Diverse Director DataSource (3D) Opens for Business
New Database Helps Corporations and Shareowners Recruit Diverse Board Talent
NEW YORK, NY – The Diverse Director DataSource (3D), a new resource for finding untapped talent to serve on corporate boards, is now open for corporations, search firms and shareowners looking for diverse talent for corporate boards.
The DataSource was officially announced today at the New York Stock Exchange by its founders — the California Public Employees’ Retirement System (CalPERS), the California State Teachers’ Retirement System (CalSTRS), and GMI Ratings, an independent provider of global corporate governance ratings and research.
“We are officially open for business,” said Anne Simpson, CalPERS Senior Portfolio Manager and Director of Global Governance. “3D is an innovative resource that opens the door to finding candidates whose fresh ideas and new perspectives can help companies generate lasting, sustainable value and provide a check against the kind of ‘group think’ that played a significant role in the financial crisis.”
“We see 3D as a market solution to a supply and demand situation,” said CalSTRS Director of Corporate Governance Anne Sheehan. “As promoters of long-term shareowner value, we’ve been demanding greater diversity on the corporate boards of our portfolio companies for quite some time. Now we’re prepared to provide a tool to supply corporate search firms and nominating committees with a deep breadth of quality board candidates. These professionals can not only do the job, but approach issues from diverse perspectives, forged by a wide variety of backgrounds and experience, as well as by gender or ethnicity.”
Starting today, companies, shareowners, diversity groups and other organizations will be able to access 3D at www.GMI3D.com, which already includes more than 400 completed candidate profiles representing a wide variety of industries, geographies, areas of functional expertise as well as races, genders and ages. Besides the already completed profiles, there are more than 300 additional profiles in process that when completed and approved, will be available in the DataSource. New applicants interested in serving on corporate boards can continue to submit their profiles on the web site free of charge.
Richard A. Bennett, Chairman of the Board of GMI Ratings, commented: “We know that corporate boards work best when they reflect a diversity of perspective and experience. With 3D, we created an accessible resource to help companies and recruiting firms identify and recruit candidates sometimes overlooked under traditional search processes. We encourage candidates to continue submitting their credentials for review. Likewise, we urge corporate decision makers and search firms to use this resource as part of their investment in building boards of directors attuned to the shifting composition of the consumer and commercial markets they serve.”
CalPERS and CalSTRS began work on the Diverse Director DataSource over two years ago, with strong support from California State Controller John Chiang who spearheaded an effort to improve diversity on corporate boards. Mr. Chiang is a Board Member of both pension funds. 3D was developed with the help of corporate governance experts, institutional investors, companies, search firms and academics. GMI Ratings took ownership of the website last year.
The California State Teachers’ Retirement System, with a portfolio valued at $146.8 billion as of May 31, 2012, is the largest teacher pension fund and second largest public pension fund in the United States. CalSTRS administers a hybrid retirement system, consisting of traditional defined benefit, cash balance and voluntary defined contribution plans, as well as disability and survivor benefits. CalSTRS serves California’s 856,000 public school educators and their families from the state’s 1,600 school districts, county offices of education and community college districts.
CalPERS, with assets of approximately $233 billion, is the largest public pension fund in the U.S. It administers retirement benefits for more than 1.6 million California state, local government, and public school employees, retirees, and their families on behalf of more than 3,000 public employers, and health benefits for more than 1.3 million enrollees. The average CalPERS pension benefit is $2,332 per month. The average benefit for those who retired in the most recent fiscal year that ended June 30, 2011, is $3,065 per month. More information about CalPERS is available at www.calpers.ca.gov.
About GMI Ratings
GMI Ratings is an independent provider of research on corporate governance, ESG (Environmental, Social and Governance) and accounting risk. The firm’s ESG ratings for nearly 5,500 companies worldwide incorporate more than 100 ESG KeyMetrics™ to help investors assess the sustainable investment value of corporations. GMI Ratings also provides Accounting and Governance Ratings (AGR®) for approximately 18,000 public companies worldwide. AGR metrics reflect the accuracy and reliability of a company’s financial reporting. Clients of GMI Ratings include leading institutional investors, banks, insurers, auditors, regulators and corporations seeking to incorporate corporate governance and ESG factors into risk assessment and decision‐making. A signatory to the Principles for Responsible Investment (PRI), GMI Ratings was formed in 2010 through the merger of GovernanceMetrics International, The Corporate Library and Audit Integrity. For more information please visit www.gmiratings.com.
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