Caballero Introduces Legislation Urging UC Investment Diversity
SACRAMENTO – Today, Assemblymember Anna M. Caballero introduced Assembly Bill 2041 urging the Regents of the University of California to require the Office of the Chief Investment Officer (OCIO) to adopt a range of practices that will increase workforce diversity, both internally at the OCIO, and with the OCIO’s investment partners.
Through UC Ventures and the UC pension fund, the OCIO manages over $100 billion in investment capital. Assembly Bill 2041 urges the Regents of the University of California to require the OCIO to implement hiring practices that provide women and underrepresented minorities with career opportunities at OCIO, and to influence its investment partners to adopt similar hiring practices. “The importance of diversity in the investment and corporate world cannot be underestimated,” said Caballero, “The data is clear—firms with diverse boards and executive teams perform better, produce higher revenues than non-diverse firms, and produce higher returns for investors. The OCIO should increase its percentage of investment managers who are women or underrepresented minorities.”
Caballero continued, “When UC Ventures and the UC pension fund managers invest capital in other venture capital and investment firms, the OCIO can influence the hiring and investing decisions of those partners, as well. I hope that the Regents will require the OCIO to make hiring and investing decisions that reflect the values of the University of California, and that acknowledge the demographics of the state, while producing the best possible return on investment for UC Ventures and UC pensioners.” Assemblymember Anna M. Caballero is the Chair of the Agriculture committee, of the California State Assembly. She represents the 30th District, composed of the Salinas Valley and Big Sur, San Benito County, Watsonville, Gilroy, and Morgan Hill.