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GOVERNANCE

GoPro adopts New York State Common proposal to broaden board diversity

GoPro

As a result of a shareholder proposal filed by the $186 billion New York State Common Retirement Fund, GoPro Inc. formally agreed to include sexual orientation and gender identity, among other factors, in its search for diverse board members, the Albany-based pension fund announced Tuesday.

The technology company’s nominating and governance committee charter now states: “On an ongoing basis, the committee will consider board composition factors, including independence, integrity, diversity (inclusive of age, gender, race, ethnicity, sexual orientation and gender identity), skills, financial and other expertise, breadth of experience, knowledge about the company’s business or industry and willingness and ability to devote adequate time and effort to board responsibilities.”

As a result of GoPro’s agreement, the pension fund has withdrawn its proposal requesting a report on the company’s steps to increase board diversity, including adding sexual orientation and gender identity to its diversity considerations.

“Corporations with directors from diverse backgrounds that reflect their customers are better positioned to generate long-term company growth,” said Thomas P. DiNapoli, New York state comptroller and sole trustee of the pension fund, in a news release. “The fund commends GoPro for its willingness to formalize its commitment to diversity at the board level and draw talent and ideas from the deepest possible pool. We will continue to urge the companies in our portfolio to adopt more inclusive practices in seeking board candidates.”

The pension fund held 104,500 shares of GoPro stock worth $982,300 as of Feb. 28.

The pension fund has filed similar board diversity proposals at 20 portfolio companies since 2012; proposals at Dentsply Sirona Inc. and FleetCor Technologies Inc. are currently pending.

A GoPro spokesman could not immediately be reached for comment.