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Pension Funds Ask SEC for Board Diversity Rule

Joe Mont | April 1, 2015

Nine large public pension funds, which collectively supervise the investment of over $1.12 trillion in assets, are petitioning the Securities and Exchange Commission for additional disclosure requirements related to corporate board diversity. In a joint letter to the Commission, the funds urged the SEC and its commissioners to adopt a rule requiring corporate disclosure of board nominees’ gender, racial, and ethnic diversity, as well as their “mix of skills, experiences, and attributes.”

“As large institutional investors, we have a real interest in electing a slate of board nominees who are well-positioned to help carry out a company’s business strategy and meet our long-term investment needs,” the letter says. “We believe better disclosure about the board’s skills, experiences, gender, race, and ethnic...

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