WASHINGTON –American Council of Life Insurers (ACLI) President and CEO Susan Neely made the following comments on the Improving Corporate Governance Through Diversity Act that passed the U.S. House today as part of the Financial Services Racial Equity, Inclusion, and Economic Justice Act (H.R. 2543):

“The Improving Corporate Governance Through Diversity Act goes a long way toward advancing diversity and inclusion among corporate leadership, which is an important goal for life insurance companies. The legislation’s reporting and disclosure requirements will generate information that will help corporations take meaningful steps toward achieving this goal.

“The bill aligns with life insurers’ commitment to advancing racial equity. ACLI was among the first trade associations to have 100 percent of its Board of Directors sign the Pledge for CEO Action for Diversity and Inclusion, which aims to expand diversity in corporate leadership. And in 2020, we launched the Economic Empowerment and Racial Equity Initiative to help more Americans access opportunities that lead to financial protection and security. Advancing diversity and inclusion within companies and on corporate boards is a key pillar of this initiative.

“We commend the leadership of U.S. Rep. Gregory Meeks (D-NY) for introducing the Improving Corporate Governance Through Diversity Act in the House, and U.S. Sen. Bob Menendez (D-NJ) for introducing companion legislation in the Senate. We look forward to working with them and all Members of Congress to help advance this important legislation to the President’s desk.”

The American Council of Life Insurers (ACLI) is the leading trade association driving public policy and advocacy on behalf of the life insurance industry. 90 million American families rely on the life insurance industry for financial protection and retirement security. ACLI’s member companies are dedicated to protecting consumers’ financial wellbeing through life insurance, annuities, retirement plans, long-term care insurance, disability income insurance, reinsurance, and dental, vision and other supplemental benefits. ACLI’s 280 member companies represent 94 percent of industry assets in the United States.