John Liu coercers American International Group Inc (NYSE:AIG) for diversity transparency - USB, BK
Northern, WI 04/10/2013 (avauncer) – John Liu the mayoral candidate and the New York City Comptroller have pressurized the American insurer American International Group Inc (NYSE:AIG) (Closed: $39.63, down by 1.15%) to release data related to its workforce diversity. The insurer had received a bail-out which it had repaid just last year. Following in its footsteps, The Bank of New York Mellon Corporation (NYSE:BK) (Closed: $27.71, Up by 0.76%) and U.S. Bancorp (NYSE:USB) (Closed: $33.69) will also be disclosing data related to gender and race of their senior managers and U.S employees said the statement that had been released by Liu’s office.
Disclosure as important as diversity
He said that diversity works well for the bottom line of the company but disclosure is necessary. That is the only means for shareholders to measure how effective the company has been in recruiting and promoting minorities and women. In his statement Liu said that he hoped that a larger number of portfolio firms would be more proactive with showing their commitment to workforce diversity, equal pay and boardroom diversity as well. Liu is a Democrat who seeks to be elected as the New York City mayor this year. He oversees over $127 billion worth of pension funds and has been compelling the companies that hold city investments to be more transparent with their diversity information.
Companies will cooperate
The AIG spokesperson Jon Diat said that AIG is committed to diversity in its workforce and are more than willing to cooperate with the comptroller in creating more clarity with is important issue. In addition to these companies, the other firms that are being goaded into disclosing diversity information are Omnicom Group Inc (NYSE:OMC) (Closed: $58.72, Down by 1.24%) and Interpublic Group of Companies Inc (NYSE:IPG) (Closed: $13.33, Down by 0.15%) the advertising firms. New York-based JPMorgan Chase & Co (NYSE:JPM) (Closed: $48.68, Up by 0.21%) and Citigroup Inc (NYSE:C) (Closed: $43.89, Up by 0.76%) have been transparent with this data for several years now.
Last year AIG had refused to make this data public while Metlife Inc (NYSE:MET) (Closed: $36.99, Up by 1.65%) and Goldman Sachs Group, Inc (NYSE:GS) (Closed: $146.52, Up by 1.88%) had complied. At that point of time the U.S had a majority holding in the insurer after a bailout that began amidst the financial crisis of 2008 that has boomed to $182.3 billion. The bailout was repaid in December 2012.