Massachusetts Pension Approves Corporate Board Diversity Guidelines

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.