Bank of America and Wells Fargo Closing the Gender Pay Gap
In the last decade, Bank of America and Wells Fargo have been accused, and settled for loads of cash much wrongdoing – robo-signing, fraudulent foreclosures, mishandling of loans etc. It is good to see something positive about both banks. Following Gender Pay Gap Shareholder Proposals filed in 2017, Both Bank of America and Wells Fargo, under shareholder pressure, have narrowed the admitted pay of a minority employee to 99% of that of a non-minority employee, according to information just released to Arjuna Capital.
Shareholders, over the past three years have filed increasingly more resolutions demanding companies report whether the pay gap exists and what measures will be taken to cure any existing pay gap.
As usual, the issue is more complex than appears on the surface. According to the economist, Women outnumber men in lower salaried positions and are less likely to be promoted. Industries where men or women dominate are segregated, with female dominated industries paying less. Let’s not forget the mom penalty. Young women starting a family are shown to lag behind men in promotions.
Key points under consideration of change:
- Current policies and disclosure of company diversity and compensation
- Whether the firm has been the subject of recent controversy or litigation related to gender-based pay differences. And
- Whether pay gap reporting and policies or initiatives lag behind the firm’s peers.
Want to get involved? ISS is asking for your feedback on other factors to be considered when assessing proposals for Gender pay gap disclosures.
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