Arjuna Capital: Investors Credit Visa for Racial and Gender Pay Gap Commitment

Visa plans to disclose quantitative pay gap data, joining industry peers Mastercard and American Express; Arjuna withdraws shareholder proposal

BOSTON–(BUSINESS WIRE)–Visa has committed to disclose racial and gender pay gap data in response to a shareholder proposal filed by investment management firm Arjuna Capital, requesting a comprehensive report on “both quantitative median and adjusted pay gaps across race and gender.” Following a constructive dialogue, the company agreed to annually disclose quantitative median and statistically adjusted pay gaps, assessed on base, bonus, and equity compensation for 100% of the company’s workforce. In response, Arjuna Capital withdrew its proposal.

“Visa is joining an elite group of firms that are walking the talk on racial and gender pay equity,” said Natasha Lamb, managing partner at Arjuna Capital. “The value of transparent and comprehensive pay gap accounting cannot be overstated for companies looking to attract and retain diverse talent. Credit to Visa for stepping into leadership and doing the hard work.”

Arjuna filed the proposal on August 4th, 2022, as Visa’s current pay equity disclosure is limited to a qualitative assurance on its Diversity and Inclusion page, maintaining statistically adjusted pay equity. Arjuna specifically asked Visa to improve its disclosure with quantitative data, including unadjusted median pay gap data, which is a higher standard. Both unadjusted median and statistically adjusted pay gap data are necessary for a comprehensive disclosure. Median pay gaps assess how jobs and compensation are distributed by race and gender company wide. Meanwhile, 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.

Visa will begin to improve its disclosure by publishing quantitative statistically adjusted pay gaps in its FY22 ESG Disclosure. Quantitative disclosures, compared to qualitative assurances, confirm the company has achieved 100% pay equity between men and women, non-minorities and minorities performing similar roles. In Visa’s 2023 ESG Disclosure, the Company will expand its reporting to include median pay gaps for 100% of its operations. Visa will conduct all analyses on base, bonus, and equity compensation and report data annually.

Since 2016, Arjuna has compelled racial and gender pay equity disclosures at 30 Fortune 500 companies, including leading U.S. finance, tech, and consumer firms. Visa joins several other companies that have already committed to disclosing comprehensive racial and gender pay data, including Mastercard, American Express, and Citigroup.

Arjuna Capital is a sustainable investment firm that works with accredited investors and institutions to invest their assets with a lens toward Environmental, Social, and Governance (ESG) risk and opportunity. Arjuna Capital has been recognized for using shareholder resolutions to promote racial and gender pay equity in the tech, banking, and consumer sectors. For more information, visit


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