This announcement from the NYSE about a new program to support board diversity undermines its own credibility from the start by referring to the member CEOs’ “own personal networks” as the way to find directors.

The New York Stock Exchange (NYSE), a wholly-owned subsidiary of Intercontinental Exchange (NYSE: ICE), announced the launch of the NYSE Board Advisory Council, which will proactively address the critical need for inclusive leadership by connecting diverse candidates with companies seeking new directors.

The Council, which is comprised of 15 founding member CEOs from some of the world’s largest and most well-established brands, will leverage their own personal networks to identify qualified candidates interested in serving on boards. Through a series of live events, the first to be held at the New York Stock Exchange on June 25, the Council will introduce candidates to NYSE-listed companies seeking to expand diversity on corporate boards.

Lack of diversity on corporate boards is already a well-documented issue and the Council is designed to provide a step forward toward a solution.