Discussing Boardroom Diversity With Major Shareholders

Institutional investors’ recent signals to boards indicate a stronger-than-ever focuson the issue of boardroom diversity. naacd

The largest asset manager in the world, Black-Rock Inc., has indicated that it will likely vote against boards that fail to make progress on diversity, if the board doesn’t have a “specific and credible explanation” as towhy they have failed to make progress.

Thomas DiNapoli, comptroller for the stateof New York 30PC LogoMobileMember, said in a press release that the state’s $209.1 billion public pension fundwill vote against reelection of all directors on boards that have no women and will voteagainst reelecting governance committee members at companies that have only onewoman on the board.

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...we find that banks with more gender diversity on their board perform better once the composition of these boards reaches a critical level of gender diversity, corresponding to a board female share of around 13-17 percent.

 

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