Citigroup Reaches Historic Agreement in Cyberbanking Area to Acknowledge Allowance Abstracts and Adjust Employee Salaries in Company-wide Effort to Achieve Gender Pay Equity;
Arjuna Capital Withdraws Gender Pay Actor Resolution, afterwards BofA, Wells Fargo, JP Morgan, Citi, MasterCard, and AmEx Rejection of Such Proposals in 2017.
BOSTON and NEW YORK, Jan. 15, 2018 /PRNewswire-USNewswire/ — Citigroup and Arjuna Capital appear today that Citi is demography accomplish to accommodate gender and ethnicity allowance abstracts and accomplish to closing the gap, authoritative it the aboriginal U.S. coffer to acknowledge to actor concerns. In acknowledgment to Citi’s steps, Arjuna Capital withdrew its gender pay actor angle on Monday, January 15, 2018.
Citi’s advertisement represents a above about-face for U.S. banks and acclaim agenda companies, back no cyberbanking casework aggregation so far targeted by shareholders for gender pay has taken such action.
Bank of America, MasterCard, American Express, JP Morgan, Wells Fargo and Citi all alone proposals in 2017 allurement for abundant letters on the allotment pay gap amid macho and changeable advisers beyond chase and ethnicity, including base, benefit and disinterestedness compensation, behavior to abode that gap, the alignment used, and quantitative abridgement targets.
To date, Citi is the aboriginal coffer targeted to acknowledge with quantitative reporting.
The Arjuna Capital gender pay actor resolution at Citi is accessible online at: (https://arjuna-capital.com/wp-content/uploads/2018/01/C-Shareholder-Proposal_Gender-Pay-Equity-11132018.pdf). The Arjuna Capital letter abandoning the gender pay resolution at Citi is accessible at: (http://18.104.22.168/citiwithdrawal/Citigroup_Withdrawal_Letter_01.15.18.pdf).
In a advertisement acquaint to its website, Citi said: “At Citi, our continuing focus on pay disinterestedness furthers our ambition of actuality the employer of best for advisers of assorted backgrounds, and it supports our efforts to allure and absorb the best aptitude and accolade achievement constant with our Administration Standards. These are bright business imperatives for Citi, and we abide durably committed to them.”
A accessible advertisement by Citi is accessible at: http://citigroup.com/citi/diversity/people.html.
Natasha Lamb, managing partner, Arjuna Capital said: “Citigroup is dispatch into a administration role on the gender pay gap that we accept not apparent from any of its US cyberbanking peers. This is a angled point for the Wall Street Banks. We apprehend women will not alone accept the pay they deserve at Citi, the aggregation will acquire the allowances of aptitude accretion and assimilation so that added women can move into leadership. Other arch banks can either chase Citi’s archetype on gender pay or accident added backward cachet on issues of affair to women.”
Arjuna Capital – the advance close that took the advance in 2016 by accepting seven tech companies to acknowledge their gender pay gaps –filed nine actor proposals for the 2018 proxy season, allurement Citibank, J.P. Morgan, Wells Fargo, Coffer of America, Coffer of New York Mellon, AmEx, Mastercard, Reinsurance Group, and Progressive Insurance to broadcast the companies’ behavior and goals to abate the gender pay gap.
The cyberbanking casework area has been beneath analysis for a abridgement of changeable representation in chief roles, admitting a majority of changeable employees. In the UK, area administration are appropriate to broadcast their gender pay gaps by April, cyberbanking aeon accept been alleged out for amid the better boilerplate pay gaps, 24% on average.
Arjuna Capital is an advance close focused on acceptable and appulse investing. Lamb and Arjuna Capital accept been accustomed for application actor resolutions to advance gender pay disinterestedness in the tech, banking, and retail sectors. Natasha Lamb was called to the “Bloomberg 50” account of influencers who authentic all-around business in 2017. For added information, appointment www.Arjuna-Capital.com.
View aboriginal content:http://www.prnewswire.com/news-releases/citi-is-first-us-bank-to-respond-to-shareholder-pressure-to-close-gender-pay-gap-300582388.html
SOURCE Arjuna Capital, Boston; Citibank, New York City
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