Monday, April 17, 2017

All-male boards in the US face investor backlash - FINANCIAL TIMES

by Madison Marriage
Originally published: April 17, 2017
Publisher: FT.com 

 Britain’s largest asset manager has pledged to start voting against directors at US companies that have failed to appoint a woman to their board, as investors become increasingly frustrated by the continued prevalence of male-dominated boardrooms.
 
Legal & General Investment Management, the London-based fund company that oversees $1tn of assets, has toughened its voting stance after deciding that simply urging US companies to take action on board diversity has not delivered results.

LGIM began pushing for better board diversity in the US seven years ago. It will vote against nomination committee chairmen at any company in the S&P 500 index that still has an all-male board from 2017 onwards.