Russell 3000 Board Diversity Disclosure Initiative

“Diversity Disclosure Initiative” led by Thirty Percent Coalition members Illinois State Treasurer Michael Frerichs and Connecticut State Treasurer Shawn Wooden.

 

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FOR IMMEDIATE RELEASE:  October 28, 2020

CHICAGO – All companies on the Russell 3000 index should disclose racial, ethnic and gender data for their Board of Directors because doing so will lead to more informed long-term strategies and greater valuations for shareholders, Illinois State Treasurer Michael Frerichs said today.
“Insular corporate boards make too many decisions in an echo chamber and miss opportunities for growth and leadership,” Frerichs said. “Providing racial, ethnic and gender disclosure will allow institutional investors to identify strategic weaknesses that inhibit growth and provide specific guidance to maximize shareholder value.”
A letter was sent today to Russell 3000 companies as part of the Russell 3000 Board Diversity Disclosure Initiative. The effort was initiated and is led by Frerichs and signed by an additional 20 investor organizations representing over $3 trillion in assets under management and advisement.

The full press Release

 

...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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