Diversity In Focus In SEC Commissioner Aguilar's Remarks, FEI Initiatives

SEC Commissioner Luis Aguilar, in a series of recent speeches and statements, has been speaking out on the need for corporate boardrooms, regulators, and the SEC itself, to increase diversity among its ranks, including senior ranks. He also included a reminder about an SEC rule promulgated in 2009 requiring public companies to disclose more about their policies related to nominating a diverse board, and the companies' evaluation of the effectiveness of those policies.

In remarks before the 2011 Hispanic Association of Corporate Responsiblity-Corporate Directors Summit on April 30, Aguilar focused on: "the need for corporate America and its regulators to embrace this nation’s growing diversity. It is past time to see the diversity of our nation reflected in corporate boardrooms, in the financial industry, and in the government."

He cited various statistics demonstrating that "the abysmal lack of diversity in corporate boardrooms is getting worse." In addition to commenting on the lack of diversity in corporate boardrooms, Aguilar cited statistics pointing to a lack of diversity in senior management at financial institutions, adding, "I would be hiding the ball if I didn’t also point out the lack of diversity at the SEC." He also discussed weaknesses in disclosures required by a 2009 SEC rule, which requires certain disclosures on policies for increasing the diversity of nominees to corporate boards.

Aguilar cited various organizations that provide diversity resources such as candidate directories.  In related news, Financial Executives International has formed a Diversity Committee, and has engaged in various programs with other organizations with an eye toward diversity and inclusion. Read more about Commissioner Aguilar's remarks, and FEI diversity initiatives, here.
 

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FEI Financial Reporting Blog provides highlights from SEC, PCAOB, FASB, IASB, and other regulatory news, including reporting under Sarbanes-Oxley Sect 404. It is written by Edith Orenstein, Director of Technical Policy Analysis at FEI

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