TREASURER GOLDBERG LAUNCHES NEW
“BRINGING DIVERSITY ON
BOARD” INITIATIVE
Announces Plans to Publish Resource for Companies to Advance
Board Diversity
BOSTON – State Treasurer
Deborah B. Goldberg announced the launch of a new initiative today that her
office will use to engage directly with board members, corporate leaders,
researchers and advocates, focused on exploring challenging barriers to, and successful
strategies for, diversifying corporate boards.
As part of the
initiative, “Bringing Diversity on Board,” in May, Goldberg’s office will
organize roundtable, working-group discussions focused on various industries –
information technology; finance; and health care, biotechnology and
pharmaceuticals. Following the roundtables, the Treasurer’s Office will
publish a report designed to help companies implement effective strategies for
advancing board diversity.
“In a 21st century global marketplace, maximizing financial success
requires improving boardroom diversity,” said Treasurer Goldberg. “We
look forward to studying proven strategies around the country and engaging with
a wide range of corporate leaders and experts to help them drive tangible
progress on this critical business issue.”
Goldberg highlighted
that the roundtables will enable an array of stakeholders to engage in robust
discussions about not only how to enhance board diversity, but also how diverse
governance boards help companies maximize profits, expand business
opportunities and best serve the interests of shareholders. The
roundtables will explore industry-specific challenges – from health care, to
finance, to technology – related to advancing board diversity.
Goldberg, who chairs the
board of the state’s $62 billion pension fund, has made shareholder engagement
and corporate governance key priorities since taking office in 2015.
Under new custom proxy voting guidelines proposed by Goldberg and approved
this year, which impact how the pension fund votes as a shareholder
in the roughly 9,000 companies it owns stock in, the Pension Reserves
Investment Management (PRIM) Board now votes against or withholds from all
board nominees if less than 30 percent of the company’s board is diverse in
terms of gender and race.
While recognizing the
impact of these reforms, Goldberg also noted that voting and enforcement alone
cannot change corporate culture and institute the systemic changes needed to
accelerate the pace of progress in boardrooms. The roundtables and
subsequent report from the Treasurer’s Office will aim to build upon existing
work done by government, corporate, academic and non-profit leaders around the
country.
Individuals interested
in learning more about the initiative should email board.diversity@tre.state.ma.us.
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