HARRISBURG, Pa., May 1, 2017 /PRNewswire-USNewswire/ -- Pennsylvania Treasurer Joe Torsella today issued the following statement on the passage of Pennsylvania House Resolution 273, which encourages equitable and diverse gender representation on the boards and in senior management of companies in Pennsylvania.
"I commend the Pennsylvania House of Representatives for its recent passage of HR 273, and I join the call to action. We know that companies with more diverse boards perform better financially. This resolution's unanimous passage sends a strong message that more needs to be done," said Torsella.
Research conducted by the Credit Suisse Research Institute found that companies with more than one woman on the board outperformed their peers by an average of 3.7 percentage points during the period 2005-2014.
"With around 17 percent of board seats currently held by women, I am a strong advocate to increase the number of women directors," said Torsella. "For that reason, I am also pleased to announce my support for this cause by joining the Thirty Percent Coalition, a national nonprofit that advocates for increased representation by woman on publicly-traded corporate boards."
Pennsylvania Treasury has been early supporter of the Coalition, serving as a member of the Coalition since 2012.
"We must change the statistics that are stunting our advancement, and make diversity-oriented changes. Our boardrooms should benefit from the diversity and talent within our entire population," said Torsella.
The Pennsylvania Treasury is an independent department of state government led by the state treasurer, who is elected every four years. The department's primary duty is to safeguard and manage the state's public funds. It invests state money to generate income on behalf of the citizens of Pennsylvania, reviews and processes payments for state government agencies, and serves as custodian of more than $100 billion in state funds. Key Treasury programs include Unclaimed Property, PA 529 College Savings Program and the Board of Finance and Revenue. To learn more visit patreasury.gov.
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SOURCE Pennsylvania Treasury Department