The Standards Board for Alternative Investments (SBAI) recently issued a new report that sets forth and expounds on five non-prescriptive principles pertaining to leadership, strategy, communications, policies and inclusion. They are intended to serve as a framework that asset managers can use to define their culture and diversity strategies. This article examines the report, with commentary from Jane Buchan, Global Chair of the SBAI Culture and Diversity Global Advisory Committee and CEO of Martlet Asset Management, LLC; and Marc Tannous, managing director at Silver Leaf Partners. See our two-part series on diversity and inclusion in asset management: “Key Challenges and Impacts of 2020 Events” (May 13, 2021); and “Structural Barriers and Investor Impact” (May 20, 2021).