Arjuna Capital: Following Largest Shareholder Vote in Disney History, Company Takes First Step to Disclose Racial and Gender Pay Gap Data, Commits to Full Disclosure Over Time

In the wake of a 59% investor vote asking Disney to publish comprehensive racial and gender pay gap data, Company makes partial disclosure

BOSTON–(BUSINESS WIRE)–Disney published statistically adjusted racial and gender pay gap data today in response to a historic majority vote by investors at the company’s annual meeting in March. The shareholder proposal, brought forth by investment management firm Arjuna Capital, requested a comprehensive report on “both median and adjusted pay gaps across race and gender” assessing “base, bonus, and equity compensation.” After the largest shareholder vote in Disney’s history, the company has partially fulfilled the request today by publishing statistically adjusted racial and gender pay gaps on base compensation alone. To further fulfill the proposal, Disney has committed to publish median gaps and include bonus and equity compensation in future disclosures.

The pay equity data disclosed today on Disney’s diversity dashboard comes after a year-long engagement between Arjuna Capital and Disney. Arjuna filed the proposal in September 2021 in response to various allegations of gender pay discrimination and a class action lawsuit at the company. In October 2021, Disney appealed to the Securities and Exchange Commission (SEC) attempting to block the proposal from going to a vote, arguing it would impact the company’s ongoing class action gender pay lawsuit. The SEC denied its request in January, and 59% of investors voted in favor of the proposal at the annual meeting on March 9th.

“Today, Disney has taken a first step toward racial and gender pay equity. But it is Disney’s commitment to improve its pay gap disclosures over the next year that should be applauded,” said Natasha Lamb, managing partner at Arjuna Capital. “Not only is Disney committing to best practice pay gap reporting, it’s building trust with investors and employees.”

While today’s pay equity disclosure partially fulfils the request of Disney’s investors, the company has also committed to expanding the disclosure over time to fulfill best practice pay equity reporting standards. Within 18 months, the company will disclose both statistically adjusted and median pay gaps. Unadjusted median pay gaps assess how jobs and compensation are distributed by race and gender company wide. While, statistically adjusted gaps only assess pay gaps for employees performing similar roles. Median pay data provides distinct value from statistically adjusted data as it shows, quite literally, how the company assigns value to its employees through the roles they inhabit and the pay they receive. Disney will initially begin disclosing only U.S. racial and gender pay gap data but has committed to expand the gender pay gap analysis for countries outside the U.S. and UK. Disney will also include bonus and equity compensation in future disclosures beginning in 2023.

Since 2016, Arjuna has compelled racial and gender pay equity disclosures at 28 Fortune 500 companies, including leading U.S. tech, finance, and consumer firms. Most recently, Chipotle, Home Depot, Target, and Microsoft committed to disclosing pay gap data, including median pay gaps across race and gender.

Arjuna Capital is a sustainable and impact investment firm that works with high-net-worth individuals, families, and institutions to invest their assets with a lens toward Environmental, Social, and Governance (ESG) risk and opportunity. Natasha Lamb and Arjuna Capital have been recognized for using shareholder resolutions to promote gender and racial pay equity in the tech, banking, and consumer sectors. Lamb was named to the “Bloomberg 50” list of influencers who defined global business in 2017. For more information, visit


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