abrdn is planning to vote against boards that don’t have at least some racial or ethnic diversity, the company stated Monday.
In a statement, the company said it “formalized our intention to require boards of our investee companies in the S&P 1500 and Russell 3000 to have at least one racially or ethnically diverse member, otherwise we will vote against or withhold from the re-election of the nomination committee chair.
“In addition, we will continue to take voting action on all-male boards with a higher expectation of 25% female representation on large cap company boards. We will look to increase this expectation to 30% in 2023.”
The company, formerly known as Standard Life Aberdeen, noted companies with diverse workforces and cultures can attract top job candidates and thus lead to stronger productivity and financial performance.