79,205 days, 2,604 months, or otherwise known as 217 years. This is the estimated time it would currently take to close the gender wage gap. More than two lifetimes.
Yesterday, to coincide with International Equal Pay Day, Arjuna Capital and Proxy Impact released their first annual Gender Pay Scorecard (GPS) report, which analyzed and ranked 33 of the world’s largest financial, technology and retail companies on their current gender pay disclosures, performance and commitments. The research shows that Apple, Nike, Starbucks, Wells Fargo and JP Morgan earned the highest grade (A-), while Facebook, Goldman Sachs and Walmart are among 11 companies that share the lowest grade (F). The overarching theme to emerge from the Arjuna Capital/Proxy Impact Gender Pay Scorecard report is that there’s a lot more work to be done to disclose gender pay risks and opportunities to investors.
The new report, with the scorecard pasted below, takes a quantitative accounting of current disclosures and goals to help investors navigate best practices on pay equity. GPS ranks companies on quantitative pay disclosures (not qualitative assurances), commitments to report annually, coverage, and goals. The GPS breaks down this data into a simple rubric to more fully understand company performance and commitments across five categories:
- Equal Pay Gap
- Median Pay Gap
- Racial Pay Gap
Natasha Lamb, managing partner, Arjuna Capital said, “the Gender Pay Scorecard shows that some of the biggest and best known companies in the world are still behind the curve on equal pay. It’s not enough to pay lip service to pay equity, to simply say that women are paid fairly. Investors expect meaningful disclosures and goals to close the gender pay gap. There has never been a better time to move this issue forward in corporate America. The GPS is intended to clarify best practices and help readers navigate what can be a confusing and inconsistent landscape.”
Let us know your thoughts on this report the comments section.