As part of the campaign’s launch, Comptroller Stringer and the NYC Pension Funds are calling on the boards of 151 U.S. companies to disclose the race and gender of their directors, along with board members’ skills, in a standardized “matrix” format – and to enter into a dialogue regarding their board’s “refreshment” process. At present, directors’ race and gender is rarely — if ever — released publicly. If disclosed, it would increase transparency and accountability across the market — and push more boards to be diverse and independent.
This information — which would be released every year as a “board matrix” — would give a birds-eye view of the board as a whole, while spelling out the skills each director brings to the table, and highlighting their gender and race. This type of standardized disclosure would boost accountability and allow shareowners like the New York City Pension Funds, to identify boards that are ill-suited to protect their investments due to a lack of diversity or relevant expertise. The requested disclosures will also allow shareowners to engage companies to recommend qualified, diverse, and independent candidates.