Diversity and Inclusion
Mass PRIM is committed to fostering a diverse and inclusive environment. We believe a team comprised of individuals with varied backgrounds, experiences, and perspectives creates a more effective organization by enabling employees to learn from one another and challenging ingrained beliefs and conventional thinking. PRIM believes that a diverse and inclusive organization leads to improved decision making and better returns for our stakeholders.
Below is more detail on Mass PRIM’s diversity and inclusion policies and initiatives. These are just some of the steps the organization has taken on what they consider to be a much longer journey, and PRIM is committed to continually assessing how existing programs and strategies can be improved to influence lasting, positive change.
Human Resources Policies and Initiatives
PRIM seeks to hire talented individuals from diverse backgrounds. We have developed a comprehensive strategic plan to achieve our recruitment, retention, training, and procurement goals. Components of the plan include:
- A hiring playbook to formalize our hiring process. This tool ensures PRIM has intentional diversity efforts incorporated into each step of our recruitment process.
- A firmwide diversity and inclusion training curriculum with a focus on unconscious bias behavior.
- Annual pay equity studies.
- Partnerships with affinity groups to help attract, retain and provide an inclusive culture for diverse candidates and employees.
Investment Manager and Portfolio Company Engagement
Mass PRIM is committed to working with the investment management industry and companies that we are invested in to advocate for diversity and inclusion and its benefits. PRIM believes companies must draw on the broadest possible pool of talent to grow and optimize their businesses. PRIM has established the following guidelines and processes:
- Progressive proxy voting guidelines on areas such as board diversity requirements, over-boarded directors, gender pay gaps, labor, and human rights, and executive compensation. These guidelines include voting against all board nominees if less than 35% of the board is diverse in terms of race and if less than 35% of the board is diverse in terms of gender.
- A formal process for all procurements to review the Directory of Certified Businesses maintained by the Massachusetts Supplier Diversity Office (SDO) for suitability. The directory includes all registered minority, women, LGBT, and veteran-owned companies.
Promoting diversity, equity, and inclusion in the investment management industry
PRIM continues to engage in outreach and dialog with stakeholders, investment managers, and industry leaders about the importance of improving diversity, equity, and inclusion in the investment industry.
PRIM’s executive director and chief investment officer, Michael Trotsky, CFA, is a founding member of the CFA Institute’s Global Diversity and Inclusion Advisory Committee and is assisting the CFA Institute with the development of a Global Diversity and Inclusion Code of Conduct. PRIM believes that an industry that embraces many voices and perspectives will produce better investment outcomes and a more inclusive future for the investment profession.
Emerging Manager Policy
Adopted in 2011 as part of the Investment Policy Statement, PRIM’s Emerging Manager Policy promotes hiring diverse-owned managers, which are defined as firms where women and/or minorities own >25%. The policy also encourages investing with managers with less than $2 billion of assets under management that may have shorter track records. PRIM set an objective of investing between 5% and 10% of all new and current investments with emerging and diverse-owned managers.