The Greenwich-headquartered investment firm Mill Road Capital is launching a fund this spring designed to improve governance and diversity in small public companies.
According to the company, the Mill Road Progressive Governance Fund (“MRPG”) will function as a “sponsoring investor” fund focused on creating economic and social value for shareholders by building a diverse and inclusive culture within the boards of directors in companies.
The MRPG will seek out small public companies committed to ensuring at least 50% of its director nominees will be women or people of color.
To support this endeavor, Mill Road has named James D. White as managing director and the head of board governance and diversity initiatives. White is a former CEO of Jamba Juice and the co-founder and chairman of the Director”™s Academy, a not-for-profit organization that identifies, trains and places diverse directors.
“Our sponsoring investor fund aims to change the way public companies are governed in America,” said Thomas Lynch, senior managing director and founder of Mill Road.
“With passive index funds becoming the largest voting bloc in public equities, shareholders now more than ever need a skilled, engaged and aligned partner on the board to ensure the highest standards of operational and social governance are upheld. The Progressive Governance Fund was created to be that partner.”
