The Scorecard found that eleven companies currently disclose, or have committed to disclosing in 2022, their median U.S. While many companies have felt comfortable disclosing adjusted pay gaps in the past, more and more companies are beginning to disclose unadjusted median racial and gender pay gaps beyond their U.K. McDonald’s saw the largest score increase from an F to a B, as it began disclosing adjusted racial and gender pay gaps. Thirteen companies improved their scores year-over-year. Meta fell from a C to an F, and Google from a C to a D. Investors previously engaged and reached agreements with Meta, Google, and Texas Instruments, yet those commitments have not been upheld through the pandemic. for failing to disclose quantitative pay gaps within the last two years. Nine companies’ scores fell from last year, including Meta Platforms, Google, Texas Instruments, and HP Inc. Forward-thinking companies are recognizing that median pay gap reporting will eventually be the norm and they are getting ahead of it now.”Ī failing grade of “F” is awarded to slightly less than half-24-of the total group of companies, including Goldman Sachs, Meta Platforms, Disney, Oracle, Walmart, Best Buy, and Biogen, for a failure to disclose quantitative racial and gender pay gaps. We are already seeing more company and shareholder support for racial and gender pay gap reporting and industry leaders are starting to emerge. “Median pay gap data helps shed light on that problem, and studies show that companies that disclose pay gaps are more likely to fix them. “Women and people of color are almost always deeply underrepresented in higher paying positions,” said Michael Passoff, CEO at Proxy Impact. Just last week, nearly 60% of shareholders voted in favor of an investor proposal asking Disney to disclose racial and gender pay gaps, underlining the material importance of pay equity to institutional investors.” It’s no surprise that racial and gender pay equity has become a key area of focus for investors, who are demanding more from companies. Natasha Lamb, managing partner, Arjuna Capital, said: “The pandemic has been a one-two punch for women and people of color who disproportionately suffered from the 2020 job losses. The 57 companies in the ranking have all been engaged by investors through the shareholder proposal process and asked to improve their public pay equity disclosures. The grades are based on quantitative disclosures (versus qualitative assurances) by companies taking concrete steps to close racial and gender pay gaps. The fifth edition of the Scorecard is being released today by the investment management firm Arjuna Capital and shareholder advocacy firm Proxy Impact. BOSTON-( BUSINESS WIRE)-Of 57 companies examined in the “Racial and Gender Pay Scorecard” released today to mark Equal Pay Dayon March 15th, only seven - Pfizer, Mastercard, Bank of New York Mellon, Starbucks, Adobe, American Express, and Citigroup – get an “A,” while twenty-four companies receive an “F.”
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