CalSTRS and Banc of California Collaboration Creates a More Diversified Board
Appointments of two women to previously all male board are a result of collaborative engagement
WEST SACRAMENTO, Calif. – The California State Teachers’ Retirement System today praised Banc of California’s announcement that it has added Mary Allis Curran and Dr. Bonnie Guiton Hill to its board of directors. CalSTRS worked together with investment partners Legion Partners Asset Management, LLC and Banc of California to identify the best board candidates.
Ms. Curran is a retired executive vice president at Union Bank and Dr. Hill is president of B. Hill Enterprises LLC.
“Banc of California’s commitment to diversifying its board is proof that engagement works”
CalSTRS Director of Corporate Governance
“The addition of Ms. Curran and Dr. Hill to Banc of California’s board showcases the progress that shareholders can make on governance issues–like board diversity–through collaborative, strategic engagement with company management,” said CalSTRS Director of Corporate Governance Anne Sheehan. “In addition to their extensive industry knowledge, these highly-qualified women bring a fresh perspective to what had been a board stuck in old school governance practices.”
Ms. Sheehan added, “As long-term shareholders, we appreciate the company’s openness and progress toward constructing a best-in-class governance structure. In 2016 we sent letters to 87 California companies to engage them in improving board diversity. Banc of California’s commitment to diversifying its board is proof that engagement works.”
The California State Teachers’ Retirement System, with a portfolio valued at $202 billion as of February 28, 2017, is the largest educator-only pension fund in the world. CalSTRS administers a hybrid retirement system, consisting of traditional defined benefit, cash balance and voluntary defined contribution plans. CalSTRS also provides disability and survivor benefits. CalSTRS serves California’s more than 914,000 public school educators and their families from the state’s 1,700 school districts, county offices of education and community college districts.
Read CalSTRS Corporate Governance 2016 Annual Report for more information on our multipronged approach to improving board diversity.