This paper from the Office of the Illinios State Treasurer seeks to examine the wealth of literature on the subject of whether and to what extent gender and racial/ethnic diversity affect the functioning of corporate boards and the performance of the companies they oversee, to provide further insight and render a judgment on the investment case for gender and racial/ethnic diversity on corporate boards. In summary, this paper concludes that the gender and racial/ethnic composition of corporate boards does indeed have a material and relevant impact on company performance and investors.