Press Release: "First big 2017 win for shareholders and women on gender pay equity" as Starbucks responds to investor pressure
Arjuna Capital Withdraws Starbucks Shareholder Proposal After Company Opens Its Books and Shows Commitment to Ongoing Gender Equity Efforts
BOSTON///April 27, 2017/// Arjuna Capital announced today that it has withdrawn a gender pay equity shareholder resolution targeting Starbucks. Arjuna took the action since Starbucks released data on gender-based compensation.
A report released today by Starbucks states: “Male and female partners who perform similar work are paid within 99.7% of each other. We examine each component of compensation including base pay, bonus, and stock, and we work to correct unexplained, gender-based differences.”
As a result, the resolution from Arjuna Capital asking Starbucks to prepare a full report on the company’s policies and goals to reduce the gender pay gap, has formally been withdrawn as a proxy ballot measure. The full text of the withdrawn resolution is available here: http://arjunacapital.com/wp-content/uploads/2017/04/SBUX-Shareholder-Proposal_Gender-Pay-Equity-4-17.pdf
Natasha Lamb, managing partner at Arjuna Capital, said: "We are pleased to announce the withdrawal of our gender pay equity proposal at Starbucks—the first big win for shareholders and women on gender pay equity in 2017. Yet again, Starbucks is stepping into a leadership role. The Company’s transparency and accountability to investors and employees is a ‘win win’. Not only is it a step forward for women, it also places Starbucks at a competitive advantage in recruiting and retaining top talent.”
Lamb added: “The retail sector is notorious for a large gender pay gap and poor treatment of women. As a top brand, Starbucks is setting a huge example for other companies to follow. We need more companies like Starbucks to break down the structural bias that keeps women in the back seat and business from reaching its full potential.”
After undertaking a successful 2016 push that resulted in seven of nine leading US tech companies (including Apple, Amazon, and eBay) to address gender pay gaps, Arjuna Capital is now spearheaing a similar effort targeting six leading US banks and credit card companies, including Citigroup, Bank of America, Wells Fargo, American Express, JP Morgan, and Mastercard. Arjuna has also filed proposals with consumer companies Nike and Costco.
Arjuna Capital is an investment firm focused on sustainable and impact investing. For more information, visit www.Arjuna-Capital.com.
CONTACT: Patrick Mitchell, (703) 276-3266 or pmitchell@hastingsgroup.com.