New York (CNN Business)Wall Street takes the call for greater corporate diversity seriously. at last.
From August 2023, companies trading on exchanges must have at least two diverse board members or achieve this diversity goal. You should explain why you haven't.
said, "By disclosing this information to investors, shareholders , we can support companies that stand for what they want and make a difference.Investment from those who don't," said Carolyn Maloney, a New York Democrat who chairs the House Oversight and Reform Committee. In a statement praising the move, the House of Representatives said: "In addition to creating morality and common sense, increased diversity makes economic sense. The study suggests that companies with more diverse leadership
The 2020 killing of George Floyd by Minneapolis police and the eruption of Black Lives Matter protests across the United States , the demand for corporate behavior around diversity and inclusion has also increased, said Fasil Michael, head of thought leadership for ISS Governance Solutions.
The numbers show that these demands are being taken seriously. But the numbers don't tell the whole story.
Although 19% of the total US population identifies as Hispanic or Latino, the directors of that group are his S&P500 accounted for only 5% of board seats in
Furthermore, according to McKinsey, front-line hourly employees believe diversity and inclusion policies make a difference more than corporate employees. Chances are he's nearly 20% lower.
But much of what they do "seems like a selfish strategy to generate positive PR," the joint statement said. The current state of corporate diversity efforts is "disappointing but understandable. Investors put pressure on them, carve boxes, and make it the equivalent of a virtue movement - and it shows.} )For example, last year the company announced that it would tie 15% of executive compensation to achieving an annual increase in the percentage of women and minorities in senior management.
"What encouraged that behavior?" Ask Taylor and Harward. "There was some connection between the lack of diversity in senior management and this lawsuit. More broadly." In other words, why should executives be given bonuses to achieve the essential goals that should be at the heart of the company's values and mission?"
Wall Street Bad News
Last year was a lucrative one for black fleece vest wearers working in Midtown Manhattan, but we call it Wall Street.As of 2021. Mergers, Acquisitions, IPOs.
Economy is back baby. Pfizer, Moderna, Johnson & Thanks to Johnson's hard work, Covid is finally Wall Street Warriors Were Working The average bonus hit a record $257,500, up 20% from the previous year. This is on top of a very generous base salary.
and hits in 2022.
Covid rates still at record highs and shutdowns disrupting supply chains.Inflation, interest rates and lack of IPOs are high The financial world is tough. M&activity is down his 25% and IPOs are halved from last year. JPMorgan Chase's investment banking revenues were down 61% in the previous quarter and Morgan Stanley's were down 55%.
Inflation, the new word to watch
We all know that record high inflation has hit our wallets. This earnings season shows that companies are noticing, too.
References to 'inflation' increased by 26% in public company earnings reports this quarter, according to new data from Cision.
This carried over to Twitter, where 'inflation' was mentioned 19,518 times, compared to 827 in the same period in 2021. Interestingly, “corporate greed” was a popular phrase among Twitter users.
Companies increased references to 'interest rates' and 'recession' in this quarter's earnings reports by 9% and 4%, respectively.
However, Russia's invasion of Ukraine was seen as a major headwind last quarter, with negative mentions dropping 77% this quarter and pandemic talk dropping 17%.
Next
Tyson Foods and Palantir Technologies to report earnings before US market opens.
Also today: His 3-year inflation forecast for the NY Fed was released.
Announced tomorrow: Sysco, Coinbase and Hyatt to report earnings.