Corporation Finance’s First Black Director Shares Story, Insights on Black History Month

In honor of Black History Month, the SEC’s Office of Minority and Women Inclusion (OMWI) reached out to Director Renee Jones, the SEC’s Division of Corporation Finance’s first black director. They talked about her story of how she got to where she is, her plans for her time at the agency, and her insights on the celebration of Black History Month.

OMWI: You have an illustrious professional journey, which includes serving as Professor of Law and Associate Dean for Academic Affairs at Boston College Law School just prior to joining the SEC as the Director of Corporation Finance. What was your inspiration to embark on a career in finance?

Director Jones: In my academic and legal career, I have had the opportunity to combine three of my passions:

• an interest in public policy and public service;
• an interest in corporations and how they are managed; and
• an interest in law—particularly corporate and securities law

In college, I studied international relations at the School of Public and International Affairs at Princeton University and always planned to pursue a career in public service. Before starting law school, I worked on Wall Street. I also worked for a public company and helped with preparing for annual shareholder meetings. Those experiences piqued my interest in studying corporate law. After law school, I joined the corporate department at my law firm, where I worked closely with executives and directors of public and private companies.

While in private practice, I became interested in how the SEC’s rules and guidance influenced the conduct of officers and directors and the ultimate impact of these rules on important corporate policies. I shifted to an academic career so that I could focus on these interests, and more closely examine the connection between legal policies and corporate behavior.

For the past 20 years, I have been a professor at Boston College Law School, where I taught corporations, securities law and corporate governance. Much of my research focuses on the interplay between state corporate law and federal securities law. More broadly, I have sought to examine how legal policies and enforcement practices can be designed to better motivate responsible corporate conduct.

OMWI: At the SEC, we emphasize the importance of mentorship, sponsorship, and internships as conduits for creating personal and professional opportunities for participants. Is there a person, experience or event that was pivotal to helping you get where you are today?

Director Jones: I have benefited throughout my career from having a number of strong, supportive mentors along the way. Early in my career, a partner at my firm took an interest in me and helped me develop an expertise in corporate and securities law. At Boston College Law School, I have had a number of remarkable mentors including the former Dean, Vincent Rougeau, now President of the College of the Holy Cross. Dean Rougeau provided me with leadership opportunities, and supported my efforts as Associate Dean to improve the operations of our Student Services and Academic Support functions.

In addition to my scholarship, my public speaking engagements allowed me to expand my professional network and expand the reach of my work. By speaking to professional associations and testifying before Congress, I was able to connect with other policy leaders and contribute more directly in policy discussions.

OMWI: What unique perspectives do you bring to your role as Director of Corporation Finance that you may draw upon to help enhance Diversity, Equity and Inclusion (DEI), both internally at the SEC and externally in the community that we serve?

Director Jones: My background in academics has provided me with a unique perspective on some of the challenges involved in developing a diverse pipeline of professionals in the financial services industry. From teaching and mentoring students, I have seen that establishing relationships early, especially at the college and professional school level, is an important component in identifying and recruiting talent and building a diverse workforce. As we consider ways to enhance diversity in the Division of Corporation Finance, I hope to leverage some of the best practices I have observed when working with students and university administrators. We are already exploring how we can partner with local universities and affinity groups to generate interest in the important work we do here at the SEC among the next generation of accountants and lawyers.

OMWI: What barriers have you encountered on your career path, and what advice might you give to help others overcome similar barriers?

Director Jones: It is not uncommon for women and professionals of color to experience challenges in accessing mentors or sponsors along their career path. The further you are in your career, the less likely that kind of relationship will be with someone who looks like you. The key to developing such relationships is finding common connections and demonstrating your commitment to working hard and following through on the advice you receive. My advice for those who are building their careers is to be proactive and cultivate networks beyond the traditional paths. A mentor or sponsor does not have to be someone directly in your chain of command, division or even agency. You may be surprised how connections outside of your organization can provide important advice that will prove useful to getting to the next level of your career.

OMWI: What rules on the Commission’s rule-making agenda do you believe will be impactful and how will they be impactful?

Director Jones: We have a wide-ranging agenda, which includes more than 20 rulemakings, in Corporation Finance, each of which will have a significant impact on the securities markets and will help to strengthen investor protection. The greatest impact for investors may come from our disclosure-oriented rules, including upcoming proposals to enhance disclosure on climate-related risks and human capital management. Another important rulemaking will address gaps in insider trading law by amending Rule 10b5-1, which provides a legal safe-harbor for pre-arranged trading plans. We also plan to make recommendations to the Commission to enhance disclosure for transactions by Special Purpose Acquisition Companies (SPACs) and enhance legal protections for SPAC investors.

OMWI: What was it like growing up as one of eight children?

Director Jones: Growing up in a large family was a continuous adventure. We are all close in age, so we always had companions, and we found creative ways to have fun at home. We made up games and played outside a lot. We learned early on to be independent, and as one of the older children, I spent a lot of time caring for my younger siblings. I taught them to read, helped them with their homework and was there to cheer them on in sports and in life.

OMWI: What hobbies/interests do you enjoy outside of work?

Director Jones: In addition to spending time with my family, I enjoy reading, travelling and playing tennis. For the past few years, I played in a recreational tennis league. It was a great way to get exercise, meet new people and have fun.