New York City Comptroller Scott M. Stringer's newly launched Boardroom Accountability Project 3.0 calls on companies to adopt a "Rooney Rule" policy, i.e., a policy requiring the consideration of both women and people of color, for every open board seat and CEO position.
In connection with the launch, Stringer reportedly sent this this form of letter to these 56 companies that have not disclosed a Rooney Rule policy in their proxy statement or Nom/Gov Committee charter, requesting their adoption of - and their director/executive search consultants' adherence to - such a policy.
The letter elaborates:
Letters were sent without regard to the companies' current board or CEO diversity. The letter further requests that director searches include non-traditional candidates (e.g., government, academia, non-profits) to broaden the candidate pool:
The release also indicates that the Comptroller/funds will file shareholder proposals at companies lacking "apparent racial diversity at the highest levels."
See also these articles from The New York Times and Pensions&Investments; Cooley's post; and additional information & resources on our Board Diversity page. This post first appeared in the weekly Society Alert!