34 Major Companies—Including Wells Fargo, Amazon, Pfizer—Agree To Make Public Workforce Diversity Reports
Following calls to back up public commitments to corporate diversity with data, a group of 34 major companies have agreed to publish government reports detailing the composition of their workforces—a commitment that nearly half of all S&P 100 companies have now made.
Starting in July, New York City Comptroller Scott Stringer led a national campaign calling on 67 S&P 100 companies to publicly disclose their annual EEO-1 Report data, which breaks down a company’s race and gender composition by 10 different job categories.
“We’re asking companies that issued statements in support of racial justice to walk the walk and publicly disclose the demographics,” wrote Stringer in a letter to the CEOs of the S&P 100 companies.
Over half agreed to the commitment, the comptroller’s office announced, meaning nearly 50% of all S&P companies will be transparent about their workforce makeups (29 public companies disclosed this information beforehand, 14 of which are in the S&P 100).
Though some of the list have already published the full government report—such as BlackRock, Target and Verizon—many, including a handful of the country’s largest banks, will be making the information public for the first time by March 2021.
Joining Goldman Sachs, Morgan Stanley and U.S. Bancorp on the list of committed companies is Wells Fargo, whose CEO Charles Scharf recently drew backlash for blaming a “limited pool of Black talent” for trouble in reaching diversity goals.
“It is not enough to condemn racism in words,” wrote Stringer in his announcement. “Systemic change in corporate America will require concrete action and accountability.”
Months of Black Lives Matter protests across the country—starting after the May 25 death of George Floyd—invigorated calls for increased diversity in corporate America and resulted in new commitments from leading companies. “These events are symptoms of a deep and long standing problem in our society and must be addressed on both a personal and systemic level,” wrote BlackRock’s CEO Larry Fink in May, echoing similar calls to action from other tech, finance and retail leaders. However, some companies have been criticized for publicly supporting the anti-racism movement without enacting meaningful change to stamp out inequalities. In top executive ranks, 85% of positions are held by whites, per a CNBC report, while the Economic Policy Institute found that women and minorities continue to earn less than their male colleagues.
“As big corporations say ‘black lives matter,’ their track records raise skepticism” (The Washington Post)