Fort Washington, PA – Oct. 20, 2015 – During its Fourth Annual Summit in New York City on October 12, the Thirty Percent Coalition applauded the 62 companies that had appointed a woman to their board following
the Coalition’s “Adopt a Company” campaign which began in January, 2012.
Companies contacted were listed in the S&P 500 and Russell 1000, and had no women on their board at the time the Coalition contacted them. This appointment was a first for the vast majority of these companies.
The Coalition represents an example of powerful collaboration between its Institutional Investor membership and other institutional investors, representing more than $3 trillion in assets under management, along with women’s organizations across the country. The Adopt a Company initiative has included letter-writing campaigns, followed by collaborative discussions wherein the Coalition urged 168 public companies to increase board diversity, improve the process for appointing new directors, and amend nominating committee charters. The Thirty Percent Coalition Institutional Investor Committee, co-chaired by Anne Sheehan, Director of Corporate Governance, CalSTRS and Timothy Smith, Senior Vice President at the Boston-based investment firm Walden Asset Management, is leading this initiative.
“The Thirty Percent Coalition is heartened by these changes and, in particular, the collaborative spirit in which these board appointments have been made. We recognize the effort that has been made by these companies as they listened to their investors and other stakeholders and congratulate them on this progress,” said Charlotte Laurent-Ottomane, Executive Director of the Thirty Percent Coalition.
Following the Summit, the Thirty Percent Coalition also issued a “Call to Action” for companies across the US to institute best practice policies, practices, and transparency. Specifically, the Thirty Percent Coalition is asking companies to:
- Commit to best practice corporate governance policies which include explicit recognition of gender and race as considerations in the board nomination process.
- Select from a gender and racially diverse candidate pool when a board opportunity presents itself.
- Periodically report on their progress, as public accountability is an essential component of positive corporate change.