SIFMA Statement on Board Diversity Bill

Washington, D.C., June 15, 2023 – SIFMA today issued the following statement from president and CEO Kenneth E. Bentsen, Jr. supporting legislation introduced by Congressman Gregory W. Meeks (D-NY) and co-sponsored by Senator Robert Menendez (D-NJ) that would require public companies to disclose the race, ethnicity, gender, and veteran status of their board members, nominees and executive officers.

“SIFMA supports Congressman Meeks and Senator Menendez’s efforts to increase gender, racial, and ethnic diversity on corporate boards of directors through the ‘Improving Corporate Governance Through Diversity Act of 2023’.  SIFMA and our members have long prioritized diversity and inclusion in the financial services industry, and we understand there is still much more to do. We recognize that achieving diversity requires an ongoing commitment to diversity policies and practices, as well as regular assessments to evaluate the effectiveness of workforce and employment practices, business practices and supplier diversity, and transparency of organizational diversity and inclusion. As such, we look forward to supporting Congressman Meeks and Senator Menendez on this important legislation.”

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SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry’s one million employees, we advocate on legislation, regulation and business policy affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development.  SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA).