As stakeholders gear up for the 2024 Proxy season, we thought it would be a good time to provide an updated look at where we stand with public disclosure of EEO-1 data—the intersectional (gender + race/ethnicity) workforce data by job category that every private company with 100+ employees and federal contractor with 50+ employees report to the US government.
As of today, 97 of the S&P 100 and 386 of S&P 500 companies publicly disclose or have committed to disclosing EEO-1 data, up from just 34 and 52 companies that disclosed at the end of 2020 respectively.
There was a long delay in the start of the filing window for 2022 data—the collection portal is just opening today and running through Dec 5th, compared to last year when it ran from Apr 12 to May 17. We expect to see a bunch of first-time disclosures in early 2024 and should pass the 80% disclosure threshold for the S&P 500.
Shareholder engagement over the past 3 shareholder seasons has been mainly focused on large-cap companies, and we have not seen nearly the same jump in disclosures from mid and small-caps.
- 461 of the Russell 1000 disclose or have committed to disclose, meaning only 75 of the non-S&P 500 companies in the Russell 1000 disclose/committed.
- Similarly, just 58 of the S&P 400 and 43 of the S&P 600 disclose/committed.
However, there were two major events in 2023 that gave stakeholders access to EEO-1 data for companies that still don’t make it public:
- In response to a FOIA request, the OFCCP released EEO-1 data for over 20,000 federal contractors covering 2016-2020. Many companies objected to the release and the OFCCP is still considering those objections – we expect substantially more information to become available in the future.
- Illinois passed a bill requiring companies with a presence in the state to submit essentially the same EEO-1 form filed with the EEOC to the Illinois Secretary of State, and those reports started to be made public in 2023.
After including these 2 sources, the EEO-1 data coverage has become much more comprehensive. We now have data for:
- 422 of the S&P 500
- 624 of the Russell 1000
- 842 of the S&P 1500
Last year, we provided data for a study published by As You Sow comparing diversity and financial performance for 277 companies. Because of the increase in available data, the updated study scheduled for release at the end of November will include data for over 1,600 companies.
Register now for the webinar on Nov 29th and stay tuned for the report.