The hearing announcement by Committee Chair Maxine Waters (D-CA) comes days after letters were sent to nearly 40 major financial institutions requesting information on demographics and human capital to get a “complete picture of how large banks are meeting their commitments to diversity and inclusion.”
- Meeks Bill the Focus. The hearing will likely focus on the Improving Corporate Governance Through Diversity Act (H.R. 1018/S. 360) sponsored by Committee member Rep. Gregory Meeks (D-NY) which would require enhanced disclosure of the “gender, racial, ethnic, and veteran makeup” of “corporate C-suites and boardrooms."
- Self-identification keystone of bill's disclosure component: The bill requires the disclosure of a pre-defined set of self-identified diversity attributes—race, ethnicity, gender, and veteran status—for (a) board members; (b) board candidates disclosed in the proxy; and (c) Section 16 officers, reflecting individual privacy concerns.
- Diversity policies also a focal point: The bill would require companies to disclose whether the board, or any committee of the board, has adopted any policy, plan, or strategy to promote racial, ethnic, and gender diversity among the same pool of people.