Wespath Supports Gender Diversity on Boards of Directors
October 31, 2014
Wespath Investment Management has co-signed a letter encouraging companies to increase the number of women serving on their boards of directors. The letter has been authored by the “Thirty Percent Coalition,” an international group of business executives, pension funds, mutual funds, foundations, faith-based investors and women’s organizations (representing more than $1 trillion in assets) working to increase female representation on company boards.
Of the 1,000 largest U.S. companies, 80 have no women on their boards; these 80 companies will be sent the letter. The Coalition explains in the letter that, “companies that embrace gender diversity are better-governed, better-managed and have better long-term growth prospects.” Wespath has encouraged boards for many years to embrace the development of diverse leadership.
Despite recent advances in board gender diversity, women still hold fewer than 17% of board seats among the largest U.S. companies. The percentage for smaller companies is even lower. The goal of the Coalition is to reach an average of 30% representation of all companies by the end of 2015.
Signatories are hoping to engage board Nominating Committee members (those responsible for nominating board directors) at the 80 companies receiving the letter.