The two largest public pension funds in the country, the California State Teachers’ Retirement System (CalSTRS) and the California Public Employees’ Retirement System (CalPERS), have joined together to create a database that will help corporations find new talent for boards of directors.
The pension funds, which have more than 300 billion in assets combined, are currently working with an advisory panel of top corporate governance experts to develop a new digital system that will aid in diversifying talent among senior managers.
The new system – Diverse Director DataSource, referred to as ‘3D’ – is designed to offer shareholders, companies and other organisations a platform where an individual’s skills and knowledge can be easily matched to the requirements needed to fill a director’s seat, CalSTRS says. Diverse Director DataSource has been in the work for more than a year.
The Corporate Library will own, operate and maintain the DataSource system.
Last year, the Corporate Library, GovernanceMetrics International (GMI) and Audit Integrity merged as the organisations created a corporate governance rating and research business.