Illinois State Treasurer Michael Frerichs Moves for More Women and Minorities on Corporate Boards
March 2017. Office of the Illinois State Treasurer.
“More women and minorities need to serve on corporate boards, Illinois State Treasurer Michael Frerichs said today.
Frerichs will use his role as Illinois’ chief investment officer to encourage greater boardroom diversity. A corporate board without women and minorities typically does not reflect its employees and customers. As such, the likelihood is great for missed opportunities and growth, especially in shareholder value.
‘We know that diversity is good for business. We also know that change is hard, especially inside our nation’s boardrooms,’ Frerichs said. ‘Many corporate leaders agree that diversity will benefit their operations. Our focus is to help them navigate this change.’
Women occupy 20 percent of board seats of Fortune 500 companies, and minorities occupy 14 percent, according to 2016 data.
Frerichs and other institutional investors are using their corporate relationships and shareholder rights to encourage boardroom change. Joining Frerichs in this endeavor are UAW Retiree Medical Benefits Trust, the Ohio Public Employees Retirement System, the School Employees Retirement System of Ohio, the SEIU Master Trust, the Sundance Family Foundation, Segal Marco Advisors, and Trinity Health.”
Link to Press Release.