Progress is being made in the battle for equal pay for equal work, according to Pax World Management, the investment advisor for Pax World Funds.
Pax World Management, based in Portsmouth, N.H., has withdrawn resolutions asking for gender pay equity at five companies, including two financial services firms, because the firms have made substantial progress toward providing equal pay for men and women, according to Pax World.
Resolutions filed by Pax World, which focus on sustainable investing, withdrew shareholder resolutions at Goldman Sachs and BNY Mellon. The firm also withdrew resolutions at Verizon, AT&T and Qualcomm. The resolutions asked the companies to disclose the percentage pay gap between male and female employees and take steps to address it if necessary.
“In our discussions with these companies, it became clear that they genuinely committed to ensuring that employees are paid equitably, and all agreed to disclose information on the steps they are taking to ensure pay equity,” says Heather Smith, lead sustainability research analyst at Pax World.
“They view diversity and inclusion as an integral part of their business strategy, which is a smart approach for any company that wants to attract the best talent and gain a competitive edge in the global marketplace,” she adds. “All companies would be well served by proactively analyzing their pay structures by gender, race and ethnicity.”
The announcement comes at the same time Arjuna Capital, an investment company based in Boston that focuses on sustainable and impact investing, announced it has filed gender pay equity resolutions at five big banks and credit card companies.