BOSTON — State Treasurer Deborah B. Goldberg issued the following statement today after the Pension Reserves Investment Management (PRIM) Board unanimously approved a series of reforms to its custom proxy voting guidelines.
"Today's vote makes Massachusetts a national leader in how we engage with companies and set standards for corporate board diversity," said Treasurer Goldberg. "In the 21st century, these policies are not only admirable social goals. They are economic necessities and will help strengthen the governance of the companies in which PRIM invests."
In line with her commitment to enhance diversity, both in government and in the private sector, Goldberg proposed and the Board approved today, a new policy to vote against all board nominees if less than 25 percent of the board is diverse in gender and race.
In addition to board diversity, the reforms also include several new policy changes targeting wage equality, renewable energy, human rights standards and other issues aimed to strengthen corporate governance and protect the value of the pension fund’s investments. Treasurer Goldberg led a review of the custom voting guidelines shortly after taking office and worked closely with PRIM staff before presenting the recommendations to the Audit and Administration Committee last month. The Committee unanimously approved those recommendations to go to a full vote of the Board.