April 17, 2017 – Trillium Asset Management has published a letter to shareholders of First Republic Bank (NYSE: FRC) calling for support of our Workforce Diversity shareholder proposal on the company’s 2017 proxy. The letter provides an overview of the importance of the issue as well as the four main reasons why we believe shareholders should vote for this proposal. The proposal asks the company to disclose workforce diversity metrics as well as diversity programs and policies.
This issue is of importance to shareholders because research from McKinsey and others found that companies with highly diverse executive teams had higher returns on equity and earnings performance than those with low diversity. Without detailed workforce data, shareholders have insufficient information to determine if First Republic Bank has been successful in expanding diversity into various roles within the company.
In addition to First Republic Bank, we have filed proposals a PNC, Travelers, and T. Rowe Price urging these companies to disclose comprehensive workforce diversity metrics.
For more information: Caroline White, Communications Manager, firstname.lastname@example.org