September 11, 2009
U.S. Securities and Exchange Commission
100 F Street, NE Washington, DC 20549-1090
Re: File No. S7-10-09
Release No. 34-60089
Items 401(Regulation SK and 407)
Re: Enhanced Director and Nominee Disclosure
To whom it may concern,
As a Hispanic and Chairman of a public company, Exar, I am commenting upon the reasons why I think diversity disclosure of nominees as well as the diverse make-up of directors in the corporate boardroom needs to be added to the existing list of elements required by the SEC in the filings of publicly traded companies.
I recognize enhancing diversity in the boardroom ultimately is the corporate community's responsibility. However, opening the door in corporations with entrenched groups of directors is the biggest hurdle. Adding nominee disclosure with diversity reporting will add an extra ingredient in the qualification mix that must be considered by nominating committees. The failure to advance Diversity Best Practices into the corporate boardroom is already one of the reasons companies have lost market share in today's diverse global economy.
The value proposition inherent in having diverse perspectives engaged in board governance is too great to ignore since it directly affects ability to ask questions differently and view issues from different perspectives.
America's future in the global economy is dependent upon understanding new leadership and how well companies are governed. It is important that American companies utilize the unrecognized talent available within the diversity pool—the candidates best suited for corporate governance and the boardroom are still waiting for the “open door” policies.
Richard L. Leza