Exhibit 4 How ethnic diversity correlates with profitability Likelihood of financial performance1 above national industry median by diversity quartile Percent Executive team Board of directors N = 589 N = 493 +33% +43% Ethnic/cultural 59 59 44 41 Profitability 4th 1st 4th 1st 1 Average economic profit margin 2011–15 and average EBIT margin 2011–15 NOTE: Results are statistically significant at p-value <0.5. Percentages shown here are rounded to the nearest whole number; however, calculation of the differentials in quartile performance uses actual decimal values SOURCE: Company websites; McKinsey Diversity Matters database Ethnic and cultural diversity’s correlation with outperformance on profitability was also statistically significant at board level. We found that companies with the most ethnically/ culturally diverse boards worldwide are 43% more likely to experience higher profits. We also found a positive correlation between ethnic/cultural diversity and value creation at both the executive team and board levels, though the relationship is not statistically significant. It may be the case that overall, the picture on top-team diversity globally is more complex due to significant geographic differences in the cultural contexts in which the companies we studied operate. Overall, our findings that ethnic and cultural diversity on executive teams continues to correlate strongly with company financial performance support the argument that there is value in promoting ethnic/cultural diversity in company top teams around the world. We hypothesize that, for companies, addressing the challenge of building an inclusive company culture across cultural differences could significantly strengthen organizational effectiveness. Further, ethnic/cultural diversity at the highest levels of company leadership could serve as a signal to employees and other stakeholders that the organization truly understands and values the community and customers that they serve. 13 Delivering through Diversity Diversity and financial performance in 2017