- Associated Press - Tuesday, April 7, 2015

BOSTON (AP) - The board overseeing the state’s $61 billion public pension fund has approved a plan that calls for using its shareholder muscle to encourage companies to appoint more women and minorities to corporate boards.

The Pension Reserves Investment Management Board on Tuesday unanimously backed the guidelines proposed by state Treasurer Deb Goldberg.

Under the new rule, PRIM would use its proxy voting status in a corporation to vote against a corporation’s board nominees unless women and minorities make up at least a quarter of the slate.

The measure also seeks to use the board’s proxy voting to push companies to adopt wage equality, renewable energy and human rights standards.

Goldberg said in a statement the new policies represent not just admirable goals, but “economic necessities” in the 21st century.

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