Politics Menendez reintroduces corporate diversity bill
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Sen. Bob Menendez (D-N.J.) on Tuesday reintroduced legislation that would require public companies to disclose the racial, ethnic, gender and veteran composition of their corporate boards and senior management.
The bill, the Improving Corporate Governance Through Diversity Act of 2020, aims to address shortcomings in the U.S. Securities and Exchange Commission's diversity disclosure rule.
"For too long corporate America has fallen short in racial, ethnic and gender diversity. Without greater diversity in top corporate positions, the U.S. will fail to compete with other leading economies and stall our nation's progress towards full inclusivity," said Menendez, the highest-ranking Latino in Congress.
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The House passed this legislation in 2019, which was introduced by Rep. Gregory Meeks (D-N.Y.), but it was not taken up in the Senate. It could face an uphill battle with the tight 50-50 partisan divide in the Senate.
The bill would also require the Treasury Department's Director of the Office of Minority and Women Inclusion to publish a report to the SEC every three years, including best practices and compliance. It would establish a Diversity Advisory Group to study the status of corporate diversity and to submit annual reports to Congress.
Nine Democrats have co-sponsored the bill, including Senate Banking Committee Chairman Sherrod Brown (Ohio) and Sens. Elizabeth Warren (Mass.), Chris Van Hollen (Md.), Cory Booker (N.J.), Dianne Feinstein (Calif.) and Alex Padilla (Calif.).
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The U.S. Chamber of Commerce has also endorsed the bill.
"Diversity has become increasingly important for good corporate governance and the Improving Corporate Governance Through Diversity Act will establish a model to organically boost diversity on boards through disclosure rather than the counterproductive quota-driven strategies that some have attempted," said Tom Quaadman, executive vice president of the Chamber's Center for Capital Markets Competitiveness.
Other groups - including the National Urban League, Nareit, Financial Services Forum, American Bankers Association, International Council of Shopping Centers, Bank Policy Institute and Real Estate Roundtable - also support the legislation.
These trade groups endorsed the bill last Congress, and in July sent ato Senate Banking Committee then-Chair Mike Crapo (R-Idaho) and Sen. Sherrod Brown (Ohio), arguing that the legislation would organically boost diversity on boards through disclosure.
Gensler: SEC should consider corporate political spending disclosures .
Corporate disclosure was a dominant theme and key tension at Gensler's confirmation hearing.At a Senate confirmation hearing, Sen. Bob Menendez (D-N.J.) asked the nominee for the SEC's chair role whether political contributions by publicly traded companies represented "material" information to investors and should be disclosed. In response, Gensler said there was growing investor appetite for the information.