WSJournal. CaliforniStateRetirementSystem Noticed & lettered that FB does not have any women on the board.
A large California pension fund has challenged Facebook Inc. over what it sees as a lack of diversity on the company's board of directors, just days after the social-networking firm filed papers to go public in a closely watched IPO.
In a letter addressed to Facebook Chief Executive Mark Zuckerberg on Tuesday, California State Teachers' Retirement System Director of Corporate Governance Anne Sheehan wrote that, "We are disappointed that the Facebook board will not have any woman members."
"This is particularly glaring at a time when there is clear evidence that companies with diverse boards perform far better than the companies with more homogenous boards," Sheehan wrote.
In addition, Ms. Sheehan wrote that Facebook Chief Operating Officer Sheryl Sandberg has been supportive of increasing the diversity on boards.
CalSTRS has invested in Facebook through its private equity allocation, and will "most likely" invest in the company's common stock once it goes public.
Facebook filed its initial IPO papers last week, kick-starting an IPO that could value the company at up to $100 billion.
CalSTRS decided to send the letter after seeing Facebook's IPO filing and being "struck by the composition of the board," said Janice Hester-Amey, portfolio manager for corporate governance at the big public pension fund.
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