Star Tribune reported that more large public companies have been making available their mandatory, but not public, EEO-1 reports to the U.S. Equal Employment Opportunity Commission. Corporate partner Amy Seidel addressed the impact of shareholder proposals on companies including workforce statistics as part of their community or sustainability reports.
In “More Minnesota public companies increasing transparency around diversity reports,” the publication explained that EEO-1 reports are filed annually and offer aggregated statistics on workplace diversity or as a basis for enforcement actions. Star Tribune also noted that most shareholder proposals are non-binding. Even if they pass, companies are not required to implement the suggestions, but not doing so can risk backlash from shareholders.
“Most companies are not going to ignore a shareholder vote,” said Seidel, who advises public companies on Securities and Exchange Commission reporting requirements and other corporate governance practices.
The full article is available for Star Tribune subscribers.