The Massachusetts Pension Reserves Investment Management Board (PRIM) – the entity that manages the state’s pension assets – voted on Tuesday to begin using its shareholder influence to push for a higher presence of women and minorities on corporate boards.
From the Times-Union:
The Pension Reserves Investment Management Board on Tuesday unanimously backed the guidelines proposed by state Treasurer Deb Goldberg.
Under the new rule, PRIM would use its proxy voting status in a corporation to vote against a corporation’s board nominees unless women and minorities make up at least a quarter of the slate.
The measure also seeks to use the board’s proxy voting to push companies to adopt wage equality, renewable energy and human rights standards.
Goldberg said in a statement the new policies represent not just admirable goals, but “economic necessities” in the 21st century.
PRIM manages investments for the state’s $61 billion pension fund.
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