Tuesday 03 July 2012
IMA: VOLUNTARY MEASURES ARE IMPROVING BOARD DIVERSITY
Giving evidence to the House of Lords EU Sub-Committee on the Internal Market, Infrastructure and Employment yesterday, Liz Murrall, IMA Director of Corporate Governance and Reporting, supported using voluntary measures to increase the number of women on company boards. She said:
“The most important thing for investors is an effective board. A diverse board is a better performing board. However, diversity goes wider than gender; boards need a variety of nationalities, experiences and skill sets.
“Voluntary measures are working and we should wait and see the full impact of Lord Davies’ measures and the amendments to the FRC’s corporate governance code, before considering further action. We don’t support quotas – the downsides are too numerous to make them desirable. In Norway we saw men being kicked off boards in order to make room for the 40% female requirement. These women quickly became known as ‘golden skirts.’ Nor do quotas develop suitable candidates in the pipeline for board appointments.”
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Mona Patel, Head of Communications
020 7831 0898 or 07834 089332
Navdeep Sidhu, Press Officer
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Christina Bridge, Press Assistant
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About the Investment Management Association
- The IMA is the trade body for the UK's £3.9 trillion asset management industry (retail and institutional) which is one of the world's leading investment management centres.
- Our role is to represent the interests of the asset management industry to government and regulators both in the UK and internationally.
- The money our members manage is in a wide variety of investment vehicles including authorised investment funds, pension funds and stocks and shares ISAs.