Diverse Director DataSource Begins Accepting Submissions from Potential Board Candidates
WEST SACRAMENTO, CA – The Diverse Director DataSource, a new resource for finding untapped talent to serve on corporate boards, is now open to qualified candidates.
Beginning today, applicants with the skills and experience to be a candidate for a director’s seat can submit their profiles at http://www.GMI3D.com.
Once a pool of talent is established, shareowners, companies, diversity groups and other organizations will be able to use the Diverse Director DataSource – “3D” – to recruit potential board directors.
The DataSource was conceived by California State Teachers’ Retirement System (CalSTRS) the California Public Employees’ Retirement System (CalPERS). GMI, an independent provider of global corporate governance ratings and research, was commissioned to develop the database earlier this year. It is now owned and maintained by GMI.
“Bringing value to corporate boards through diversity goes beyond race and gender and into a varied range of background, experience and perspective,” said Anne Sheehan, CalSTRS director of corporate governance. “Investors looking for ways to increase corporate value will find such voices in the corporate boardroom indispensible to boosting the bottom line.”
“This is a milestone in the development of 3D,” said Anne Simpson, CalPERS Senior Portfolio Manager, head of Corporate Governance. “We’re inviting people to now submit their information so that GMI can build this powerful resource for supporting board quality through improving diversity. 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.”
CalSTRS and CalPERS began work on the Diverse Director DataSource two years ago, following the strong support of California State Controller John Chiang who spearheaded an effort to raise diversity among corporate boards. Chiang is a Board Member of each pension fund. 3D was developed with the help of corporate governance experts, institutional investors, companies, search firms and academics. GMI took ownership and control of it earlier this year.
“With this initiative, the institutional investor community is creating an important opportunity to expand the pool of qualified corporate directors beyond the traditional boundaries,” said Douglas Chia, Assistant General Counsel and Corporate Secretary, Johnson & Johnson. “This is a resource for those companies that understand that board diversity will give them certain strategic advantages.”
“New America Alliance believes that corporate board and executive diversity is at the heart of maintaining and increasing a company’s competitive advantage by inclusion of the broadest possible perspectives represented in the market,” said Pilar Avila, Chief Executive Officer of New America Alliance. “As America’s leading institutional investors, CalSTRS and CalPERS are providing an invaluable data resource for companies to find diverse board and executive candidates at a time when leadership diversity can make a significant impact to the bottom line.”
“Companies face global challenges and need diverse talent on their boards to ensure they have the skills and experience to succeed,” said Ira Millstein, Senior Associate Dean for Corporate Governance at the Yale School of Management.
CalSTRS, with a portfolio valued at $146.6 billion, as of August 31, 2011 is the largest teachers’ pension fund and the second largest public pension fund in the United States. It administers retirement, disability and survivor benefits for California’s 852,000 public school educators and their families from the state’s 1,600 school districts, county offices of education and community college districts.
CalPERS is the nation’s largest public pension fund with approximately $224 billion in market assets. It administers retirement benefits for 1.6 million active and retired State, public school, and local public agency employees and their families and health benefits for more than 1.3 million members. The average CalPERS pension is $2,220 per month. For more information about CalPERS, visit www.calpers.ca.gov.