You absolutely hit the nail right on the head.
I will note that there's probably an intersectional aspect to this as well, in the sense that when you look at countries—for example, Norway, which now has the highest percentage of gender diversity on boards—the boards tend to, from a demographics' perspective, get younger as well, because most of the qualified female candidates who are coming on board tend to be younger than the existing male directors. There is a sort of confluence of these two elements as well.