Commissioner Luis A. Aguilar

U.S. Securities and Exchange Commission

Georgia Southern University
Statesboro, GA
May 11, 2013

Good morning.  Thank you for that kind introduction.  Before I begin, I want to recognize President Keel, and the faculty, parents, families, and friends who are here today.  Most importantly, I want to congratulate the Georgia Southern University graduating class of 2013.  It is a great honor to be your commencement speaker.

I am sure many of you are looking forward to your well-earned celebrations after today’s commencement exercises, so I will heed the advice that President Franklin D. Roosevelt gave to speechmakers:  “Be sincere, be brief and be seated.”

Perhaps the most challenging part of delivering a commencement speech is the realization that whatever one says will soon be forgotten.  Frankly, my memory of the commencement speech at my own graduation is a bit hazy.  So today I will ask you to remember just two things:  First, the challenges you will face in life – and there will be many – are just new opportunities to learn and further your education.  And second, it is always better to do the right thing, even if that may seem the harder choice.

Commencement is a good time for looking back, as well as for looking forward.  When I graduated from Georgia Southern during the last century – well, 1976 – our school was called Georgia Southern College.  The school only had about 6,000 students, mostly from the Southeast, and there was no football team.  Today, Georgia Southern is a major university with more than 20,000 students coming from almost all 50 states and over 80 countries.  And the Eagles will soon be dominating the Sun-Belt Conference.

Also, in 1976, the fastest computing machine in the world – called the Cray-1 – was built in Chippewa Falls, Wisconsin, and delivered to the Los Alamos National Laboratory.²  That machine cost about $9 million dollars, weighed about 5-1/2 tons, and needed a liquid Freon cooling system to operate without melting down.³  Meanwhile, in Albuquerque, New Mexico, Bill Gates and Paul Allen were writing software for an early microcomputer, while Steve Jobs and Steve Wozniak were assembling circuit boards for something called the Apple I in a garage in Cupertino, California.  Today, if you own a four-ounce smartphone, you can have more computing power in your hand than the 5-1/2 ton Cray-1 supercomputer in 1976.

I tell you this because, in 1976, very few of us had a clue that the personal computing revolution was just around the corner.  We didn’t know that the Internet would change the way we live, work, shop, communicate, and share information.  Nor did we know how attached we would be to cell phones. 

By the same token, none of us knows today how the world is going to change over the next 37 years.  None of us knows what changes are just around the corner – what invention or innovation will transform the way we live and work.

We only know there will be changes, and you need to be ready for them.  Because change creates challenges, and challenges create opportunities.

For me, when I graduated in 1976, I had no idea what challenges were ahead.  When I drove away from Statesboro, everything I owned fit inside a two-door compact car.  In the passing years, I sold my car, and used up, wore out, or threw out everything that had been in that car.  The only thing that remained was the education I received at Georgia Southern and the confidence to know that I had been prepared to go out into the world and learn new things.  I am sure you already know that graduation is not the end of your education and learning.  Graduation is just proof that you know how to learn successfully.

My years at Georgia Southern taught me the importance of hard work, determination, and, of course, having a good support network.  Graduates, always remember to thank your proud parents, family members, teachers, and mentors, who offered you their support and encouragement.  And, on that note, I want to acknowledge that tomorrow is Mother’s Day and I ask you to join me in thanking all the Moms for all they do to make our lives better.  Of course, we need to acknowledge the Fathers as well. 

In the years to come, when you have achieved great success in your career and in your life, it will become even clearer than it is now that a large part of your achievement was made possible by the love and support of your parents, and the support of many other generous individuals who were there for you when you needed them.

Turn Challenges Into Opportunities

My first point this morning is to encourage you to turn challenges into opportunities.  Life is certain to bring you challenges.  You cannot avoid them, but you should not fear them.  Helen Keller once said, “Life is either a daring adventure or nothing.”⁴  She meant that we should not be afraid to take chances.  Embrace these challenges and turn them into opportunities.  Remember, you live in a country where anything and everything is possible.  I truly believe in the American Dream.  I know it is real, because I’ve lived it.

Let me tell you a little bit about myself.  I was born in Cuba.  When I was six years old, my parents sent my nine-year-old brother and me to the United States because they feared for our safety.  Fidel Castro had seized control of the Cuban government and things were going from bad to worse under the Communist regime.  Thousands of Cuban children arrived in the United States as refugees, without their parents or means of financial support.  I arrived in America as a six-year-old child with little more than the clothes I was wearing, and did not speak a word of English.  Fortunately, the generosity showed to us by others and our determination to survive this challenge saw us through those early years.

I am grateful to this country for the opportunities it has provided me.  I was able to pay my way through college and law school by taking on jobs ranging from being a “stock boy” in a yarn store to loading baggage and cargo into airplanes at the Miami International Airport.  These experiences helped make me who I am today, and inspired me to be a public servant.

It is a long way from the hot tarmac of the airport in Miami to the halls of our Nation’s capital, but I carry that experience with me.  I know how hard Americans work to pay their bills, keep a roof over their heads, and – if they are lucky – set aside a little bit every month to save for retirement and their children’s education.

I have now been a lawyer for over 30 years.  Law has been my profession, but it is not my only passion.  Throughout my career I have tried to stay involved in many community organizations and I encourage you do to the same.  Giving time and effort to your communities can bring a great deal of personal satisfaction.  In my case, I have been particularly active with organizations that worked to improve the lives of minorities and the underserved.  To this day, I am very supportive of efforts to create a more diverse workforce – because I believe that promoting diversity makes us all stronger.  When government agencies and companies increase diversity in their workplace, they attract better-qualified job candidates, they promote a more innovative workforce, and they make America more competitive in a globalized world.

On that point, let me acknowledge the growing diversity at Georgia Southern.  When I was a college student here, my African-American roommate and I were part of only a handful of minority students on campus.  I am delighted to see that the school’s minority population has increased to almost one-third of the school’s student population.⁵

My experiences as a newly arrived six-year-old refugee, and working my way through college and law school, have underscored for me that America truly is a land of opportunity.  America is a land where anything is possible – and challenges and obstacles do not need to be the end of a dream but rather opportunities to come out stronger. 

Georgia Southern has prepared you for the challenges to come.  When you face an obstacle, treat it as an opportunity and overcome it with determination and hard work.  Oftentimes, the rewards in life are attained by those who want them the most.

Do The Right Thing

My second point is to urge you to do the right thing.  The importance of doing the right thing has become even clearer to me during my terms as a Commissioner at the U.S. Securities and Exchange Commission (“SEC”).  The SEC is an independent federal agency that oversees our Nation’s capital markets – the world’s largest and most complex market for stocks, bonds, and other types of investment securities.  I expect that most of the parents, faculty, and many students, in one way or another, benefit from the work of the SEC.  That’s because many of you invest directly in publicly traded companies or put your hard-earned money into pension funds, mutual funds, college savings plans, and 401(k)s. 

Although the SEC does many things, it’s mainly known for its role as a law enforcement agency.  SEC enforcement actions against people who engage in Ponzi schemes, insider trading, and other kinds of securities fraud and misconduct are essential to strong capital markets. This is important because if investors are confident that the securities market is fair, honest, and transparent, they will invest their money and provide the capital necessary to fund the growth of companies.  As businesses thrive, jobs are created, and our economy grows.

There are many reasons for bringing an enforcement action, but the most common denominator is simple:  someone chose not to do the right thing.  I am not so naïve as to think that simply telling people to do the right thing will get rid of every crook or fraudster, or avert the next global financial crisis.  However, many of the cases that come before the SEC arise because otherwise decent people chose to turn off their ethical compass.  Often, there were people who could have done the right thing to stop the fraud, but looked the other way or just didn’t want to get involved.  Perhaps some future harm can be avoided, if all of us work to help maintain a culture of doing the right thing, even when it’s not the easy thing to do.

At some point in your life, when you have a tough choice between doing what is convenient and doing what is right, I hope you will remember to do what is right.  As Dr. Martin Luther King, Jr., once said, “There comes a time when one must take the position that is neither safe nor politic nor popular, but he must do it because conscience tells him it is right.”⁶

Conclusion

In closing, as you leave Georgia Southern today, I am positive that you have the tools to meet challenges head-on – even if you don’t know today what those challenges will be – and I am confident that your moral compass will let you know the right thing to do when needed.

I know that the Georgia Southern Class of 2013 will do great things.  I join with your parents, family, teachers, and friends in congratulating you.  We all wish you the best of luck in all your future endeavors.

http://www.sec.gov/news/speech/2013/spch051113laa.htm

Information, Implications, and Guidance on Section 342 of the Dodd-Frank Legislation

By Susan Rubenstein

Co-Founder, The Center for Diversity in Finance and Industry, LLC

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 authorizes the federal government to audit the diversity efforts of financial institutions, including private asset management firms, investment and mortgage banking firms and other regulated financial entities and agency contractors. With the apparent aim of diversifying the workforce of the entire financial industry – both public and private - Congress has mandated … "to the maximum extent possible, the fair inclusion and utilization of minorities, women, and their respective minority-owned businesses...." (Section 342 (c)(1)).

To accomplish its goal, the legislation requires that each covered governmental agency establish an Office of Minority and Women Inclusion ("OMWI"), responsible for developing standards and monitoring diversity in management, employment, and business activities in each respective agency. The statute empowers each OMWI to scrutinize and "assess the diversity policies and practices of entities regulated by the agency." (Section 342(b)(2)(B). The statute also extends its reach to contractors performing services to a covered agency under a contract or sub-contract. Each agency’s OMWI Director is authorized to consider the employment diversity of a potential contractor, as well as provide for the increased participation of minority and women-owned businesses before awarding contracts, and can recommend the termination of a contract if it determines an agency contractor has "failed to make a good faith effort to include minorities and women in their workforce." (Section 342 (c)(3)(B)(i)).

Surveillance and regulatory oversight are not new to the financial industry, however, affirmative action compliance and hiring and recruitment monitoring as mandated in the Dodd-Frank regulatory scheme is brand new to those financial firms not heretofore subject to oversight by the Office of Federal Contract Compliance ("OFCCP") or other regulatory statutes. Until the passage of Dodd-Frank, no other governmental agency has been charged with conducting personnel-related system reviews comparable to the OFCCP, an agency designed to diversify the construction industry. Now the financial industry, like the construction industry and the workforce subject to OFCCP scrutiny, will be assessed by their regulator on their affirmative steps to ensure equal opportunity in all aspects of employment, and therefore must engage in rigorous self-analysis to target and measure the effectiveness of their own efforts to eradicate and prevent discrimination.

THE IMPLICATIONS OF THE DODD-FRANK LEGISLATION

The implications of this Wall Street reform legislation remain to be seen, however, some of its provisions are potentially more far-reaching than statutory schemes designed to undertake similar efforts. Dodd-Frank is distinguishable by virtue of OMWI’s evaluative powers over practices of regulated and non-regulated entities. While the OFCCP, Housing and Economic Recovery Act (HERA), and the EEOC (enforcement arm of many of these laws) require businesses to undertake efforts to promote equal opportunity and increase participation of minority-owned businesses, those statutes also make allowances and provide exemptions based on headcount of employees, the size of the business and whether a monetary threshold of governmental business has been reached. The Dodd-Frank bill provides for no such exceptions or exemptions.

Dodd-Frank’s requirements have neither been specifically defined nor tested, nor has the legislation addressed how its new requirements are to be coordinated with a firm’s pre-existing obligations arising from other statutes (e.g., compliance reporting requirements as directed by the OFCCP). However, the goals of the legislation are clear: racial and gender diversity must be taken seriously-both by governmental financial agencies and private financial institutions that do business with or are regulated by the government. There can be no question Congress has specifically targeted the financial industry to correct an historical lack of employment diversity in the workforces of all financial institutions and all financial service entities.

HOW PRIVATE FINANCIAL ENTITIES CAN COMPLY WITH THE DODD-FRANK LEGISLATIVE MANDAT

The following are suggestions to guide financial entities on how to most expediently and economically meet the newly implemented standards and procedures set forth in the Dodd- Frank bill:

• It is essential to be proactive in hiring, recruitment, and retention of minority and female employees. To the extent a firm does not already have a diversity goal in place, a legitimate plan to promote equal employment opportunities and to increase racial, ethnic, and gender diversity of the firm’s workforce should be immediately established. Employers should actively recruit from minority colleges and universities, minority publications, and engage in meaningful outreach to communities likely to reach a wider pool of minority constituencies.

• Maintain up-to-date reporting of genuine good faith efforts on the part of your business to achieve success in increasing diversity of your firm’s workforce. Section 342 (e) (3)  requires the reporting of success achieved and challenges faced in developing minority and women outreach programs and hiring minority and women employees. The OMWI has a reporting obligation to document the progress each agency has achieved in monitoring, hiring, and contracting with minorities and women in addition to contracting with minority-owned businesses. Prepare compliance reports on a routine basis.

• Consistent with various state employment discrimination laws and the numerous federal statutes, regulatory schemes, and agencies designed to protect employees from businesses that engage in discriminatory employment practices, this legislation requires financial firms to take affirmative and effective action (preventative and remedial, if necessary) to accomplish the mission of workforce diversity. While Frank-Dodd does not require your firm to hire under-qualified workers or maintain quotas, the financial firms must show they acted reasonably and in good faith to satisfy the mandates of the legislation. There are a number of methods used to accomplish these goals causing little to no interruption in the day-to-day operation of your business.  

• Hire a consultant to work directly with the OMWI to ensure your firm is in compliance with the new law and is able to avoid legal conflicts and lawsuits, regulatory trouble and/or the possibility of losing a contract.

• Develop a strategic plan, which will focus on the recruitment, hiring, mentoring, career development, promotion, and retention of diverse employees. 

• ·Utilize innovative collaborative technology to promote and distribute progressive in-house programs that ensure your firm maintains a diverse, welcoming, litigation-free workplace environment with the capability of recruiting and retaining minorities and women. Use technology to enable your firm to self-assess and quantify its on-going diversity and inclusion efforts.       

________________________________________________________________

Susan Rubenstein has practiced employment law for over 30 years in San Francisco, Washington, DC and New York. She is a co-founder of The Center for Diversity in Finance and Industry, LLC (CDFI), a consulting firm specializing in developing diversity guidelines for financial companies to comply with Section 342 of the Dodd-Frank law. 

If you have any questions, please contact us at:

(415) 813-5257

Info@DiversityInFinance.com

www.DiversityinFinance.com

1 California Street, Suite 1900
San Francisco, CA 94111

La Semana Nacional de Educación Financiera comenzará el Lunes, 22 de abril

Virginia Beach, VA (15 de abril de 2013) – Liberty Tax Service (NASDAQ:TAX) y la fundación Una Familia Sin Fronteras tiene el honor de participar en las actividades de la Semana Nacional de Educación Financiera, que se celebrará en las oficinas del Consulado General de México en los Estados Unidos, desde el lunes 22 de abril hasta el viernes 26 de abril. El objetivo principal de Liberty Tax Service y la fundación Una Familia Sin Fronteras es ofrecer a la creciente comunidad hispana de todo el país la oportunidad de participar y aprender sobre educación financiera y fiscal, a través de programas y servicios que proporcionan las herramientas necesarias para tomar decisiones de aspecto financiero de manera informada.   

La Semana Nacional de Educación Financiera será coordinada por el Consulado General de México en todo el país. En este evento se estarán discutiendo temas de vital importancia para la comunidad hispana. Por su parte, Liberty Tax Service estará participando en los siguientes mercados:

• Atlanta, GA

• San Antonio, TX

• Washington DC

• Kansas, MO

• Nueva York, Nueva York

• Portland, OR

• Seattle, WA

"Estamos encantados de colaborar nuevamente con las iniciativas educativas del Consulado General de México y de fortalecer nuestra alianza", comentó Martee Pierson, Directora de Programas de  Diversidad de Liberty Tax Service y Directora Ejecutiva de la Fundación Una Familia sin Fronteras. "La Semana Nacional de Educación Financiera nos ayudará a crear conciencia de nuestros programas fiscales y financieros que están destinados a ayudar tanto a la comunidad hispana como a la comunidad en general. El objetivo de nuestra fundación es proporcionar recursos financieros y educativos de forma gratuita a todos los hispanos y otras comunidades minoritarias que necesitan de nuestra ayuda para poder entender y cumplir con del sistema fiscal de este país”.

Liberty Tax Service y la Fundación Una Familia Sin Fronteras estará presente en la Semana Nacional de Educación Financiera en las ciudades previamente mencionadas. Los representantes de Liberty Tax Service estarán a la disposición del público para aclarar dudas y proporcionar material informativo bilingüe sobre los recursos de educación financiera. Liberty Tax Service enfoca sus esfuerzos en ayudar a la comunidad hispana a través de la educación. Educación que ofrece opciones, opciones que conllevan a la capacitación y, por último, capacitación que a su vez aumentará el auto-estima de los nuevos inmigrantes que no han tenido la ventaja de recibir una amplia educación o solvencia económica en sus países de origen.

Adicionalmente a la colaboración que Liberty Tax Service presta al Consulado General de México en la Semana Nacional de Educación Financiera, esta institución también apoya al programa de IME Becas (Instituto de los Mexicanos en el Exterior), así como a los centros comunitarios del Consulado General de México y otros numerosos programas que sirven a la comunidad hispana.

##

Acerca de JTH Holding, Inc.

Fundada en 1997 por el CEO John T. Hewitt, JTH Holding, Inc. es la compañía matriz de Liberty Tax Service. Como la franquicia de más rápido crecimiento de impuestos en la historia, Liberty Tax Service ha preparado 10 millones de declaraciones de impuestos individuales. Liberty también ofrece el servicio de impuestos en línea eSmart Tax, que permite a algunos contribuyentes preparar sus impuestos mediante el acceso a una computadora. eSmart Tax está respaldado por los profesionales en impuestos de Liberty Tax Service y su red nacional de más de 30,000 preparadores de impuestos, dispuestos a ofrecerle su colaboración en cualquier momento. Para mayor información sobre Liberty Tax Service, visite www.libertytaxespanol.com

Una Familia Sin Fronteras de Liberty es un programa educativo que brinda seminarios sobre educación fiscal y financiera a comunidades hispanas a través de la nación, sin ningún costo. Los cursos y seminarios son enseñados en español y muchos califican para créditos universitarios de  la Universidad de Phoenix. Asociados con más de 400 agencias del sector público y gubernamentales a nivel nacional, inclusive distritos escolares, universidades, la Iniciativa de la Casa Blanca para la Excelencia en Educación para Hispanos, El Departamento de Educación de los EE.UU y su programa de FAFSA, organizaciones sin fines de lucro, Consulados Mexicanos,  Headstarts, Iglesias, y bibliotecas, para mencionar unos cuantos, Liberty Tax Service ha mantenido los servicios GRATUITOS de educación y oportunidades de educación superior como el foco principal corporativo de la Fundación e Iniciativa Una Familia Fronteras. Hasta la fecha, la Fundación e Iniciativa Una Familia Sin Fronteras ha alcanzado a cientos de miles de hispanos a través de los EE.UU. brindando información esencial GRATUITA que los ayudará a ingresar exitosamente a nuestra economía convencional. 

Virginia Beach, VA (April 15, 2013) – Liberty Tax Service (NASDAQ:TAX) and it’s Una Familia Sin Fronteras Foundation is honored to be part of Financial Education Week activities to be held at the Mexican Consul General offices across the United States from Monday April 22^nd through Friday April 26^th.  The primary goal of Liberty Tax Service~Una Familia Sin Fronteras Foundation is to offer the growing Hispanic population the opportunity to participate and learn financial and fiscal education via programs, and services that will provide the necessary tools for better financial decision-making. 

Financial Education Week will focus on topics of critical importance to the growing Hispanic community and will be conducted by the Consulate General of Mexico across the country. Liberty Tax Service will be participating in the following markets:

• ·         Atlanta, GA
• ·         San Antonio, TX
• ·         Washington DC
• ·         Kansas, MO
• ·         New York City, NY
• ·         Portland, OR
• ·         Seattle, WA

 “We are thrilled to once again partner with the Consulate General of Mexico.” Said Martee S. Pierson, Liberty Tax Service Director of Diversity Programs & Executive Director of Liberty’s Una Familia Sin Fronteras Foundation. “Financial Education Week will help us to increase awareness of our fiscal and financial programs aimed at helping both the community at large and the Latino community across the nation grow and prosper. Our goal at the Foundation is to provide financial and educational resources, free of charge, to all Latinos and other underserved communities, who need direction on how best to enter our mainstream economy.” 

Liberty Tax Service~Una Familia Sin Fronteras Foundation will be present at all of the aforementioned events.  Liberty’s representatives will help answer questions and provide bilingual literature and materials on an array of financial topics and resources and help the community grow by providing education that will provide options, options that will provide empowerment and ultimately, empowerment that will result in raising the self-esteem of our new immigrants who may not have had the advantages of extensive education or economic solvency in their native countries.

In addition to Financial Education Week, Liberty Tax Service supports the IME Scholarship Program, (The Institute of Mexicans Abroad) as well as the Mexican Consulate community learning centers and numerous other programs.

##

About JTH Holding, Inc.

Founded in 1997 by CEO John T. Hewitt, JTH Holding, Inc. is the parent company of Liberty Tax Service.  As the fastest-growing tax preparation franchise ever, Liberty Tax Service has prepared over 10 million individual income tax returns.  Liberty also offers an online tax service, eSmart Tax, which enables customers to do their own taxes wherever there’s a computer.  eSmart Tax is backed by the tax professionals at Liberty Tax Service and its nationwide network of over 30,000 tax preparers, ready to offer their assistance at any time. For a more in-depth look at Liberty Tax Service, visit www.libertytax.com.

About Una Familia Sin Fronteras

Liberty’s Una Familia Sin Fronteras is an educational outreach program that brings financial and fiscal education seminars and courses to Hispanic communities across the nation, at no cost. Additionally, alliances have been established by Liberty Tax Service’s Diversity Programs team than enable over 400 national, regional and local organizations with important messages for the Hispanic community to provide these messages at no cost. “Liberty Tax Service has long been involved in community service and educational projects on a national level. To better serve the Hispanic community, we created the Una Familia Sin Fronteras initiative to bring value, education and ultimately, financial and fiscal success to Hispanics throughout the United States,” says John Hewitt, Founder and CEO of Liberty Tax Service.

U.S. Securities and Exchange Commission

Washington, D.C.
March 21, 2013

Recently I have had the privilege to speak at a number of forums to discuss the importance of diversity and inclusion in corporate America and in government agencies such as the SEC. I strongly believe that regulators and corporate America should reflect the broad range of American society. The following remarks are a compilation of my remarks delivered on (i) March 5, 2012, at the Greenlining Institute’s Diversity Summit in Washington, DC, (ii) March 5, 2013, at the SEC’s Unconscious Bias Training Seminar in Washington DC, (iii) March 16, 2013, at the Renaissance Gathering Dinner in Atlanta, Georgia, and (iv) March 19, 2013, at the Chicago United Annual Meeting in Chicago, Illinois.

Diversity at the SEC

Before speaking about the many benefits of diversity and inclusion in Corporate America, I need to be upfront about my agency’s own diversity. For those not familiar with the SEC, let me describe our role. The SEC is the agency responsible for overseeing most of Wall Street and the capital markets. This includes oversight of approximately 35,000 entities, including about 12,600 investment advisers, 9,900 mutual funds and exchange traded funds (ETFs), and over 4,500 broker-dealers with more than 160,000 branch offices. In addition, we have the responsibility for administering a disclosure regime that covers more than 9,100 reporting companies.

When all is said and done, the SEC’s core mission is to protect investors. I strongly believe that a diverse workforce at the SEC is critical in order for the SEC to achieve its core mission; however, and, to put my cards on the table, the SEC has much to do in order for its workforce to reflect the communities we live in. The statistics reflect that 31.6% of the SEC’s workforce was comprised of people of color in 2012, and that just 12.9% were at the senior employee level. The most telling numbers are those relating to our senior officers. As of fiscal year 2012, the SEC’s senior officers were approximately 86.7% white, while 5.5% were African-American, 3.9% Hispanic, and 3.1% Asian-American. The gender breakdown among these officers is 68.8% male and 31.3% female. Clearly these numbers can be improved. Unfortunately, though our lack of diversity is well-known and has been publicly discussed, the SEC’s recent hiring activity has not resulted in much improvement in our numbers. The SEC just hired 567 employees for fiscal year 2012 and the first quarter for fiscal year 2013, and, with respect to the attorneys hired by the SEC, 38.5% were women and only 16.6% were persons of color. We can, and must, do better.

A recent event also speaks to the SEC’s lack of diversity. At the end of February 2013, I spoke at the annual “SEC Speaks” conference, in which the SEC’s leadership reviews the agency’s efforts over the past year and previews the year to come. Every panelist who spoke was a member of the SEC staff. I was pleased to see that 27 of the 53 SEC representatives that served as panelists at the conference were women. However, I was struck by the lack of racial and ethnic diversity. During the two-day conference, there were only two African-Americans, one Hispanic, and two Asian-Americans on the panels. This failure to reflect the at-large community the SEC serves is simply unacceptable.

I am concerned that the persistent lack of diversity at the SEC is resulting in the exclusion of many qualified women and minorities. The SEC senior staff making the hiring decisions must understand the continuing lack of diversity and they must undertake to break down the barriers to finding the best and the brightest by conducting a comprehensive search. In my mind, no search can be comprehensive if the talent pool is homogenous and artificially limited.” In order to achieve a workforce at the SEC that reflects America, there needs to be established internal processes to ensure that diverse individuals are recruited, hired, trained, mentored, and promoted. Attracting diverse candidates is an opportunity not only to add important — and high quality, skilled employees to the SEC — but also to change the face of the SEC to be more representative of the United States.

I am optimistic that a recent mandate in the Dodd-Frank Act will have positive results in effecting policies and process that will promote diversity and inclusion results at the SEC. Section 342 of the Dodd-Frank Act requires that “each agency shall establish an Office of Minority and Women Inclusion that shall be responsible for all matters of the agency relating to diversity in management, employment, and business activities.” The creation of this office — sometimes referred to as OMWI — will hopefully result in focused efforts to bring qualified minorities and women to the SEC and to foster an environment where they can be successful.

Regrettably, the SEC was one of the last agencies to hire a Director for the OMWI Office, so that already has us in a “catching-up” mode. But, I am committed to improving the diversity of the SEC’s workforce and will work closely with the SEC’s OMWI Office, and with the Office of Human Resources, and SEC employees to do just that. A major part of my commitment is reflected in my willingness to serve as chairman of a new Diversity Council being formed at the SEC. It is anticipated that the Diversity Council will serve as a body that will have oversight of all of the SEC’s diversity activities, in order to ensure that there is full transparency and progress in the SEC’s diversity efforts in hiring, retention, and promotion of employees. The ultimate goal of the SEC’s Diversity Council is to have an SEC that is more diverse and inclusive.

Diversity in Corporate America

Sadly, the private sector has done even worse when it comes to the recruitment, retention, and promotion of people of color. Reports show that women and persons of color continue to be severely underrepresented on corporate boards and in corporate leadership.

According to a review of the Fortune 500^® companies by the Alliance for Board Diversity (“ABD”), in 2010, white men held 74.5% of the board seats and white women held 12.7% of the seats; in contrast, minority men represented only 9.9% of the directors; and minority women just 3.0%. In 2010, ABD counted 32 Fortune 500^® companies without a single woman or person of color on the board. That’s a lot of boards ignoring a lot of qualified talent.

The director totals for this group of companies include 7.6% African-Americans (compared to 12.6% of U.S. population), 3.0% Hispanics (compared to 16.3% of U.S. population), 2.1% Asian Pacific Islander (compared to 4.8% of U.S. population), and women held fewer than 16% of the board seats (while comprising more than half the U.S. adult population). Clearly, these are disappointing statistics.

These statistics fly in the face of multiple studies that show that diverse boards perform better than non-diverse boards. As a result, in recent years, investors, academics, consultants, and some corporate insiders have asked for companies to become more diverse. As one investor put it:

Diversity is a critical attribute to a well functioning [sic] board and an essential measure of good governance. In an increasingly complex global marketplace, the ability to draw on a wide range of viewpoints, backgrounds, skills, experience and expertise internally increases the likelihood of making the right decisions. Director and nominee diversity that includes race, gender, culture, age, and geography helps to ensure that different perspectives are brought to bear on issues, while enhancing the likelihood that proposed solutions will be nuanced and comprehensive.

Diversity also enhances a company’s responsiveness to an increasingly diverse world of customers and stakeholders. In 2012, Forbes published the results of a comprehensive survey of more than 300 senior executives from geographically diverse companies that had revenues of at least $500 million and went up to more than $20 billion. Their findings were noteworthy: 85% of executives agreed that a “diverse and inclusive workforce brings the different perspectives that a company needs to power its innovation strategy.”

The benefit of diversity in bringing new perspectives into a group’s discussion is bolstered by academic research. One study found that “there is a lot of evidence that people’s identity groups — ethnic, racial, sexual, age — matter when it comes to diversity in thinking.” The study states that these cognitive differences help organizational performance because people from different backgrounds have different “tools” or “varying ways of looking at problems.” The study argues the sum of these tools is far more powerful in organizations with diversity.

Unfortunately, publicly-traded companies in the private sector have performed even worse when it comes to diversity in their top management. A recent report that illustrated the lack of diversity in the leadership at Fortune 500^® companies provided that as of December 30, 2012, there were only:

• Six Black CEOs or 1.2% of all Fortune 500^® CEOs;
• Six Latino CEOs or 1.2% of all Fortune 500^® CEOs;
• Seven Asian-American CEOs or 1.4% of all Fortune 500^® CEOs; and
• Twenty-one women CEOs or 4.2% of all Fortune 500^® CEOs.

So, in light of the benefits that diversity and inclusion appear to have, the question remains as to why, so many entities fail to have representative diversity on their boards or in senior leadership positions. To my mind, there really aren’t any good answers to this question.

Shining a Light on Diversity and Inclusion

However, in response to the demands of shareholders and others seeking greater information about diversity on corporate boards, in 2009 the SEC adopted a new rule that requires U.S. publicly-traded companies to disclose in their annual proxy statements whether, and if so how, a corporate board or nominating committee considers diversity in identifying nominees for director. If the company has a policy regarding the consideration of diversity in identifying director nominees, the proxy statement must disclose how this policy is implemented, as well as how the company assesses the effectiveness of its policy. This requirement is not limited to companies with a written policy; and companies with de facto policies regarding board diversity must disclose such policies as well. Although the rules do not define diversity for this purpose, and companies may define diversity in various ways, numerous commenters cited by the Commission have made clear that investors are particularly interested in board policies regarding gender and/or racial diversity, and find such information useful in making voting and investment decisions.

As a result, there are many that believe that to truly meet the needs of investors, a proxy statement would need to state the gender and racial or ethnic background of incumbent directors and nominees, and whether or not the board or nominating committee takes such aspects of diversity into account in identifying and/or evaluating potential board candidates. The proxy statement should disclose how the board defines diversity. If a company has no women or persons of color on its board, it should state whether or not it has considered addressing this lack of diversity — and if not, why.

I know that many public companies already provide good disclosure on board diversity and diversity policies. Moreover, a recent study has shown that over half (54) of S&P 100 companies disclose some level of diversity data, such as the percentage of women employees or number of new minority hires. However, many companies can, and must, do better.

To that end, I would like to highlight those groups that are engaged in efforts to promote diversity in the boardroom. Many institutional investors, as well as non-profit organizations, business leaders, and government officials, continue to advocate vigorously for greater diversity in senior management and corporate boards. These groups have found various ways to engage constructively with public companies. These efforts include voting against the election of any slate of directors nominated by management, if the slate would result in a board that has no women or minority members. Diversity advocates also write letters to management and ask direct questions regarding diversity policies at annual meetings of shareholders. In the last 12 months, a group of advocates and investors — whose members include asset managers with over $1.2 trillion under management — wrote letters to 168 public companies with no women on their boards, and this year investors affiliated with that group have filed shareholders’ resolutions with more than 20 of these companies. The shareholder resolutions urge companies to adopt charter language supporting board diversity and to institute a practice of including women and minority candidates on their boards. Such coordinated action makes a powerful statement, and has been instrumental in promoting real change. Some investors report that their portfolio companies are more responsive to discussing board diversity, as compared to five years ago.

There are also many resources available to public companies as they endeavor to achieve greater racial, ethnic, and gender diversity on their corporate boards. A number of organizations devote considerable time and effort to train and identify potential diverse candidates. Some executive search firms are also noted for their expertise in diversity searches. In addition, there are databases that act as clearinghouses for potential director candidates, with emphasis on a more diverse range of backgrounds, perspectives, skills, and experience.

I encourage those here today that work for public companies, to look at their proxy statements and determine if their disclosure adequately meets the needs of investors, and I ask the shareholders in these companies to do likewise. I look forward to the day when corporate boards reflect the diversity of our communities.

Conclusion

It is clear that the SEC and the private sector can do better. Obviously, there is much that needs to be done to develop proactive and effective programs to identify and recruit existing qualified minorities and women. They have much to contribute.

As President Obama has put it:

Our nation derives strength from the diversity of its population and from its commitment to equal opportunity for all. We are at our best when we draw on the talents of all parts of our society, and our greatest accomplishments are achieved when diverse perspectives are brought to bear to overcome our greatest challenge.

I completely agree with the President. Throughout my career, I have been supportive of efforts to create a diverse workforce and ensuring that opportunities are available to everyone regardless of race, gender, ethnicity, or national origin. As we can all see, a lot of work still needs to be done to achieve this goal. There is no doubt in my mind that women and minorities have a lot to contribute to our nation — and that includes enhancing how companies perform. Better performing companies grow larger, hire more workers, and make our economy stronger. That’s a goal we can all agree on.

The views expressed by Commissioner Luis A. Aguilar are his own and do not necessarily reflect the views of the U.S. Securities and Exchange Commission (“SEC”), his fellow Commissioners, or members of the staff.

The Greenlining Institute is a national policy, organizing, and leadership institute working for racial and economic justice. See, www.greenlining.org.

The purpose of the Renaissance Gathering Dinners is to form personal relationships and facilitate word of mouth that helps diverse leaders advance in top leadership across all sectors of America.

Chicago United is an advocacy organization made up of racially diverse CEOs and executive level management who increase economic opportunity for all races by promoting multiracial leadership development in corporate governance, the leadership pipeline and business partnerships. See, www.chicago-united.org.

In aggregate, 70% of the SEC’s new hires (which includes professional and support staff) for the fiscal year 2012 and the first quarter of 2013 were Caucasian, 13.9% were African-American, 2.8% were Hispanic, and 12.3% were Asian-Americans. Thirty-nine percent of the SEC’s new hires during this period were women.

Luis Aguilar, Commissioner, U.S. Securities and Exchange Commission, “An Update on Diversity and Financial Literacy,” Washington, DC (April 30, 2011), available at http://sec.gov/news/speech/2011/spch043011laa.htm.

See, Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. 111-203, § 342(a)(1)(A) (2010) (Title III, Subtitle D, Other Matters).

See, “ Examining the Cracks in the Ceiling: A Survey of Corporate Diversity Practices of the S&P 100” Calvert Investments (March 2013), available at http://www.calvert.com/nrc/literature/documents/BR10063.pdf (the study provides that since 2010, the overall percentage of women serving on S&P 100 boards rose just 1% from 18% to 19%).

See, DiversityInc, “Where’s the Diversity in the Fortune 500 CEOs?” available at http://www.diversityinc.com/facts/wheres-the-diversity-in-fortune-500-ceos/.

The statistics in this paragraph are from “Missing Pieces: Women and Minorities on Fortune 500 Boards,” 2010 Alliance for Board Diversity Census (revised, July 21, 2011), available at http://theabd.org/ABD_report.pdf.

Id.

See, “Examining the Cracks in the Ceiling: A Survey of Corporate Diversity Practices of the S&P 100,” Calvert Investments (March 2013), available at http://www.calvert.com/nrc/literature/documents/BR10063.pdf; and “Is There a Payoff from Top-Team Diversity: Between 2008 and 2010, Companies with More Diverse Top Teams were also Top Financial Performers,” Thomas Barta, Markus Kleiner, and Tilo Neumann, McKinsey Quarterly (April 2012).

See, e.g., SEC File No. S7-13-09, letters from: Calvert Group, Ltd (September 16, 2009); California Public Employees’ Retirement System (September 16, 2009); General Board of Pension and Health Benefits of The United Methodist Church (September 15, 2009); and Boston Common Asset Management, LLC (September 14, 2009), available at http://www.sec.gov/comments/s7-13-09/s71309.shtml.

See, e.g., James A. Fanto, Lawrence M. Solan, and John M. Darley, Justifying Board Diversity, 89 N.C. L. Rev. 901, 930-934 (2011); and Renée B. Adams & Daniel Ferreira, Women in the Boardroom and Their Impact on Governance, 94 J. Fin. Econ. 291, 308 (2009).

See, e.g., Board Diversification Strategy: Realizing Competitive Advantage and Shareowner Value, Virtcom Consulting (2009), available at http://www.calpers.ca.gov/eip-docs/about/press/news/invest-corp/diversification-strategy.pdf.

See, Lissa L. Broome, John M. Conley, and Kimberly D. Krawiec, Dangerous Categories: Narratives of Corporate Board Diversity, 89 N.C.L. Rev. 759, 760 (2011).

See, SEC File No. S7-13-09, letter from Calvert Group, Ltd, (September 16, 2009).

See, SEC File No. S7-13-09, letter from Trillium Asset Management (September 15, 2009).

Forbes Insight Innovation Through Diversity (2011), available at http://www.mediadiversityforum.lsu.edu/Innovation_Through_Diversity-1.pdf.

Id.

Scott E. Page, The Difference: How the Power of Diversity Creates Better Groups, Firms, Schools and Societies (Princeton, NJ: Princeton University Press, 2007).

Id.

Id.

See, DiversityInc, “Where’s the Diversity in the Fortune 500 CEOs?” available at http://www.diversityinc.com/facts/wheres-the-diversity-in-fortune-500-ceos/.

Supra Note 8. Well over half (56%) of S&P 100 companies have no women or minorities in their highest-paid senior executive positions. While women make up 19% of S&P 100 board of director positions, they represent only 8% of the highest-paid executives.

17 C.F.R. 229.407(c)(2)(vi).

Release No. 33-9089, notes 116-117, note 193.

Supra Note 8.

See, e.g., Domini Social Investments, “Shareholder Activism:  Your Dollars at Work for Change,” available at http://www.domini.com/shareholder-advocacy/index.htm.

Press Release, Thirty Percent Coalition, “Institutional Investors file Shareholder Resolutions Encouraging Diversity in Company Charter Language and in the Corporate Boardroom” (February 28, 2013), available at http://www.30percentcoalition.org/news/97-institutional-investors-file-shareholder-resolutions.

Id. This initiative was led by The Thirty Percent Coalition Institutional Investor Committee, co-chaired by Janice Hester-Amey, portfolio manager with the California State Teachers Retirement System (CalSTRS), and Timothy Smith, senior vice president with Walden Asset Management. Resolutions were also filed by Calvert Investments and Trillium Asset Management.

See, e.g., Catalyst (www.catalyst.org); InterOrganization Network (www.ionwomen.org); Watermark Institute Board Access (www.wearewatermark.org); Executive Leadership Council (www.elcinfo.com); Hispanic Association on Corporate Responsibility (www.hacr.org); New America Alliance (www.naaonline.org); and Director Diversity Initiative (www.ddi.law.unc.edu).

See, e.g., The Prout Group (www.proutgroup.com), Diversified Search (www.diversifiedsearch.com).

See, e.g., Diverse Director DataSource (www.gmi3d.com). The Diverse Director DataSource, or “3D,” was commissioned by the California Public Employees’ Retirement System (CalPERS) and CalSTRS, and is operated by GMI Ratings.

See, Executive Order 13583 — Establishing a Coordinated Government-wide Initiative to Promote Diversity and Inclusion in the Federal Workforce, available at http://www.whitehouse.gov/the-press-office/2011/08/18/executive-order-establishing-coordinated-government-wide-initiative-prom.

http://www.sec.gov/news/speech/2013/spch032113laa.htm

Columbia, MO. – A unique program at the Missouri University College of Veterinary Medicine that is studying how veterans who have Post Traumatic Stress Disorder (PTSD) might benefit from working with shelter dogs is still seeking veterans to take part in the study.

The Research Center for Human-Animal Interaction’s Veterans and Shelter Dogs Initiative is designed to help increase the number of shelter dogs who are adopted while helping veterans fight the symptoms of PTSD and to re-integrate into civilian life.

Greg Jenkins, a former U.S. Army sergeant major and head of inQuest Consulting’s newly formed Veteran Services Division, recently sat down with Dr. Rebecca Johnson, the lead investigator for the Veterans and Shelter Dogs Program, to learn more. Here’s what she had to say: 

About Dr. Rebecca Johnson:

Dr. Rebecca Johnson, PhD, RN, FAAN, is a Millsap Professor of Gerontological Nursing at the University of Missouri (MU), Sinclair School of Nursing. She is the Director of the Research Center for Human Animal Interaction at the MU College of Veterinary Medicine and primary investigator for the Veterans and Shelter Dogs Program. The following is an interview of Dr. Johnson and her work with the Veterans and Shelter Dogs Program.

Greg Jenkins: What was your motivation to help both veterans and shelter dogs?

Dr. Rebecca Johnson: We have so many veterans returning from the wars; the war on terror and the gulf wars, and veterans in our communities face vast needs on so many levels. One key need is for meaningful and beneficial activities that are both rewarding and fulfilling and can help veterans mitigate some of the PTSD that some experience after having been deployed. So that was the major impetus for this study. Also, there has long been an overabundance of shelter dogs that need homes.  I thought this project would be a good way to combine the many talents that these veterans have to help save some animals that otherwise would likely be euthanized.

Greg Jenkins: What trends are you discovering through this study?

Dr. Rebecca Johnson: In this study, veterans are working together as a team to help animals learn basic skills so the animals are more likely to be adopted. But there’s an added benefit: the veterans support each other and we’ve seen many veterans who have shared needs and concerns about challenges they’re facing with each other.  One veteran, at one point, told another veteran, “The other day, I had a panic attack and I couldn’t drive anymore and I had to stop my car.”  He said he had to call his father, and the second veteran replied,  “Hey, man, you can call me. I’ve had that happen too and I know how it feels.” 

So were gaining a very nice sense of camaraderie in the groups. They’re supporting each other while they’re doing something that helps these deserving animals.

Greg Jenkins: What has been your greatest challenge in doing this work?

Dr. Rebecca Johnson: The greatest challenge is recruitment. It’s very difficult to find the veterans.  We’ve gone to speaking events in many areas and met with various reserve groups and auxiliaries to find veterans, but as you know, these veterans are often widely dispersed throughout their communities. Once veterans leave the military, it’s often very difficult to find them. To some extent, we have been recruiting through the Veterans Administration (VA).  But, as you know, many people who have PTSD are unfortunately not receiving treatment and are instead just out there in the community, struggling. VA estimates that about 15 percent of the Operation Enduring Freedom/Operation Iraqi Freedom (OEF/OIF) veterans they’re treating have PTSD. That’s a relatively small number, but veterans are dispersed far and wide and with the VA’s large catchment areas, it becomes a challenge to find veterans to recruit for the program.

Greg Jenkins: What has been your great success during this work?

Dr. Rebecca Johnson: The greatest success is actually seeing clinically, meaningful improvements in Post-Traumatic Stress levels of our participants, particularly since that is the whole point of this study. We don’t yet have statistically-significant data because we’re still building up our numbers and need more veterans for the study since it takes bigger numbers to reach such data outcomes. However, we already have some clinically-meaningful and beneficial results, and to know that we’re helping these veterans not to be as afraid and not to be as hyper-vigilant is incredibly meaningful. We have had times when cars have backfired near our dog training facility while our veterans were working with their dogs, and some of them are ready to hit the deck.  

Greg Jenkins: What partnering or growth opportunities do you envision for the program?

Dr. Rebecca Johnson: I’d like to see this program in every city, because many cities have animal shelters. I’d also like to see if we could create a cadre of veterans who are dog trainers who could work with other veterans to train these dogs. That would be such a wonderful thing! We have one veteran in our study who is trying to start his own business –a dog training facility that veterans could work in – and that is a very exciting thing. I’d love to see veterans training other veterans.

Greg Jenkins: How can individuals, businesses or other entities get involved with your program?

Dr. Rebecca Johnson: There are many ways to help. They can help us by recruiting and helping to get the word out, just like you’re doing. We’d love to have people do interviews and write articles about this program and to put it on their blogs, websites, or Facebook page. People and businesses can take up this program as something that they want to support, or provide funds to help us to continue and expand the project.

Greg Jenkins: What kind of future do you envision for the program?

Dr. Rebecca Johnson: As I said, I’d like to see the Veterans and Shelter Dogs Program spread across the U.S. One of our sponsors is interested in helping us to do that, but right now, we need more veterans and solid research data. I believe that through this program, veterans will see meaningful improvements in their lives, so I think the program has wide applicability. 

Greg Jenkins: How far are you from having statistical significant data?

Dr. Rebecca Johnson:  We have a group that finished during the first week of February 2013. After we analyze those results, we hope to have statistically significant findings.

Greg Jenkins: How much longer can you sustain the program with your current level of resources? 

Dr. Rebecca Johnson: We can sustain our progress through Jan. 2014 with our current funding, partnerships and recruiting.

 Greg Jenkins: Any final thoughts you’d like to share with your readers?

Dr. Rebecca Johnson: Just that I think that this is one of the more meaningful projects that veterans can be involved in. The unconditional love of these animals is a powerful force for good, and if you’re feeling afraid and anxious, there’s nothing like unconditional love. In fact it’s something that nobody has enough of.  The rewards of this program are many. You really see it in these guys when they’re training, petting and kissing these dogs. It’s a powerful thing. And while this is something that you can’t measure, it’s one of the things that probably speaks loudest for this project and the benefits and rewards it offers.  

 inQUEST Consulting LLC (inQUEST) is a consulting and training firm bringing the next generation of diversity and inclusion solutions to organizations who wish to:

• ·         INCLUDE the broadest possible talent and customer populations 
• ·         ENGAGE employees and customers in ways that are meaningful to them 
• ·         INNOVATE

At inQUEST we exist to improve your business results by leveraging Diversity & Inclusion to create, sustain and measure your competitive advantage.  Whether your organization is new to a formal diversity and inclusion discussion or has robust, integrated efforts in place today, our thought leaders and consulting teams are positioned to ensure your business is ready to succeed in tomorrow’s complex workplace and marketplace.

Globally Relevant Services include: Training, Development and Coaching Programs, Strategy Consultation & Execution, Veteran Services Practice, Cultural Assessments, D&I Council and Employee Resource Group Support, Topic/Situation Specific Interventions, Conference and Event Speakers/Support, Supplier Diversity, and Measurement Tools and Scorecards.

info@inquestconsulting.com 

30 S. Wacker Drive, Suite 2200

Chicago, IL 60606

Leffler    Agency    Selects  Good  Word  Reputation  Digital  Media 

Leffler  Agency,   Inc.  a  Baltimore  and  Tampa  based  full-­‐service    advertising  and  marketing  firm    with  a    specialty  for  representing  professional  and    collegiate  sports  teams,  has  selected  Good   Word  Reputation    Digital  Media  (GoodWRD    Media),    a  digital  media  company  founded  by  J.  Russell  Fugett, to    be  the    agency’s  digital  media    partner  in  the    area    of  online  reputation   management  for    Leffler    Agency’s    University  and  sports  clients. 

“Russell    comes  from  a    great  family  that  I   have  known  well    for  many  years.    I    was  very  much    impressed  with  the  capabilities  and  approach  that    he  and  his  team  can  provide  for    our    clients”,  said    Bob  Leffler  the  Founder  of  the    Leffler  Agency.  

The  Leffler  Agency,  founded    in    1984  by  former    Baltimore  Colts  marketing  and  sales  director,  Bob    Leffler,    specializes    in  strategic    revenue  acquisition  planning,  budget  expansion,  promotional  networking,    and  strategic    creative  imaging.    It  is  now  in  its  30th  year  of  business. 

GoodWRD  is  a  digital    media  company  that  specializes    in  working  with  Businesses  and    Brands,    Campaigns  and  Causes,  Institutions  and  Individuals  to  promote  and    protect  their  online  reputations.  With    a  special    emphasis  on  mobile  applications  and  online    reputation  management,    GoodWRD  provides    communication  services    across  all  media. 

GoodWRD    has  unique  understanding   of  business  as  well    as  Collegiate  and  Professional  sports.      Russell  spent  over  6  years    at  George  Washington  University  in  Multicultural  Student  Services  where  he    conceived  and  implemented  campus    wide  marketing  initiatives.    Russell’s  partner  and  father,  Jean    Fugett,    Jr.,  is  the  former  All-­‐Pro    tight  end  for  the    Redskins  and  Dallas  Cowboys  and  the  former    chairman  and  CEO  of  TLC  Beatrice    International  Food.    Jean  previously  served  on  a  number  of    University  Boards  including  Harvard,  George   Washington  University,  and  the  University  of  Maryland. 

Russell’s  uncle  Reginald    F  Lewis  acquired  Beatrice  international  25  years  ago.     GoodWRD  and  the    Leffler  Agency  came  to  their  agreement  on  the  same  date  25  years  later.        

http://www.leffleragency.net/index.php    

www.TheGoodWRD.com    

www.GoodWRD.com                                                                            

@TheGoodWRD  Twitter  &  Facebook  

One World Financial Center, New York, NY

By:  Fields Jackson

On Feb 27 I had the unique opportunity to attend the 1st FINRA Diversity Summit.  The summit’s objective was to provide a forum for diversity practitioners from firms, financial regulators and other organizations to share best practices that link business goals to the workplace and the marketplace.

The program kicked off at 8:30 am with a welcome address from Julie Crotty, Deputy Director, Mediation and Business Strategy, Co‐Chair, Diversity Summit Planning Committee, FINRA and Yolanda Trottman, Examination Director, Risk Oversight and Operational Regulation, Co‐Chair, Diversity Summit Planning Committee, FINRA.  Julie and Yolanda briefly stated the objectives of the program – to explore a variety of corporate practices, strategies and outreach efforts intended to leverage the benefits of diversity and inclusion and introduced Richard G. Ketchum, Chairman and CEO, FINRA.

Richard who has been featured on the cover of Racing Toward Diversity magazines Winter 2012 issue –  “FINRA WORKS TO RESTORE CONFIDENCE AND EXPAND DIVERSITY. “

http://bit.ly/UY4RRT, clearly communicated not only his personal diversity and inclusion journey, but his commitment to the business case for diversity and inclusion that has spanned the past 10+ years during his tenure at FINRA and his previous employer NYSE.

Richard then introduced to the standing room only crowd of over 100+ participants representing over 15 states and Washington DC, the keynote speaker James Weddle, Managing Partner, Edward Jones. James discussed “Making the Business Case for Diversity and Inclusion Practices”. James who serves as a member of the Financial Industry Regulating Authority (FINRA) Board of Governors stated, “Diversity and Inclusion it is the smart thing to do. It’s all about talent acquisition and finding the best talent / associates who mirror the markets we serve.

Panel 1 which started at 9:30 am – featured Robert Marchman, Executive Vice President, Market Regulation, Legal, FINRA (moderator), Sheila Clark, Director, Office of Diversity and Inclusion, Federal Reserve Board, D. Michael (Mickey) Collins, Director, Office of Diversity and Economic Opportunity, FDIC and Pamela Gibbs, Director, Office of Minority and Women Inclusion, U.S. Securities and Exchange Commission focused on Updates on Office of Minority and Women Inclusion (OMWI).

Robert Marchman-FINRA, Sheila Clark-Federal Reserve, Mickey Collins-FDIC, Pamela Gibbs-SEC

The panel provided an overview and update of the Office of Minority and Women Inclusion, established in July 2011, as required by Section 342 of the Dodd‐Frank Act. Panelists discussed the role and responsibilities of the federal agencies’ OMWIs, particularly as it relates to the irinternal diversity programs and the diversity policies of the regulated entities.

Panel 2 which started at 11 a.m. featured Tyronne Stoudemire, Principal, Senior Diversity Consultant, Mercer (moderator), Jennifer Brown, Founder and CEO, Jennifer Brown Consulting, Erika Irish Brown, Senior Vice President, Diversity and Inclusion, Bank of America, John Kalohn, Vice President, Registration and Disclosure, Co‐Chair,Diversity Leadership Council, FINRA and Nate Saint‐Victor, Executive Director, Legal and Compliance, and Chair of the Legal and Compliance Division Diversity & Inclusion Committee, Morgan Stanley.

Tryonne Stoudemire-Mercer, Jennifer Brown-JB Consulting, John Kalohn-FINRA, Erika Irish Brown-Bank of America, Nate Saint-Victor-Morgan Stanley

This panel focused on Diversity and Inclusion Best Practices and in this session, diversity officers and practitioners shared their perspectives on how to effectively build a business case for implementing diversity and inclusion practices. Panelists also shared their views on the “best of the best,” including which best practices are the most effective and why.

Overall a strong and thought provoking dialogue and an important first step with the FINRA Diversity and Inclusion summit. My take away, in the highly competitive financial, government and regulatory agencies in which all the firms in attendance operate – how do you attract and retain a diverse workforce and leadership team. Talent is what separates those leading companies and institutions – and as James Weddle stated in very stark business terms –“Diversity and inclusion – it is the smart thing to do”.