News & Events

Corporate Partner Rajib Chanda was quoted in Fund Board Views, in an article titled, “SEC Board Diversity Rule Likely to Include Funds.” The article discussed Securities and Exchange Commission Chairman Mary Jo White’s intention to propose broader disclosure requirements related to board diversity, which may include mutual fund boards. White said in her speech last month that the “low level of board diversity in the United States is unacceptable.” In order to increase diversity, Rajib observed that some boards may borrow the Rooney Rule, which is used in the National Football League and requires teams to interview minority candidates for head coaching and senior football operations jobs. He also suggested using third-party search firms and considering younger candidates as a way to improve female and minority representation on boards. While it is not clear what the focus of the amended rule will be, Rajib commented “The SEC has limited ability to force substantive changes on folks…[but] forcing people to think about an issue often has that effect.” 

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