December 9, 2019

The Honorable Andrew M. Cuomo

Governor of New York State
NYS State Capitol Building
Albany, NY 12224

Re: The Women on Corporate Boards Study Act

Dear Governor Cuomo,

We are writing you on behalf of the Thirty Percent Coalition (“the Coalition”) in support of Senate Bill
4278 and Assembly Bill 6330, known as “The Women on Corporate Boards Study Act.” This legislation,
pending your signature, seeks to determine the number of women who serve as directors on boards of
domestic and foreign corporations that are authorized to do business in New York State. We believe it
is essential to require companies to clearly disclose the composition of their boards and nominees in
terms of gender, race and ethnicity. This legislation would be a positive step in that direction.

The Thirty Percent Coalition is a national organization advocating for increased gender diversity,
including women of color, on the boards of both publicly and privately held companies. Coalition
members include public companies, private equity, professional services firms, and many major women’s
organizations and advocacy groups. Within our membership we also have a significant group of
Institutional Investors, including both asset managers and owners. In 2019, total membership represents
over $6 trillion in assets under management. I am enclosing highlights and a member list for your review.

The Coalition has been a strong proponent of disclosure as a means for companies to thoughtfully
consider board composition and effectiveness. It is also essential for investors to have information on a
company’s board makeup in order to make meaningful investment decisions. We have also gone on
record (September 2017) urging the SEC to amend its proxy disclosure guidelines to define “diversity” as
including gender, race and ethnicity.

Since that time, the chorus of voices supporting such action has increased both in volume and breadth.
The “case” for board diversity has been publicly adopted by most, if not all, governance experts and
mainstream institutional investors as well as by the SEC staff and Members of Congress. The Coalition’s
roster of public officials and institutional investors has also grown, and their coordinated engagement
with companies in the Russell 3000 with no or only one woman on their boards has been very successful.
Since our Adopt a Company campaign launched in 2012, over 300 of these companies have added their
first female director. In addition, many of these companies have incorporated the “Rooney Rule” in their
nominating committee charters, committing to including women and people of color in the candidate
pool for board positions.
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The Coalition applauds those companies that have voluntarily improved the way they disclose the
composition of their boards, thereby providing more useful information to their shareholders. However,
too many listed companies have failed to change their practices. Accordingly, we believe there remains a
great need for state governments to act to ensure that all public companies clearly disclose the gender,
racial, and ethnic composition of their boards and nominees. In addition, we would like for these
companies to provide better information about their plans for achieving similar diversity among their
executive leadership.

New York State is one of the largest economies in the world, and as such, sets an example for
responsible businesses globally. The business case has long been proven that women must be
included in the discussions and decisions that affect corporate actions and profitability. We ask for
your support for this important measure now awaiting your signature.

Thank you for your consideration of our views on this important issue. We remain at your disposal to
assist in any way you deem appropriate.

Sincerely,

Charlotte Laurent-Ottomane Toni Wolfman

Executive Director Co-Chair
Thirty Percent Coalition Public Policy Outreach
clo@30percentcoalition.org Thirty Percent Coalition
T. 561 789 6022

CC: Liz Krueger, State Senator

Assembly Member Rebecca Seawright

1231 Highland Avenue, Fort Washington, PA 19034 - 30percentcoalition.org