American Financial Group shareholders face a proxy proposal from the $140.6 billion New York State Common Retirement Fund and a joint proposal from the $6 billion Evangelical Lutheran Church in America Board of Pensions and Calvert Asset Management.
The Albany-based New York fund’s proposal calls for the company to adopt an employment policy prohibiting discrimination based on sexual orientation, according to the proposal.
The proposal from the Minneapolis-based Evangelical Lutheran fund and Calvert calls for the board to increase diversity on its board, amending its director selection criteria to ensure women and minority candidates are included in searches as well as adding nominees from government, academia and non-profits, according to the proposal.
American Financial’s board recommends shareholders vote against both proposals, according to a company statement.
It believes a non-discrimination policy “is unnecessary,” because the “company is an equal opportunity employer,” the statement said. Implementing the diversity proposal “could impede the board’s ability to select the most suitable and qualified candidates … and would impose unnecessary administrative burdens and costs,” the company’s statement said.
American Financial’s annual meeting is May 11.