Activist investor Arjuna Capital and the New York State Pension Funds both made news this week with press releases announcing the results of negotiations with large companies over pay, including Mastercard, Starbucks and Coca-Cola.
Arjuna Capital has targeted 13 companies in 2020 on gender and racial pay equity, including Adobe, Google, Amazon, American Express, Bank of America, Bank of New York Mellon, Facebook, Intel, JP Morgan, Mastercard, Microsoft, Starbucks and Wells Fargo. Following in the footsteps of Citigroup early last year, Mastercard and Starbucks have now both made additional disclosures regarding pay equity. Mastercard reported that women and men earn the same pay for the same role, a comparison often known as “pay equity,” while the company’s unadjusted median pay for women globally is 92.2% of median pay for men (“the pay gap”). Mastercard also disclosed full ethnic/racial pay equity in the U.S. but a 7% gap when comparing median pay. Starbucks made headlines in December with its disclosure of a 0% gender and racial pay gap in the U.S. and a 1.7% median pay gap globally for women and men.