Thought Leadership  •  September 03, 2020

NACD Atlanta Fireside Chat

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Honeypot Field to Catch Bots
Honeypot Field to Catch Bots

Watch NACD Atlanta Fireside Chat with SEC Chairman Jay Clayton.

When Covid-19 caused a dramatic decline in demand for airline seats, the value of corporate boards with a diversity of experience became clearer than ever. Directors in the airline and other industries immediately were called on to understand everything from capital resources to how to make unprecedented predictions about when a vaccine might become available and when consumer demand might pick up again. In a panel discussion on July 23, 2020, with former SEC Commissioners Dan Gallagher and Luis A. Aguilar (a current member of DFIN’s board), SEC Commissioner Jay Clayton highlighted the importance of corporate board diversity and a wide range of experiences.

Changes in HCM & What Businesses Should Know

In addition to board diversity, Clayton discussed a range of topics, including ESG and Human Capital Management (HCM). He also speculated about how the current “period of operational stress” brought about by the Covid pandemic might lead to improvements and rule changes at the SEC.


  • The Honorable Jay Clayton, Chairman, U.S. Securities and Exchange Commission (SEC)
  • Luis A. Aguilar, former SEC Commissioner (2008-2015) and current DFIN board member
  • Daniel Gallagher, Chief Legal Officer, Robinhood, and former SEC Commissioner (2011-2015)

Topics discussed:

  • What are the most important characteristics of a highly-functioning board in very turbulent environments?
  • What do shareholders want and/or need to see in terms of corporate disclosure in times of crisis? 
  • With the Covid pandemic shining a light on Human Capital Management issues, what might the SEC eventually require in terms of rulemaking for HCM disclosures?
  • What are the most important types of diversity and inclusivity disclosures about corporate directors for companies to provide to investors and other stakeholders?
  • As the number of public companies has declined over the past few years, what steps is the SEC taking to ensure that companies interested in access to capital will have that desired access?