Regulatory Outlook | 09.21.20
Diverse Workforces Key to Boosting Returns: SEC Panel
The SEC and other federal agencies should mandate ways to increase diverse managers in the financial industry, Illinois State Treasurer Michael Frerichs told an SEC asset management advisory committee Wednesday. Frerichs, the state's chief investment officer, told a diversity panel that institutional investors have an obligation to pursue shareholder value, and more diverse workforces play an important part in increasing investment returns. He advocated several steps that companies, as well as asset managers and investment consultants, could take, including public disclosure of workforce diversity data. He also called on the SEC to launch a study to evaluate investment consultant practices and barriers to diverse investment firms.
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