New York, Connecticut Officials Push SEC on Board Diversity

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.

For reprint and licensing requests for this article, click here.
Enforcement New York Connecticut
MORE FROM BOND BUYER