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Goldman, BNY Mellon Bow to Investor Pressure on Gender Pay

  • Other financial institutions rebuff shareholder proposals
  • Verizon, AT&T and Qualcomm also satisfy investor requests
Goldman Sachs's headquarters in New York.

Goldman Sachs's headquarters in New York.

Photographer: Victor J. Blue/Bloomberg
Updated on

An activist shareholder says it has persuaded Goldman Sachs, BNY Mellon and three telecommunications companies to “take proactive steps” to address the disparities in men’s and women’s compensation, avoiding a shareholder vote on the issue.

Pax World Management, which oversees about $4.1 billion, had filed proposals asking the two banks, along with Verizon, AT&T and Qualcomm, to disclose what’s known as pay-gap data and to work toward parity. Pax withdrew the proposals after all five agreed to take steps to address pay inequities, though none committed to the specific requests to make public the data or to close the gaps.