Information contained on this page is provided by companies via press release distributed through PR Newswire, an independent third-party content provider. PR Newswire, WorldNow and this Station make no warranties or representations in connection therewith.
SOURCE Calvert Investments
Citigroup, Merck, Coca-Cola, and JPMorgan Rated Best, Bottom 5 Include: Berkshire Hathaway, Ebay, and Apache; Women Hold Under 1 in 5 Director Seats, Fewer Than 1 in 10 Top-Paid Jobs.
BETHESDA, Md., March 7, 2013 /PRNewswire-USNewswire/ -- Standard and Poor's (S&P) 100 companies have made some progress on corporate diversity since 2010, but these large-capitalization companies are still failing to put substantial numbers of women and minorities into board rooms and executive suites, according to a new analysis from Calvert Investments.
Based on the 10 diversity criteria in the Calvert report, the overall highest-rated companies are: Citigroup Inc.; Merck & Co., Inc.; The Coca-Cola Co.; and JPMorgan Chase & Co. (Eleven companies tied for fifth place.) The five lowest-rated companies are: Berkshire Hathaway; Simon Property Group; National Oilwell Varco Inc.; Ebay; and Apache Corp.
Key findings in the Calvert report include:
Barbara J. Krumsiek, chair, president and CEO of Calvert Investments, Inc., said: "S&P 100 companies deserve modest credit for taking positive steps in the last two years on diversity, but it is important to recognize that much hard work remains to be done. Absent a real push to put more women on boards and into executive suites, the progress on diversity will end up falling far short of what needs to be done to achieve meaningful and lasting changes in corporate America. The bottom line here is very simple: Not only is this the right thing to do in terms of women and minorities, but it can also mean better returns for investors."
Christine De Groot, report author and associate sustainability analyst, at Calvert Investment Management, Inc., said: "While hiring women and minorities and strengthening diversity policies are important steps, the truth is that investors need to take a much more comprehensive look at company structure to determine whether diversity is embedded on all levels. That is why the Calvert report focuses in part on whether or not companies publicly disclose employee demographic data, as it enables investors to evaluate the effectiveness of companies' corporate diversity efforts."
Malli Gero, co-founder and executive director, 2020 Women on Boards said: "We applaud Calvert Investments for their latest study, and are pleased to see the growing list of companies that have implemented diversity initiatives. These initiatives are a step toward making diversity a part of corporate culture, but companies need to practice what they preach. Women now hold 19.7% of the board seats in the S&P 100; but only represent 8% of the highest paid executives. We believe that board diversity mirrors a company's commitment to diversity on all levels. We encourage the companies with one or no women directors to step it up."
Other key report findings include the following:
In evaluating the diversity practices of the S&P 100, the 10 indicators we examine include: EEO policy, internal diversity initiatives, external diversity initiatives, scope of diversity initiatives, family-friendly benefits, EEO-1 disclosure, highest-paid executives, board diversity, director selection criteria, and overall corporate commitment.
In 2008, Calvert published its first report on corporate diversity practices, focusing on the companies in the Calvert Social Index®. In 2010, Calvert shifted its examination to the companies in the Standard & Poor's 100 Index to capture a broader corporate framework.
EDITOR'S NOTE: A streaming audio replay of the news event will be available on the Web at https://www.Calvert.com/sr-examining-cracks.html as of 5 p.m. EST on March 7, 2013.
Calvert Investments is an investment management company that offers mutual funds and separate accounts to institutional investors, retirement plans, financial intermediaries, and their clients. By combining rigorous analysis with independent thinking, our disciplined approach to money management goes beyond traditional factors in order to manage risk and to identify investment opportunities with greater long-term potential. We offer more than 40 equity, bond, cash, and asset allocation investment strategies, many of which feature integrated corporate sustainability and responsibility research. Founded in 1976 and based in Bethesda, Maryland, Calvert Investments managed assets of more than $12 billion as of February, 28, 2013.
©2012 PR Newswire. All Rights Reserved.
Can't find what you're looking for?