Life Insurers: Rep. Meeks, Sen. Menendez Legislation Advances Diversity in Corporate Leadership

WASHINGTON, Feb. 24 -- The American Council of Life Insurers issued the following statement on Feb. 23, 2021:

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American Council of Life Insurers (ACLI) President and CEO Susan Neely made the following comments on the Improving Corporate Governance Through Diversity Act introduced today by U.S. Rep. Gregory Meeks (D-N.Y.) and U.S. Sen. Bob Menendez (D-N.J.):

"The Improving Corporate Governance Through Diversity Act makes important changes that will advance diversity and inclusion among corporate leadership, a priority for life insurers and other industries. The information generated by the legislation's reporting and disclosure requirements will help corporations take meaningful steps toward achieving this goal.

"Life insurers' support for the legislation is rooted in our belief that all Americans should have tools and resources that will help them thrive and succeed. Last year we launched the economic empowerment and racial equity initiative that aims to help more Americans access opportunities that lead to financial protection and security.

"A key component to the success of our initiative is ensuring that company leadership and workforces include diverse voices at all levels of decision-making and reflect the diversity of the communities we serve. ACLI's Board of Directors was among the first association boards to have 100 percent of its members sign the Pledge for CEO Action for Diversity and Inclusion, which aims to expand diversity in corporate leadership.

"Chairman Meeks' and Chairman Menendez's legislation pairs perfectly with our members' commitment to advancing racial equity as demonstrated by this pledge and adoption of our comprehensive economic empowerment and racial equity effort. Helping to ensure enactment of the legislation will be a top priority for us during the 117th Congress."

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February 22, 2021

To: The Honorable Gregory Meeks, Chair, Committee on Foreign Affairs, U.S. House of Representatives, 2310 Rayburn House Office Building, Washington, DC 20515

Dear Chairman Meeks,

On behalf of the American Council of Life Insurers (ACLI), I am writing to express our strong support for your plans to introduce the Improving Corporate Governance Through Diversity Act. I also want to thank you for your leadership on this significant issue and applaud you on the bill's passage in the House of Representatives in the 116th Congress with bipartisan support. We look forward to deploying our full resources to help you advance this critical measure through the 117th Congress and to the President's desk.

ACLI's 280 member companies represent 95 percent of industry assets in the United States and protect 90 million American families' financial security. ACLI's member companies are dedicated to protecting consumers' financial wellbeing through life insurance, annuities, retirement plans, long-term care insurance, disability income insurance, reinsurance, and dental, vision and other supplemental benefits.

Our support for your bill is consistent with the principles of our Economic Empowerment and Racial Equity (EERE) initiative that aims to help more Americans access opportunities that lead to financial protection and security. ACLI's Board of Directors unanimously approved the initiative last October. One of the four comprehensive goals is to achieve greater diversity among our industry's leadership and workforce. Your bill's primary provision requiring publicly traded companies to disclose appropriate data on the diversity of their board of directors and C-suite executive officers firmly aligns with this pillar of the EERE initiative.

Again, ACLI applauds your plans to re-introduce the Improving Corporate Governance Through Diversity Act. Helping to ensure its enactment will be a top priority for us during the 117th Congress.

Sincerely,

Susan K. Neely, President & Chief Executive Officer