Many boards have devoted additional time to human resources in recent years as investors and other stakeholders have demanded greater board involvement with “human capital management” (“HCM”). HCM is a broad concept that encompasses a wide range of workforce issues, including talent development, employee retention, diversity and inclusion, and corporate culture, among others.

Attention to these issues internally and externally has only grown this year, spurred first by COVID-19 and more recently by discussions of racism, diversity, and equality. Some stakeholders that had been reluctant to aggressively seek more information about HCM oversight–including some of the world’s largest asset managers–have left the sidelines.