Yesterday, Arjuna Capital announced its withdrawal of a gender pay equity proposal submitted in November to Citigroup in response to the company's agreement to analyze and disclose on its website information concerning its gender and minority pay (salary and incentive compensation) gaps - and associated commitment to close any gaps, subject to appropriate adjustments based on, e.g., job function, level, and geography. Although initially focused on the US, UK and Germany, the company plans to broaden its review and response to cover all countries where it has employees.
According to its release, Arjuna - which reportedly secured gender pay gap disclosures from seven tech companies two years ago - has filed comparable gender pay gap proposals with eight other financial services companies for the 2018 proxy season: JP Morgan, Wells Fargo, Bank of America, Bank of New York Mellon, AmEx, Mastercard, Reinsurance Group, and Progressive Insurance.