Advancing Supplier and Governing Board Diversity
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Deadline for submissions is the 15th of every month.
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March 2020 Newsletter Preview
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I. What’s New:
- Women's History Month - A Tribute to Women
II
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In the Community:
- Western Regional Minority Supplier Development Council: Prime Time 2020
III. Spotlight on Diversity:
- Supplier Diversity: The 2019 State of Women-Owned Businesses Report
- Governing Board Diversity: The Women Changing California Boardrooms
IV. Announcements:
- CDI SF Headquarters Moves to Oakland, CA
- 1st Quarterly Insurance Diversity Task Force Meeting: March 11, 2020
- We Want Your Feedback!
V. Diversity Events Calendar
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Women's History Month - A Tribute to Women
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Women's History Month is dedicated to the courageous and brilliant women who have made and are making waves as activists, engineers, CEOs, teachers, doctors, nurses, artists, lawyers, partners, daughters, sisters, mothers, and most notably, as the movers and shakers that propel our families, communities, and economies forward every single day. 2020 marks the 100th year anniversary of the 19th Amendment, where women fought for and won our right to vote.
In this issue, we’re excited to share the
2019 State of Women-Owned Businesses report
, and a recently published report by KPMG Board Leadership Center from one of our very own Diversity Task Force member,
Annalisa Barrett, as we take a closer look at the
Women Changing California Boardrooms
. While we recognize and celebrate the strides that we have made with women’s rights over the course of a century, we also remain cognizant of the progress that has yet to unfold, and the “her-stories” that have yet to be told. So, onward and upward as we continue to advance towards creating greater opportunities for all of our diverse communities.
And don’t forget to thank and celebrate the women in your lives on
International Women's Day and everyday – we certainly will, too!
Together we rise,
The Insurance Diversity Initiative Team
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Western Regional Minority Supplier Development Council: Prime Time 2020 | San Francisco, CA
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WRMSDC’s second annual Prime Time event was held at the Federal Reserve Bank of San Francisco on February 20, 2020. Business leaders discussed procurement opportunities and available contracts within their companies for the next 18 months, private corporate matchmaking was held and experts shared insights in finance, marketing, technology, growth, and sustainability. Supporters included T-Mobile, Federal Reserve Bank of San Francisco, Bank of America, Comcast, Kaiser Permanente Thrive, Pacific Gas and Electric Company, Zones, LLC, D.W. Morgan Company, and California Department of General Services.
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SUPPLIER DIVERSITY SPOTLIGHT
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The 2019 State of Women-Owned Businesses Report
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From geography and gender to race and ethnicity, diversity in its many forms drives innovation. Because of women’s different perspectives, skills and experiences, they solve problems in new and innovative ways. And, as it turns out, women are often more likely than business* owners in general to see a need in the market and to start a company to fill it. This should bode well for the U.S. economy, but women face more obstacles than entrepreneurs in general when starting and growing their businesses. Eliminating barriers that thwart the success of women-owned businesses is an economic imperative that can spur innovation and improve productivity, which will create jobs, build wealth and grow the economy.
Importantly, women-owned businesses are not all cut from the same cloth and do not all behave the same way. Over the past nine years, American Express has systematically measured a variety of socio-demographic characteristics of women-owned businesses as they relate to entrepreneurial dynamism. By analyzing factors such as race, ethnicity, size of business and entrepreneurial motivation, the report celebrates the achievements of women-owned businesses and focuses attention on areas that still need improvement.
The State of Women-Owned Businesses reports provide data and insights that the women’s entrepreneurial ecosystem — policymakers, funders, supporting organizations, educators, researchers and the media — can use to create policies, advance advocacy efforts and establish programs and initiatives conducive to women starting and growing thriving businesses. The numbers can also be a source of inspiration and motivation to the women entrepreneurs themselves.
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GOVERNING BOARD DIVERSITY SPOTLIGHT
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The Women Changing California Boardrooms
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- 96% of public companies headquartered in California had at least one female director by December 31, 2019,
- 94% of the female directors joined their boards as outside directors,
- 69% of the female directors would not be considered overboarded (as they only serve on one board),
- 73% of women added to boards during 2019 are actively employed, in addition to their board service, and
- 76% have an advanced degree, with the MBA being the most common.
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CDI SF Headquarters Moves Across the Bay to Oakland
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In February of this year, the San Francisco CDI Headquarters officially relocated to Oakland, CA. Please make note of this for any future visits.
The Insurance Diversity Initiative is still based out of our Sacramento, CA office.
CDI Oakland Headquarters
1901 Harrison Street
Oakland, CA 94612
* Reminder: all visitors will still be required to be admitted and received by building security.
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Insurance Diversity Task Force Meeting
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Wednesday, March 11, 2020
10:00 a.m. - 12:30 p.m. (PST)
California Department of Insurance
300 Capitol Mall - Check-in at 17th Floor Lobby
Sacramento, CA 95814
Video conference available from CDI Los Angeles office. Teleconference options are also available.
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DIVERSITY EVENTS CALENDAR
MARCH/APRIL
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Hosted by: Golden Gate Business Association
When: March 6, 2020
Where: San Francisco, CA
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Hosted by: Institute of Supply Management
When: April 26- 29, 2020
Where: Boston, MA
Hosted by: CPUC
When: April 30, 2020
Where: San Diego, CA
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To submit a request to add your Supplier Diversity or Governing Board Diversity-related event, please contact us at:
diversity@insurance.ca.gov
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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.
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INSURANCE DIVERSITY INITIATIVE
Office of Insurance Commissioner Ricardo Lara
California Department of Insurance
(916) 492-3317
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