Nine large public pension funds have called on the Securities and Exchange Commission to strengthen the disclosure of corporate board diversity.
In a joint letter signed by New York State Comptroller Thomas DiNapoli, New York City Comptroller Scott Stringer and Connecticut Treasurer Denise Nappier, the group urged the SEC to adopt a rule requiring corporate disclosure of board nominees' gender, race, and ethnic diversity, as well as their mix of skills, experiences and attributes.
The nine funds collectively represent assets more than $1.1 trillion in assets.
"Board diversity is not merely a numbers game," said Nappier, principal fiduciary of the $30 billion Connecticut Retirement Plans and Trust Funds. "The crux of a company's philosophy should indicate that it values diversity — at the board level and throughout the workplace — as a net plus financially for its sustainable health."
Others signing the letter were William Atwood, executive director of the Illinois State Board of Investment; Karen Carraher, executive director of the Ohio Public Employees' Retirement System; North Carolina Treasurer Janet Cowell; Anne Sheehan, director of corporate governance for the California State Teachers' Retirement System; Anne Simpson, director of global governance for the California Public Employees' Retirement System; and Theresa Whitmarsh, executive director of the Washington State Investment Board.