New York City Comptroller Scott M. Stringer, fiduciary for the five pension funds within the $195 billion New York City Retirement Systems, has secured agreements from eight companies to disclose information on how they identify and will eliminate gender discrimination in pay.
"Fairness is a fiduciary duty," Mr. Stringer said in a news release issued Thursday. "That's why we're calling on companies to be clear that pay discrimination and inequality won't stand. By embracing transparency, these companies are leading their industry, but the disclosures we're calling for should be the market standard."
A spokeswoman for Mr. Stringer said all of the agreements took place this year, although details are not available.
The eight companies are:
- The Progressive Corp., which "publicly committed that the company demands its employees are compensated equally for equal work and disclosed that the company takes regular steps to ensure fair compensation," the news release said.
- Edwards Lifesciences Corp., Principal Financial Group Inc., The Travelers Cos. Inc. and Metlife Inc. "disclosed that regular reviews and reports are conducted internally or by external consultants to analyze pay practices and compensation structures for pay disparities, across race and gender," the news release said. "The companies publicly committed that disparities found during reviews will prompt corrective adjustments."
- Abbott Laboratories, which disclosed "procedures and processes in place to ensure consistency in compensation across race and gender, and the resources available to employees with concerns about compensation," the news release said.
- Aetna Inc. and Baxter International Inc., which "will conduct gender pay analyses and report the results" to the comptroller's office.