Apple fights racial and gender pay equity proposal at annual meeting, while Chipotle, Home Depot and Target ‘think differently’, pledging to disclose median pay gap data

Three of the nine companies facing upcoming investor votes on median pay gap data this season by proxy pledge to disclose it. Disney fails to prevent investors from voting on the issue.

BOSTON, March 03, 2022–(BUSINESS WIRE)–On the eve of Apple’s annual shareholders’ meeting where Apple’s board of directors opposes Arjuna Capital Racial and Gender Pay Equity Shareholder Proposal, investors applaud Chipotle, Home Depot and Target for proactively responding to similar shareholder proposals. After fruitful dialogues, investors have now removed the proposals from the ballots of the three companies after agreeing to disclose data on the median pay gap in 2022.

Over the past year, Apple has received particular attention due to employee allegations of pay discrimination and secrecy. An activist employee group, #Appletoo, was created in the fall to voice concerns about pay gaps, sexism and racism within the company. Despite these concerns, Apple has opposed a request from investment management firm Arjuna Capital to provide greater transparency in its pay equity efforts by disclosing median racial and gender pay gaps.

In addition to the Apple vote tomorrowshareholders will have another opportunity to vote on the proposal at Disney’s annual meeting on March 9. Disney failed to appeal to the Securities and Exchange Commission (SEC), which tried to block the proposal from going to an investor vote. The resolution was filed at Disney as the company has faced allegations of widespread gender pay discrimination for the past three years. Despite employee and shareholder concerns, Disney recommended voting against the proposal.

Arjuna Capital is the lead filer for six shareholder proposals (Apple, Chipotle, Home Depot, Amazon, Lowe’s and Disney) in the 2022 proxy season requesting information on median race and compensation by gender, and is co- submitting a proposal to Target, alongside lead submitter Proxy Impact. Proxy Impact has two additional proposals slated for a vote at Best Buy and Cigna this spring. In November 2021, Arjuna Capital and Proxy Impact’s compensation gap proposal at Microsoft received a 40% support vote from investors at its annual meeting and the company pledged to disclose it that day- the.

“Despite Apple’s commanding leadership in the tech world, it simply doesn’t keep pace with its peers when it comes to disclosing racial and gender pay gaps,” said Natasha Lamb, managing partner at Arjuna Capital. “Investors are looking for an honest pay equity accounting that will strengthen diversity, talent retention and the brands of Apple and other companies in our portfolios. Microsoft stepped up its efforts in December after a strong vote from Investors have signaled the need for change and we expect Apple to do the same. Other companies “think differently” on pay equity, including Microsoft, Chipotle, Home Depot and Target. It’s time for Apple to catch up and commit to change.”

“Target has taken a leadership role in the retail industry by committing to providing a superior level of pay equity data,” said Michael Passoff, CEO of Proxy Impact. “Target has agreed to disclose data on the adjusted and unadjusted median pay gap by gender and race annually. This will provide a more detailed look at how the company is achieving its equal pay and gender equality goals. chance. None of its major competitors, such as Amazon, Costco, Walmart or TJX, match this level of reporting.”

Wage inequalities persist between races and genders and need to be actively addressed by companies like Apple, Disney and others. In the United States, the median earnings of black workers represent 64% of the wages of white workers. The median income of full-time working women in the United States is 83% that of men. To hold companies accountable and improve pay equity, Arjuna Capital has urged companies to disclose pay equity data through best practice reports to its employees and investors.

Pay equity best practice reports include two important components: (1) unadjusted median wage gaps, assessing the distribution of jobs by race and gender and the groups with the highest paying jobs – the data requested by these proposals, and (2) statistically adjusted differentials, assessing compensation between minorities and non-minorities, men and women, performing similar functions. While statistically adjusted gaps provide one piece of the story, median pay gaps are a tighter and more telling standard. Median pay gaps also provide a distinct value from representation data alone, as they show, literally, how the company attributes value to its employees through the roles they occupy and the salary they receive. . Reducing these gaps is at the service of greater diversity, retention of talent and performance.

The three most recent companies to commit to disclosing the median wage gap – Chipotle, Home Depot and Target – join an elite group of companies that have made or committed to making these more detailed disclosures about the pay gap, including Microsoft, Mastercard, Starbucks, Adobe, Pfizer, Citigroup and Bank of New York Mellon.

Since 2016, Arjuna has mandated gender pay equity disclosures at 22 companies and racial pay equity disclosures at 17 companies, including major US tech, finance and retail companies Intel, Microsoft, Google, Facebook, JPMorgan Chase, Bank of America, Nike, and Adobe.


Arjuna Capital is a sustainable and impact investing firm that works with high net worth individuals, families and institutions to invest their assets with consideration for environmental, social and governance (ESG) risks and opportunities. Arjuna Capital has been recognized for using shareholder resolutions to promote gender and racial pay equity in the technology, banking and retail sectors. Managing Partner Natasha Lamb has been named to the “Bloomberg 50” list of influencers who have defined global commerce in 2017. For more information, visit

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