New York City Comptroller Scott Stringer has sent a letter to S&P 500 companies calling for them to adopt a policy similar to the National Football League’s (NFL) Rooney Rule to improve the diversity of their executive ranks. He sent the letter to more than 50 corporations including Verizon, Disney, Boeing and Walmart.
Stringer said that the 1950s hiring model is no longer applicable in the 21st century. He also argued that the Enron and WorldCom financial scandals would not have happened if these companies had more women and people of color in their boards.
A study conducted by Deloitte and the Alliance for Board Diversity found that more than 80% of board seats in Fortune 500 companies were filled with white or Caucasian directors in 2018. Stringer has a substantial influence in the business sector as he is the custodian of New York City’s public pension funds with assets of more than $200 billion.