Oct 5, 2020
L&G demands BAME board members at FTSE firms
Legal & General has warned it will vote against companies that still have an all-white board by the deadline. "We're trying to give companies an early warning," said Sacha Sadan, head of governance at L&G. The move echoes a call from business group the CBI last week that the biggest UK firms should have at least one black, Asian, or minority ethnic member on their boards by 2021. L&G has written to all FTSE 100 members as well as those in the US S&P 500 index telling them it expects the companies to have at least one black, Asian, or other minority ethnic director by 1 January 2022. "We focus on the board, as this is where accountability for the issue belongs, and where we can have most influence as we are able to elect board members annually." She has just been appointed to the board at the Public Relations and Communications Association, which had an all-white board until it took action in July.
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