Diversity is not necessarily a good thing in itself. Diversity of thought is probably a good thing, whether it's in a university or corporate setting and that's probably what they are referring to when they say they value "diversity." However, a diversity of skin color is NOT a diversity of thought. A diversity of skin color is not necessarily diversity of thought, culture, social class or pretty much anything else - its just a lot of different colors. As such, it is a worthless objective for any institution.