A letter sent by NYC Comptroller Scott M. Stringer, to the nominating/governance committee chairs of portfolio companies held by the New York City Pension Funds
September 6, 2017
We ask that you disclose to all investors a meaningful director qualifications matrix identifying each director’s most relevant skills, experience and attributes, as well as each such individual’s gender and race/ethnicity.
The following are discussion topics that we may raise in our engagements in this next phase of the Boardroom Accountability Project:
1. how we could understand the range of skills and experiences the board considers most critical and how your current directors and potential board candidates best serve the Company’s long-term business strategy, your executive succession planning process and your risk oversight responsibilities.
2. how you evaluate individual directors on an ongoing basis, to assess whether and how they continue to contribute to the board responsibilities as such responsibilities and individuals continue to change.
3. how we can establish a process pursuant to which firm(s) …(could be able to source) potential board candidates who are women and people of color.
4. how we can establish a more structured process, pursuant to which we may provide to your Committee the names of potential board candidates.