Fortinet, a U.S. cybersecurity firm, received a shareholder proposal requesting that the board publish an annual report assessing its diversity and inclusion efforts and that it provide context on how the company is meeting goals for recruiting and maintaining a diverse workforce. Our due diligence found that the company’s disclosures on this topic lagged its peers. We also thought the proposal was reasonable, as the information in the requested report would help investors better assess the board’s oversight on this topic, and it avoided setting overly prescriptive diversity quotas. In our engagement, Fortinet executives acknowledged that the company’s diversity disclosures could be more robust and added that an internal committee had already begun work on improving them. They asked for more time to conclude that work. We considered the concerns and their request, but ultimately the funds voted to support the proposal. We believed the proposal would help guide the company toward disclosing decision-useful information.