NYC Banks to Disclose Company Data for Diversity’s Sake
Diversity isn’t just for college admissions.
Research shows that diversity—in this case, race and gender—among workers benefits a workforce, especially when it extends to top management.
But how are we supposed to know if a company’s workforce is diverse? (And why do we care, if we’re not working there?)
In the case of Goldman Sachs and MetLife, we’ll know because MSNBC reports that they’re releasing the data to the public as part of a larger campaign for workplace diversity by the New York City Comptroller’s office. (The comptroller is essentially the chief financial adviser for the city, who advises the city government on how to manage its money in the city’s best interest.) Both companies have always had to disclose that data to the United States Department of Labor, but not to the public.
We care because, along with shares of AIG, Omnicom, Publicis and Interpublic, New York’s pension fund is invested in Goldman Sachs and Metlife. Releasing their company composition allows shareholders to evaluate their progress as far as diversity. Theoretically, this information could give a shareholder insight into the company’s health.
New research also shows that “companies with the highest representation of women on their top management teams experienced better financial performance than companies with the lowest women’s representation.”
Well … no surprise there.