Key Takeaways
- • New York City Comptroller Brad Lander and trustees of the NYC Retirement Systems reached agreements with 11 companies to disclose their Consolidated EEO-1 Reports annually, following shareowner engagement that led to withdrawal of shareowner proposals.
- • The 11 companies are American Express, Anthem, Honeywell International, Illumina, Intuitive Surgical, Raytheon Technologies, Simon Property Group, Texas Instruments, The PNC Financial Services Group, T-Mobile, and Zoetis.
- • Since the July 2020 launch of the Diversity Disclosure Initiative, 78 large companies have agreed to disclose EEO-1 reports after engagement by the NYC Retirement Systems, per the Comptroller's office.
- • At least 85 S&P 100 companies now disclose or have committed to disclose their EEO-1 Reports, up from about 14 in July 2020.
Summary
New York City Comptroller Brad Lander and trustees of the New York City Employees' Retirement System, the New York City Fire Pension Fund, the New York City Teachers' Retirement System, and the custodian of the New York City Board of Education Retirement System announced on March 31, 2022 that they have reached agreements with the boards of 11 companies to disclose annual workforce diversity data. The agreements followed successful shareowner engagements and resulted in the withdrawal of shareowner proposals.
The companies that agreed to annually disclose their Consolidated EEO-1 Report are American Express, Anthem, Honeywell International, Illumina, Intuitive Surgical, Raytheon Technologies, Simon Property Group, Texas Instruments, The PNC Financial Services Group, T-Mobile, and Zoetis. The EEO-1 report is filed annually with the U.S. Equal Employment Opportunity Commission and breaks a company's workforce down by race, ethnicity, and gender across 10 employment categories, including senior management.
According to the Comptroller's office, the Diversity Disclosure Initiative, launched in July 2020, has led 78 large companies to agree to disclose their EEO-1 Reports. As a result, at least 85 S&P 100 companies now disclose or have committed to disclose, up from about 14 in July 2020. Lander said that corporate resistance to EEO-1 disclosure "has given way, and now the vast majority of S&P 100 companies will disclose comparable data."
The Comptroller's office argues that standardized EEO-1 data would let investors assess representation of Black employees, other employees of color, and women across corporate levels, including senior management, and compare specific groups such as Black female employees within job categories on a year-over-year basis. Four of the five New York City Retirement Systems participate in the initiative.
The companies that agreed to annually disclose their Consolidated EEO-1 Report are American Express, Anthem, Honeywell International, Illumina, Intuitive Surgical, Raytheon Technologies, Simon Property Group, Texas Instruments, The PNC Financial Services Group, T-Mobile, and Zoetis. The EEO-1 report is filed annually with the U.S. Equal Employment Opportunity Commission and breaks a company's workforce down by race, ethnicity, and gender across 10 employment categories, including senior management.
According to the Comptroller's office, the Diversity Disclosure Initiative, launched in July 2020, has led 78 large companies to agree to disclose their EEO-1 Reports. As a result, at least 85 S&P 100 companies now disclose or have committed to disclose, up from about 14 in July 2020. Lander said that corporate resistance to EEO-1 disclosure "has given way, and now the vast majority of S&P 100 companies will disclose comparable data."
The Comptroller's office argues that standardized EEO-1 data would let investors assess representation of Black employees, other employees of color, and women across corporate levels, including senior management, and compare specific groups such as Black female employees within job categories on a year-over-year basis. Four of the five New York City Retirement Systems participate in the initiative.
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