Urban Outfitters told shareholders it has chosen a woman to join its corporate board — the wife of the company’s CEO.
The Philadelphia-based company plans to appoint Margaret Hayne to the board. Her husband, Richard Hayne, founded Urban Outfitters with his previous wife, Judy Wicks.
At Tuesday’s annual shareholders meeting, investors are set to vote for a third year in a row on a resolution supporting greater board diversity, introduced by shareholder Calvert Investments.
“We commend the company for including this woman here, but we do not believe that it satisfies spirit of our shareholder proposal for strong governance practices,” said Calvert’s Christine DeGroot.
It is somewhat unusual for a clothing company to have no female board members.
Last year, Calvert Investment’s initiative won 39 percent shareholder support.
Calvert has introduced it repeatedly based on a growing body of research that shows companies with more diverse leadership make more money.
Urban Outfitters did not return a request for comment.