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DiNapoli advocates for diversity in corporate America, targets major firms

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  • Staff Report 

New York State Comptroller Thomas P. DiNapoli, steward of the New York State Common Retirement Fund, emphasized the importance of diversity, equity, and inclusion (DEI) by filing shareholder proposals at major corporations like Tesla, Wells Fargo, Chipotle Mexican Grill, and United Health Group. These actions aim to prompt companies to develop and implement robust DEI strategies, recognizing diversity as a competitive advantage and a driver of innovation. Amid reports of companies dialing back on DEI efforts, DiNapoli’s initiative underscores the belief that embracing a diverse workforce leads to improved creativity, problem-solving, and ultimately, shareholder value.

The proposals filed address a range of DEI issues, including efforts to combat discrimination and harassment, workforce diversity reporting, LGBTQ+ inclusion, and disparities in healthcare outcomes. For example, DiNapoli has called on Tesla, Wells Fargo, and Chipotle to publicly report on their measures to prevent harassment and discrimination, reflecting the broader challenge of ensuring workplaces are safe and inclusive for all employees. This approach is in line with the belief that companies with diverse teams are better positioned to navigate societal changes and the complex challenges of the global market.

DiNapoli’s commitment to DEI extends beyond filing resolutions. The New York State Common Retirement Fund is actively engaging companies on various DEI fronts, including board diversity. In 2023, the Fund voted against directors at 290 companies for failing to demonstrate sufficient board diversity. This stance highlights the growing recognition of DEI as critical to corporate governance and long-term business success, with the Fund continuing to advocate for more inclusive and equitable corporate practices across the board.

Categories: New York StateNews