Advancing Supplier and Governing Board Diversity
|
|
Deadline for submissions is the 15th of every month.
|
|
January 2020 Newsletter Preview
|
I. What’s New:
II
.
In the Community:
- Golden Gate Business Association - Holiday Make Contact
III. Spotlight on Diversity:
- Supplier Diversity - Establishing Supplier Diversity
- Governing Board Diversity - New York Governor Signs Women on Corporate Boards Study Into Law
- Governing Board Diversity - Five Takeaways From the 2019 Proxy Season
IV. Announcements:
- Insurance Diversity Task Force - Application Period Open
- We Want Your Feedback!
V. Diversity Events Calendar
|
|
Happy New Year!
2020 is going to be a big year. New year, new decade; and a new opportunity to set forth positive intentions for the year ahead. We hope that you enjoyed the end of 2019 and are refreshed and ready to get started.
The Insurance Diversity Initiative is already hard at work. Here are a few highlights of what we're working on:
- Senate Bill (SB) 534 is effective as of January 1, 2020. With this exciting addition to the California Insurance Code, the Diversity Initiative is preparing for a busy year. Stay tuned for more updates on the 2020 California Insurance Diversity Survey (CAIDS);
- We are accepting applications for our Insurance Diversity Task Force; and
- Get ready for some exciting event announcements.
We look forward to working with all of you in 2020, and are excited to continue advancing supplier diversity and governing board diversity in the insurance industry.
Cheers to 2020!
The Insurance Diversity Initiative Team
|
|
Golden Gate Business Association (GGBA)
Holiday Make Contact
December 10, 2019 | San Francisco, CA
|
|
Left: David Wilson, owner of Blade Runners Hair Studio and Jay Greene, IDTF member;
Right: Gabriel Wilson, the King of Haight
|
The Golden Gate Business Association Holiday Make Contact event was held on December 10, 2019 at Blade Runners Hair Studio in San Francisco. Along with holiday merriment and business networking, the city and county of San Francisco honored Blade Runners Hair Studio owner David Wilson and Gabriel Wilson as the King of Haight. The commendation for Mr. Wilson thanked him "for being a leader in the community and for keeping the Haight Ashbury thriving and vibrant. For 30 years, Blade Runners Hair Studio has been central to this, our historic neighborhood's iconic identity." Gabriel's commendation expressed appreciation, acknowledging that "over the years, you have graced the entrance to Blade Runners Hair Studio with your glorious presence. Your ever-welcoming service to your subjects, the residents of the Haight, and visitors alike is greatly valued, and will be remembered in perpetuity." Congratulations to David and Gabriel.
# # #
|
|
SUPPLIER DIVERSITY SPOTLIGHT
|
|
Establishing Supplier Diversity
By: Karmin Bailey, CMA
Connecting with diverse suppliers requires a team effort to implement and maintain an effective program that will benefit all parties involved. Supplier diversity is a business strategy that ensures a diverse supplier base is utilized in the procurement of goods and services for any business or organization. Organizations undertake a proactive program to partner with businesses that are owned by and otherwise reflect a broad demographic.
Supplier diversity is usually a component of a larger Diversity & Inclusion (D&I) program that encourages the use of businesses owned and operated by people from socially or economically disadvantaged groups, such as minorities, women, the LGBTQ community, and veterans. It’s essentially about making connections with diverse suppliers and building solid working relationships that will be of mutual benefit and worth the effort to all parties involved.
The vast majority of organizations cite corporate social responsibility, alignment with corporate culture and workforce inclusiveness, and customer requirements as the top drivers for their supplier diversity efforts. These are typically some of the same reasons that companies have a D&I program. Supplier diversity supports D&I in purchasing, just as workforce diversity ensures D&I in hiring and retention.
Read the
full article to gain more insights on establishing a supplier diversity program.
# # #
|
|
GOVERNING BOARD DIVERSITY SPOTLIGHT
|
|
New York Governor Signs Legislation Enacting
'Women on Corporate Boards Study' Into Law
|
|
New York Governor Andrew Cuomo signed a historic piece of legislation regarding gender diversity in corporate boards into law on December 30, 2019. The law requires that the New York State Department of State and the Department of Taxation and Finance conduct a study on the number of women directors who serve on each board of directors of domestic and foreign corporations that are authorized to do business in New York. The study, which will be published no later than February 1, 2022, will include the number of women directors, total number of directors that constitute boards of directors, analysis of the change in number of women directors from previous years and the aggregate percentage of women directors on all board. The study aims to provide valuable insights on the opportunities for increased diversity and the need for continued focus in this area. Read the
press release
from the New York Governor's website.
|
|
Five Takeaways from the 2019 Proxy Season
By: Jamie Smith
|
|
As the spotlight on board diversity intensifies, the pace at which women are joining boards is accelerating, and a growing number of companies are disclosing the board’s racial and ethnic diversity.
At the same time, against a backdrop of increased focus on companies’ efforts to create long-term value, enhanced proxy disclosures on corporate sustainability highlight how companies are protecting the environment, considering their social impact, investing in their people and promoting diversity and inclusion.
Investor outreach, often involving directors, has become a mainstay of leading governance practice among top companies. Overall, investors show notable support for directors and executive pay programs. A growing support for many environmental and social shareholder proposals highlights further opportunity for engagement.
EY has drafted a report that provides five key takeaways for boards as they reflect on the 2019 proxy season and on evolving governance developments. The five takeaways outlined include:
- Gender Diversity Accelerates,
- Diversity Disclosures on the Rise,
- Companies Voluntarily Enhance Communication Around Corporate Sustainability and Citizenship,
- Investor Engagement Involving Directors Now Standard Practice for Leading Companies, and
- With Potential Regulatory Changes on the Horizon, Shareholder Proposal Landscape Continues to Evolve
# # #
|
|
 |
INSURANCE DIVERSITY TASK FORCE |
Application Period Open
|
The California Department of Insurance is seeking qualified representatives to serve on California’s Insurance Diversity Task Force. The Insurance Diversity Task Force considers and makes recommendations about diversity in the insurance industry. Specifically, the mission of the Task Force is to:
- Advise the Department of Insurance with member area(s) of expertise on Department initiatives to increase procurement with diverse suppliers and diversity on governing boards;
- Identify and promote insurance companies that are actively engaged in diversity issues;
- Explore the status of diverse representation on insurance company governing boards; and
- Provide recommendations to increase supplier or governing board diversity, which may include suggested changes to existing law.
Members of the Task Force are appointed for a term of two years. The Task Force meets quarterly in Sacramento with video conferencing in Los Angeles and San Francisco. Members commit to attending, at minimum, 2 of the 4 scheduled meetings.
Qualified applicants that reflect the diversity of the State of California, including women, LGBT, disabled veterans, veterans, and other minorities, are strongly encouraged to apply. For more information, please contact:
CDIBoards@insurance.ca.gov.
Applications are due to the Department by Wednesday, January 22, 2020.
|
|
|
|
DIVERSITY EVENTS CALENDAR
JANUARY/FEBRUARY
|
|
Hosted by: Corporate Directors Forum
When: January 15 - 17, 2020
Where: San Diego, CA
Hosted by: Women's Business Enterprise Council-West
When: January 30, 2020
Where: Phoenix, AZ
|
|
Hosted by: Small Business Development Center San Diego & Imperial Valley Network
When: February 5, 2020
Where: Imperial, CA
Hosted by: National Association of Women Business Owners (NAWBO)
When: February 6, 2020
Where: Albuquerque, NM
Hosted by: Western Regional Minority Supplier Development Council (WRMSDC)
When: February 20, 2020
Where: San Francisco, CA
|
|
To submit a request to add your Supplier Diversity or Governing Board Diversity-related event, please contact us at:
diversity@insurance.ca.gov
.
|
|
# # #
The Insurance Diversity Initiative was established in 2011 to address diversity issues within California's $310 billion insurance industry. Specifically, these efforts are meant to increase procurement from California’s diverse suppliers, as well as to increase diversity amongst insurer governing boards. To accomplish these goals, the Department conducts outreach, creates partnerships, hosts events, and most importantly, administers surveys to collect and publicly disseminate information about the state of diversity in the insurance industry.
|
|
INSURANCE DIVERSITY INITIATIVE
Office of Insurance Commissioner Ricardo Lara
California Department of Insurance
(916) 492-3317
|
|
|
|
|
|
|
