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Setting the Stage - Diversity the Missing Piece

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Presentation Slides

1) Setting the Stage - Diversity the Missing Piece Moderator Betty Yee, California State Controller Panelists Jul ia Dawson, Managing Director, Credit Suisse Janet Liang, Ch ief Operating Officer, Kaiser Foundation Health Plan Inc., Kaiser Permanente Northern California Cel ia Pohani Huber, Director, McKinsey & Company #CalPERSDiversity

2) Overview of US Workforce Diversity Diversity of executive management team1 Percent of companies by percent diversity Population Percent, 2012 38 Gender diversity 50.8% 49.2% Men 22 13 16 9 Women 1 0% Non-white2 Racial/ ethnic diversity 68 1 to 10% 11 to 20% 21 to 30% 41 to 50% 2 1 31 to 40% 41 to 50% 45 32 23 23 7 White2 31 to 40% 0% 1 to 10% 11 to 20% 1 Number of companies … 2 Undocumented labour force, largely Latino, estimated at 6-8 million (Bloomberg, Pew) has not been included in the breakdown 21 to 30%

3) CalPERS Investment Manager and Consultant Survey Two or more / Other Minority (2.8%) Hispanic (4.7%) Native American (0.2%) Workforce By Race Black (4.8%) By Gender Asian (15.3%) Caucasian (72.2%) 100% 50% 0% Source: CalPERS Investment Manager and Consultant Survey Men 58% Wome n 42%

4) CalPERS Investment Manager and Consultant Survey Key Positions by Race/Ethnicity Associates Managers Executives 86.3% 75.4% 67.8% 32.2% 24.6% 13.7% Caucasian Source: CalPERS Investment Manager and Consultant Survey Minority

5) CalPERS Investment Manager and Consultant Survey Key Positions by Gender Associates Managers Executives 79.6% 63.9% 54.8% 45.2% 36.1% 20.4% Men Source: CalPERS Investment Manager and Consultant Survey Women

6) Kaiser Permanente’s Workforce Diversity Other Minority (2.4%) Workforce By Race Black (13.2%) Hispanic (18.0%) Caucasian (40.2%) By Gender 100.0% Asian (26.3%) Source: Kaiser Permanente 50.0% 0.0% Men 24.5% Women 75.5%

7) Kaiser Permanente’s Workforce Diversity (continued) Key Positions by Race/Ethnicity Staff Managers Executives 72.7% 56.7% 61.3% 43.3% 38.7% 27.3% Caucasian Source: Kaiser Permanente Minority

8) Kaiser Permanente’s Workforce Diversity (continued) Key Positions by Gender Staff Managers Executives 76.4% 67.4% 52.8% 47.2% 32.6% 23.6% Men Source: Kaiser Permanente Women

9) Diversity’s Dividend Likelihood of above-median financial performance relative to national industry, by diversity quartile 58 54 +15% 47 +35% 43 More likely to over perform Q4 Q1 Gender Diversity Q4 More likely to over perform Q1 Ethnic Diversity SOURCE: McKinsey Diversity Database, Based on dataset of 366 companies; diversity figures of 2013 and financial performance measured as Average EBIT 2010 to 2013

10) Do women make a difference for companies?1 Return on Equity (%) CEO and Operations CEO 20.0 20.0 15.2 10.0 11.9 10.0 20.0 15.1 11.9 0.0 0.0 Senior Management 10.0 14.7 9.7 0.0 1Represents data Female Women < 5% Women < 10% Women > 10% Male Women > 15% from approximately 3,000 companies across neutral sectors in 2013-14 Source: Credit Suisse

11) Return on Equity (%) by Industry 40 35 30 25 20 15 10 5 0 Women <10% Women >15% Source: Credit Suisse

12) Women on Boards (WBO) Outperformance within the MSCI ACWI index (companies > $10bn mkt cap) Source: Credit Suisse, Bloomberg