We are in support of SB 393 for diversity on Corporate boards. In according to the Russell Reynolds Associates, consultants indicate that "a board needs to constantly challenge itself to keep pace with the changing dynamics of company faces". A diverse board will assist in decision making of bring a wide perspective "out of the box" solutions to resolve any problem that may exist. . The inclusion will brings fresh ideas, and those ideas can improve the overall return on equity. It is a moral decision to bring change, and display the value of globalization to reflect in the world, that we see today. Therefore, FCDC Women's group, supports SB 393 and vote YES to support this bill. Thank you!

Hello, I'm Brenda Root and I'm writing to support gender-balanced and diverse corporate boards SB393 would add another factor for the MEI Commission to consider in approving incentives for companies to locate to Virginia. Similar bills have been proposed or passed in 13 other states, in both Democratic and Republican legislatures – and such legislation makes sense for Virginia as well. The most profitable companies in the U.S. have boards that are similarly gender-balanced and diverse. Gender balanced and diverse boards are able to marshal a wider range of ideas, skills and knowledge to sustain corporate growth. They more appropriately reflect their investors, their customers, and their employees. Studies have shown that companies with gender-balanced and diverse boards carry less debt, are less risk averse, have improved stock performance, and have higher employee retention rates. This bill imposes no mandate, as it only adds another factor for the Commission to consider in evaluating companies that ask for tax breaks, and it will add no line item in the budget. Note that NASDAQ requires corporate boards to be diverse for a company to be listed on their exchange, and Goldman Sachs will not facilitate an Initial Public Offering from a company that does not have a diverse board. What is good for the nation's top tier companies is also good for Virginia. Thank you for the work you do on behalf of the citizens of Virginia.

Gender and Diversity are important to our business markets. Our markets are changing due to the consumer power of these two groups. It is gender and diverse groups who will be able to identify these markets so that companies can be successful in the 21st century. Additionally, it is gender balance & diverse groups who have the necessary IT skills to identify these markets in a rapidly changing environment. Moreover, gender-balance and diverse groups will be able to solve the issues related to corporate investments, customer satisfaction and employee engagement. Below is a link for the NASDAQ ruling stating that the NASDAQ will not list your company on their exchange if a company does not have diverse boards. https://www.sec.gov/files/rules/sro/nasdaq/2020/34-90574-ex5.pdf SB393 is a bill that is good for business.