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Pimco Joins 30% Club’s Push for More Women Directors

Newport Beach-based Pacific Investment Management Co. has joined an international advocacy group that aims to push for more women on corporate boards.

The group, called the 30% Club, is based in the U.K. and is composed of company chairs and chief executives. It was founded in 2010 with a goal of having women account for 30% of the boards of the companies that make up the FTSE 100 Index by the end of 2015.

The FTSE 100 tracks companies listed on the London Stock Exchange.

The 30% Club launched in the U.S. in April, following expansion into Hong Kong last year. The organization is planning other locations, including in Ireland, Canada, Australia and South Africa.

The U.S. launch has been supported by a number of corporate heads, including Bloomberg LP Chairman Peter Grauer, Berkshire Hathaway Inc. Chairman Warren Buffet and BlackRock Inc. Chairman Larry Fink.

The goal here in the U.S. is to have women account for 30% of board seats at companies on the S&P 500 index by 2020. The current share is about 19%.

Key women executives at Pimco, which manages nearly $2 trillion in assets, include Deputy Chief Investment Officer Virginie Maisonneuve, who joined early this year to help lead the bond shop’s push for investing in stocks.

Pimco cofounder and CIO Bill Gross named Maisonneuve and five others as deputy CIOs as part of a companywide restructuring in the wake of the departure of Mohamed El-Erian, former Pimco chief executive and co-CIO with Gross.

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