Tag: diversity

N.Y. Pension Prods Companies to ‘Confront Institutional Racism,’ Or Else

Mary Pat Campbell

Link: https://www.bloomberg.com/news/articles/2021-02-25/n-y-pension-prods-companies-to-boost-diversity-or-face-a-vote

Excerpt:

The New York State Common Retirement Fund, the third-largest U.S. public plan, said it’s pressing companies to boost their ethnic and gender diversity, and will vote against directors who fail to act.

“Companies must root out racial inequality, just as they would root any other systemic problem that puts their long-term success at risk,” New York State Comptroller Thomas P. DiNapoli said in a statement Thursday. “Corporate America must join in the national reckoning over racial injustice and confront institutionalized racism.”

The New York pension, which has $248 billion of assets, plans to file shareholder proposals supporting increased diversity on corporate boards. It also will seek better disclosures about the gender and ethnic breakdown of companies’ employees. The fund said it will vote against board members who ignore these requests.

Author(s): Saijel Kishan

Publication Date: 25 February 2021

Publication Site: Bloomberg

NY State Comptroller DiNapoli Statement on McDonald’s Agreement to Tie Executive Compensation to Diversity, Workforce Management

Mary Pat Campbell

Link: https://www.osc.state.ny.us/press/releases/2021/02/ny-state-comptroller-dinapoli-statement-mcdonalds-agreement-tie-executive-compensation-diversity?utm_source=weekly%20news&utm_medium=email&utm_term=municipal%20audit&utm_content=20210221&utm_campaign=fiscal%20oversight&section=body

Excerpt:

New York State Comptroller Thomas P. DiNapoli, trustee of the New York State Common Retirement Fund, released the following statement today in response to McDonald’s decision to disclose workforce diversity data and tie executive compensation to the company’s ability to foster inclusion and ensure improved human capital management. As a result of McDonald’s new policy, DiNapoli and the Fund are withdrawing their shareholder proposal that had asked the company to connect executive compensation to the company’s management of ESG and workforce issues. The Fund owned 1,674,102 shares in McDonald’s valued at $359,229,000 as of Dec. 31, 2020.

…..

“It’s my hope that other companies follow McDonald’s example, particularly those corporations where New York state’s pension fund has filed similar shareholder proposals seeking greater attention to, and respect for, their human capital. 

Author: Thomas DiNapoli

Publication Date: 18 February 2021

Publication Site: Office of the New York State Comptroller

Resisting diversity could lead to termination

Mary Pat Campbell

Link: https://www.pionline.com/esg/resisting-diversity-could-lead-termination

Excerpt:

Shannon M. O’Leary cited lack of diversity as a big part of the reason her foundation cut ties with three managers in the past year or so.
Foundations argue that scrutiny of investment consultants and money managers lagging on the diversity front will only move the needle so far. For firms failing to meet diversity goals set by foundations, the best recourse is to fire them and reallocate capital elsewhere, sources say.

Author(s): Danielle Walker

Publication Date: 25 January 2021

Publication Site: Pensions & Investments

AI, Privacy, Racial Bias Among State Insurance Regulator Priorities for 2021

Mary Pat Campbell

Link: https://www.carriermanagement.com/news/2021/02/10/216927.htm

Excerpt:

The NAIC 2021 priorities and the charges to its key committees are (in no specific order):

COVID-19 — In 2021, the NAIC will continue its “Priority One” initiative designed to support state insurance departments in their response to the ongoing pandemic and its impact on consumers and insurance markets. NAIC has a COVID resource page that includes information on actions taken by individual states in response to the COVID 19 pandemic that impact various lines of insurance. NAIC said insurance regulators will continue to analyze data and develop the tools so that consumer protection keeps pace with changes brought on by the virus.

Big Data/Artificial Intelligence — The Big Data and Artificial Intelligence Working Group is chaired by Doug Ommen, Iowa, joined by Elizabeth Kelleher Dwyer, co-vice chair, Rhode Island and Mark Afable, co-vice chair, Wisconsin.

…..

Race & Insurance — The Special Committee on Race and Insurance is co-chaired by Maine Superintendent Eric Cioppa and New York Executive Deputy Superintendent of Insurance My Chi To.

The 2021 agenda for this panel calls for research into the level of diversity and inclusion within the insurance sector; engagement with a broad group of stakeholders on issues related to race, diversity and inclusion in, and access to, the insurance sector and insurance products; and an examination of current practices or barriers in the insurance sector that potentially disadvantage people of color and historically underrepresented groups.

Publication Date: 10 February 2021

Publication Site: Carrier Management