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In New Report Marking Equal Pay Day, Only 5 Companies Get “A” Grade, While Those Earning “F”s Include Goldman Sachs, Colgate, AT&T, McDonalds, Walmart and Verizon
BOSTON–(BUSINESS WIRE)–Of 51 companies examined in the “Racial and Gender Pay Scorecard” released today to mark Equal Pay Day, fewer than one in 10 — Mastercard, Starbucks, Pfizer, Citigroup, and Bank of New York Mellon – get an “A,” while over half (26) get an “F.”
The 4th edition of the Scorecard is being released today by the investment management firm Arjuna Capital and Proxy Impact. The grades are based on quantitative disclosures (versus qualitative assurances) by companies taking concrete steps to close racial and gender pay gaps. The 51 companies in the ranking have all been engaged by investors through the shareholder proposal process and asked to improve their public pay equity disclosures.
Natasha Lamb, managing partner, Arjuna Capital, said: “The world’s largest corporations are under intense pressure to close their racial and gender pay gaps in response to investor insistence, the #BLM and #MeToo movements, and increasing public policy and regulation. But despite a wave of corporate statements expressing solidarity with Black Americans and women, there are very few standout companies that actually provide an honest accounting of and commitment to closing racial and gender pay gaps.”
Michael Passoff, CEO, Proxy Impact, said: “Racial and gender pay gaps at some of the world’s largest corporations are an area of increased concern and focus. Pay discrepancies have raised reputational, regulatory, financial, and legal risks for companies. An increasing number of shareholders have asked companies to report on their analyses, policies, and goals to reduce any racial and gender pay gaps. The global Coronavirus pandemic has only exacerbated racial and gender pay gaps and underlined the need for action.”
Key findings of the report include:
Arjuna Capital is an investor champion of workplace concerns for minorities and women. In the 2020 proxy season, Arjuna Capital submitted a total of 13 shareholder resolutions seeking median race and gender pay equity disclosure, and an additional four in 2021. Since 2016, Arjuna has compelled gender pay gap disclosures at 22 companies, and racial pay gap disclosures at 17 companies, including leading U.S. tech, finance, and retail firms Apple, Amazon, Intel, Microsoft, Google, Facebook, JPMorgan Chase, Bank of America, Nike, and Adobe.
ABOUT THE REPORT AUTHORS
Arjuna Capital is a sustainable and impact investment firm that works with high-net-worth individuals, families, and institutions to invest their assets with a lens toward Environmental, Social, and Governance (ESG) risk and opportunity. Natasha Lamb and Arjuna Capital have been recognized for using shareholder resolutions to promote gender and racial pay equity in the tech, banking, and retail sectors. Lamb was named to the “Bloomberg 50” list of influencers who defined global business in 2017. For more information, visit www.Arjuna-Capital.com.
Proxy Impact provides shareholder advocacy and proxy voting services that promote sustainable and responsible business practices. Proxy Impact’s Women’s Inclusion Project engages companies on issues of board diversity, workplace diversity, racial and gender pay gaps, and child sexual exploitation online. For more information, visit www.proxyimpact.com.
Contacts
Alexander Frank, (703) 276-3264 or afrank@hastingsgroup.com.
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