FINANCIAL WATCHDOGS
Activists turn the screws on financial giants
Trio of activist investors is targeting big US financial institutions in 2017
New York — A trio of activist investors is targeting big US financial institutions in 2017, demanding they disclose compensation data for men and women, and publish statistics about the race and gender of their employees. Goldman Sachs Group, Citigroup, Bank of America and Wells Fargo & Co are among the firms in the sights of Arjuna Capital, Trillium Investments and Pax World Management, which say a diverse workforce produces better results. Though the investors are relatively small, each managing a few billion dollars, they have succeeded in pushing technology Goliaths such as Apple and Intel to divulge information about pay gaps. Boston-based Arjuna has filed proposals, typically voted on by shareholders at annual meetings, asking Bank of America, Wells Fargo, American Express and Citigroup to report disparities in pay for male and female employees. It planned to file a similar proposal at JPMorgan Chase & Co on Tuesday, said Natasha Lamb, Arjuna’s director of equity research and ...
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