Top Wall Street firms, Ford to disclose directors’ race and gender -Breaking
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© Reuters. The Ford nameplate is visible on the Ford F-150 Lightning pickup during a New York City press conference, U.S.A, May 26, 2021. REUTERS/Brendan McDermidBy Ross Kerber
(Reuters) – Four Wall Street giants and Ford Motor (NYSE) Co have agreed to make public the race and gender information of their individual directors as part of a deal with New York City’s pension officials. The city’s comptroller Brad Lander said this on Thursday. A utility company, however, has resisted the proposal.
According to a representative for Lander, the companies, which include JPMorgan Chase & Co (NYSE:), BlackRock Inc (NYSE:), Morgan Stanley (NYSE: Goldman Sachs Group Ford (NYSE) will now provide self-identification disclosures about race, ethnicity, and gender.
These person-by -person disclosures are increasingly common in corporate proxy statements, as companies try to communicate their concerns about diversity and inclusion of workers.
The idea has not been adopted by all boardrooms. Lander stated that the city’s pension fund has filed a shareholder resolution. NextEra Energy Inc (NYSE:) Calling for comparable disclosures. However, NextEra recommends that investors vote against this idea at NextEra’s annual shareholder meeting scheduled for May 19.
NextEra’s proxy statement stated that they have already made public information regarding the qualifications of each director and datagraphics showing the overall diversity statistics.
NextEra stated in its proxy that “imposition of a prescriptive grid by an individual director may promote a check the box approach to refreshment and increase the risk of overlooking a qualified candidate.”
NextEra also stated it was possible to mislead shareholders and lead them to believe that only certain directors are responsible for particular decisions or serve on the Board.
Lander stated that the disclosure of director-by-director is necessary to enable investors to evaluate board composition in accordance with the company’s mission and financial health.
Lander, in a written statement, stated that the company’s commitments to diversity & inclusion are hollow if these values aren’t reflected on their boardroom decisions which have an impact on all employees.
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