At least some investors -- Arjuna Capital is one of them -- are calling for change. “Investors are now paying much more attention to a company’s culture and what we’re doing from a social standpoint,” said Susan Salka, chief executive officer of AMN Healthcare Services Inc.
Hedge funds like Bridgewater Associates are known for carefully guarding data on pay in order to preserve a competitive advantage in hiring talent. However, Eileen Murray, Bridgewater’s co-CEO, said she personally would like to see more pay visibility, even though that’s one area Bridgewater keeps closely guarded.
“If people knew what each other made, they’d be very cautious about it,” Murray said, adding that she was speaking about her own views on pay and not the firm’s.
More women need to be in leadership positions, so they can fix the problem from the top down, she said.
“Insist on more women at the top because it’s easier to break the glass ceiling from the top because from the bottom it shatters on you,” Murray said.
On the other hand, James Murren, CEO of MGM Resorts International, says investors don’t care enough. They may talk about wanting companies with a social conscience, he said, “but they’re really looking for companies that are going to make them a lot of money. They talk a good game, but they don’t invest with their integrity at the forefront. I think there’s a huge problem there.”
Fashion legend Diane von Furstenberg said that for #MeToo and Times Up movements to succeed, the message needs to be clearly communicated that “Women are not an accessory.” Female executives are still treated as tokens on boards and in leadership, said the 71-year-old designer, who introduced her iconic wrap dress in 1972.
“Women are strong and they should not be afraid of their strength, and they should practice their strength in a way that is not belittling to a man,” she said. “But they should own it.”
This article was provided by Bloomberg News.