The two biggest U.S. pension funds have commissioned a website designed to help companies find corporate directors from different backgrounds and industries.
The Diverse Director DataSource, or 3D, was introduced last week by the California Public Employees’ Retirement System and California State Teachers’ Retirement System at a press conference in New York. The pensions hired GMI Ratings to build and maintain the online database, which currently lists 400 potential board candidates, said GMI, a provider of research on corporate governance.
“Board diversity is a top priority to us,” said Carol Moody, senior fund manager for investment compliance and operational risk for Calpers on July 19. The fund has about $233 billion in assets.“It’s key to our fiduciary responsibility. And if it’s important to us, we can really drive the needle.”
More than half of U.S. corporations say a lack of qualified candidates is part of the challenge they face in diversifying their boards, according to a survey released last week by Corporate Board Member magazine and search firm Spencer Stuart. Potential board candidates can submit their information for free, while recruiters access the database via subscription.
The website address is http://www.gmi3d.com.