by Ray Hayes
#MeToo movement is putting pressure on companies to release data that details workplace diversity statistics. Financial companies and banks are the main target of the movement where women are notoriously looked over for leadership positions. In an unusual twise, Financial companies are taking notice and supporting the push for transparency. According to Yahoo Finance, “Jonas Kron, senior vice president of Trillium Asset Management, said the emergence of the #MeToo movement likely helped boost support to 51 percent of votes cast in December for a shareholder proposal his firm sponsored calling for a diversity report at Palo Alto Networks Inc (PANW.N).”
Although the movement is requesting banks and financial companies release their diversity numbers, the US Government Accountability Office actually reports this information on an annual basis. Most companies with more than 100 employees normally release this information also despite the effort not being required to be made public. JP Morgan Chase & Co and Bank of America are among this list, announcing that the amount of women in the workplace declined from 25.8 percent in 2015 to 24.7 percent in 2016.
In addition to the details about the number of women in the workplace, activists from the movement are also requesting the release of the pay breakdown of women and minorities in all job categories. As of now, Citigroup and Bank of America have released statements expressing that they, “pay women 99 percent of what they men in the US and other countries.” Activists are expecting Wells Fargo to release their pay ratio this coming spring.