(MENAFN- InvestorIdea)
EBay Opposes Goal To Close Gender Pay Gap
Shareholder Proposal requesting Gender Pay Gap Reporting and Quantitative Reduction Goals opposed by eBay Board
Ideas get bigger when you share them...
Boston - February 26 2015 (www.investorideas.com newswire) EBay's Board has committed to publicly oppose a shareholder proposal filed by Arjuna Capital the sustainable wealth platform of Baldwin Brothers Inc. requesting eBay publicly report the pay disparity between male and female employees and set goals to close the gap.
This is the first year the issue of gender wage equality has been put to the proxy ballot of a U.S. corporation and the Company's opposition comes in the face of public outcry and regulatory efforts. At Sunday night's Academy Awards Patricia Arquette called for wage equality during her victory speech. President Obama also highlighted the issue during the State of the Union address stating "Women deserve equal pay for equal work."
The eBay Board has stated that it believes that implementation of this proposal is not in the best interests of eBay and its stockholders.
Natasha Lamb director of equity research and shareholder engagement Arjuna Capital was surprised by the Board's opposition: "The eBay proposal is clearly in the interest of enhancing shareholder value. Gender diversity is a key driver of innovation and performance factors of particular importance to the tech industry."
The median income for a woman working full time in the United States is reported to be 78 percent of that of their male counterparts and the technology industry struggles to attract and retain women workers.
The Boston Globe reports women's salary expectations are 30% less than that of their male counterparts and that the average salary request from men in the tech industry is $124000 compared to $114000 from women.
A November 2014 New Yorker article reports high rates of attrition among women in technology occupations. In 2008 the Harvard Business Review reported a study indicating 56% of the mid- career women working in tech ended up leaving the field.
Women are also under-represented in executive positions. At eBay approximately 42% of the Company's employees are women but women only account for 28% of the firm's leadership.
A structural shift is needed to empower women to succeed in the workplace. Gender pay equality is not only one of the biggest social justice issues of our time but clearly a business issue whose time has come" said Lamb. "We want to invest in companies committed to the innovation and success diversity fosters."
Mckinsey & Company has found companies with highly diverse executive teams had higher returns on equity and earnings performance than those with low diversity and a May 2014 study found gender diverse teams were better at driving "radical innovation."
The National Center for Women and Information Technology reports key benefits of gender diversity include: better financial performance superior team dynamics and productivity teams that stay on schedule and under budget and improved employee performance.
Regulatory and litigation risk also exists related to pay parity. The Paycheck Fairness Act of 2014 is pending before Congress to improve company-level transparency and strengthen penalties for equal-pay violations.
The Wall Street Journal reports "Academic research attributes salary inequalities to several factors—from outright bias to women failing to ask for raises. Some research suggests that employers put a premium on working long hours which puts women at a disadvantage because they are often responsible for more housework and child care." Harvard University economist Claudia Goldin concluded the pay gap stems from women making less in the same jobs as their male colleagues.
Reuters reports Microsoft's CEO was criticized for suggesting women in technology should not ask for raises but have faith in the "system."
The full text of the Arjuna Capital shareholder with eBay is available online at: http://bit.ly/1GxuEVz.
The proposal states: "Shareholders request eBay prepare a report by September 2015...on the Company's policies and goals to reduce the gender pay gap. A report adequate for investors to assess eBay's strategy and performance would include the percentage pay gap between male and female employees policies to improve performance and quantitative reduction targets. "
ABOUT ARJUNA CAPITAL
Arjuna Capital is the sustainable wealth management platform of Baldwin Brothers Inc. an SEC-registered independent financial advisory firm established in 1974. For more information visit www.arjuna-capital.com.
MEDIA CONTACT:
Patrick Mitchell for Arjuna Capital at (703) 276-3266 or pmitchell@hastingsgroup.com or Natasha Lamb at (978) 578-4123 or natasha@arjuna-capital.com.
More Info:
This news is published on the Investorideas.com Newswire and its syndicated partner network
Get free news alerts: Sign up here
Published at the Investorideas.com Newswire - Big ideas for Global Investors
Disclaimer/ Disclosure: The Investorideas.com newswire is a third party publisher of news as well as creates original content as a news source. Original content created by investor ideas is protected by copyright laws other than syndication rights. Investorideas is a news source on Google news and global syndication partners. Our site does not make recommendations for purchases or sale of stocks or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated by featured companies news submissions and advertising. Contact each company directly for press release questions. Disclosure is posted on each release if required but otherwise the news was not compensated for and is published for the sole interest of our readers.
BC Residents and Investor Disclaimer: Effective September 15 2008 - all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: http://www.bcsc.bc.ca/release.aspxid=6894. Global investors must adhere to regulations of each country.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.