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    The Week in Public Finance: A Demand for Diversity in the Board Room, Bad Credit News and More

    A roundup of money (and other) news governments can use.
    BY  JUNE 3, 2016

    A Demand for Diversity in the Board Room

    State and local finance officers across the country got together this week to pressure corporations about the lack of diversity on their governing boards. The group, made up of 14 pension fund fiduciaries -- six of whom are women or minorities -- said boards “should cast wide nets in their search for the best talent and include nominees who are diverse in terms of race, gender and LGBT status.”

    Board diversification in recent years has been slow -- or even nonexistent. In fact, the percentage of all-white boards has actually increased over the past decade from 10 to 14 percent. Overall, white directors hold 85 percent of the board seats at the 200 largest S&P 500 companies, and men occupy 80 percent.

    “Maintaining leadership that is primarily white and male means these companies are potentially missing out on the many benefits diversity can bring to the board room," said San Diego County Treasurer-Tax Collector Dan McAllister.

    The Takeaway: This isn't the first time public finance officials have used their power to advocate for change.

    Click to read more ...