California urges greater insurer board diversity
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California Insurance Commissioner Dave Jones sent letters to the leaders of at least 50 California-licensed insurers, encouraging them to increase the diversity of their governing boards, according to a statement released Friday by the state’s insurance department.
The commissioner’s letters requested that “each company either disclose its intent to create a governing board diversity policy or develop a strategy or action plan to enhance the diversity of its governing boards within a specified timeframe,” according to a statement.
Over the coming months, the department says it will track progress and offer them tools and resources to help insurers enhance diversity on their corporate boards.
“Board diversity helps improve corporate accountability and enhance financial performance,” said Mr. Jones in a statement. “I am committed to supporting efforts that expand opportunities for diverse representation on corporate boards. Independent studies continue to demonstrate that enhanced board diversity results in better corporate performance, as well as increased economic opportunities for diverse business communities.”
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