsible for developing strategies and tactics for demonstrating our commitment to and reaching out to diverse markets.

Describe the composition of your Board. How important is diversity to your Board?

Of Comerica Incorporated’s 12 board members, three are women, and one of those women is Latina. Additionally, two of the 12 members are African American.

Diversity is very important to our Board and Comerica, and it is one of the factors considered when board positions are being filled. It shapes our culture and reflects the ideals for which Comerica was founded nearly 170 years ago. We know that diversity drives professional growth, fosters more creative ideas in the workplace and encourages innovation. When a company like Comerica truly reflects the demographics of its markets, it better serves its customers, grows its business and builds an even stronger organization.

How important is diversity in Corporate America?

I believe that diversity is a business imperative and should be engrained within a company’s culture, corporate strategy and long-term plans. Changing demographics are making the workforce more diverse, and with the rapid growth of the Hispanic population creating and maintaining an inclusive work environment is critical.

Additionally, the younger generations – Millennials and now Generation Z – who have entered the workforce or are just beginning to work (and who are making up a sizeable percent of the working population) are more racially and ethnically diverse. To retain this talent, companies must adapt and ensure that diversity and inclusion are a focal point of their business strategy. For Comerica, attracting and retaining diverse talent is so important that our head of talent acquisition also serves as our Chief Diversity Officer. We also have a National Director of Hispanic Business Development, who directs Hispanic business and community outreach in our markets.