NACUBO Responds to Congressional Letter on Diversity in Endowment Management
10/18/2019
On October 10, Reps. Emanuel Cleaver (D-MO), Joyce Beatty (D-OH), Marcia Fudge (D-OH), Henry “Hank” Johnson (D-GA), Gregory Meeks (D-NY) and Terri Sewell (D-AL) sent a letter to NACUBO President and CEO Susan Whealler Johnston. The letter expressed concern about a lack of diversity among the leadership of firms managing college and university endowments.
The letter highlighted data from a 2019 Knight Foundation report, the NACUBO-TIAA Study of Endowments, and a 2017 report by the Government Accountability Office. The members of Congress inquired about NACUBO’s own coverage of this issue and any recommended diversity and inclusion practices in investment management.
This is an area NACUBO is keenly focused on, Johnston wrote back. She highlighted NACUBO’s recent podcast episode on the Knight Foundation research, a recent webcast and Business Officer article on socially responsible investing, and an upcoming session at NACUBO’s Endowment and Debt Management Forum that will focus on the findings of the Knight Foundation report. She also mentioned past speakers at annual meetings, workshops, and forums who focused on issues of race, diversity, and inclusion.
Johnston also highlighted NACUBO’s recently released Strategic Blueprint, which features development of a sector-wide diversity, equity, and inclusion initiative as a strategic priority, and NACUBO’s own commitment to fostering a diverse workplace.
