Director Accountability

A new corporate governance initiative from the powerful New York City Pension Funds (NYC Funds) demonstrates the willingness of pension funds and similar investment groups to influence the board practices of companies in which they invest.

NYC Funds' "Boardroom Accountability Project 2.0" is intended to encourage companies to improve the quality of their corporate governance practices, with particular emphasis on matters of race and gender diversity and climate competence, for the purpose of improving long-term corporate value. The focus of the initiative is the disclosure by each contacted company of a "meaningful board matrix" that sets forth each director's particular skills, experience and attributes as they relate to the long-term strategy and risks of the company, and the director's gender and race.