As media outlets recently highlighted Equal Pay Day on April 4, 2017, publicly held retailers should be aware that the focus on pay equity is becoming increasingly popular among activist shareholders. This proxy season, more than 20 publicly traded companies are facing shareholder proposals at their annual meetings to vote on whether they should research and report on pay gaps by gender and race.
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Earlier this month, proxy advisory firms Institutional Shareholder Services and Glass Lewis recommended that shareholders vote for retailer Chico’s board of director candidates, instead of the two candidates nominated by activist investor Barington Capital Group LP. This prompted Barington to abandon its proxy fight.
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