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The S&P 500 No Longer A Bro-Only Party

Say Contributor

In response to increased public pressure to diversify, the last all-male board on the S&P 500 has added a female director. The Hold Out Copart, an online car-online car-auction company based in Dallas, has added Diane Morefield, formerly of CyrusOne, as board director, starting July 20th, thus making them no longer the only company on the esteemed stock market index without any female directors on board. Under Pressure Big investors have been pushing companies for the past few years to fix the lopsided representation on their boards for years now, threatening to withhold proxy votes if the situation doesn’t get fixed. In particular, BlackRock, the world’s biggest asset manager, strongly believes that diverse boards get better results and has been pushing for more women and all but rolling its eyes at any corporate excuses it hears. California Dreaming California passed a mandate last year calling for all publicly traded companies headquartered there with all-male boards to stop being such sausage parties by the end of this year. In response, of the 94 public companies in California with all-male boards when the law passed, about 60% have since added at least one woman to their boards, including Skechers USA, TiVo and Cadiz Inc. Lawmakers in Illinois, New York and New Jersey and in Washington are considering similar diversity mandates. -Michael Tedder Photo: Adobe Stock