Shareholder activists have been requesting that Schwab release its unadjusted pay gap since 2019, with no success. The EEOC is requiring the data be provided this year. Noncompliance, especially for a federal contractor like Schwab, is a premise for preemptive assumtion of culpability by the courts for related pay equity complaints.
https://www.corpgov.net/2023/05/charles-schwab-2023-pay-equity-disclosure/
"Unadjusted pay gaps show 'who is swimming na--d when the tide goes out,' to borrow from Warren Buffett.
Do minorities and women hold as many high-paying jobs as white men? Unfortunately, we won’t know because many pay gaps can be explained away with the excuse that minorities and women aren’t working at the same level or in Schwab’s terms, aren’t “similarly situated” with white employees. Have you ever heard that before?
The only benchmark to measure if real pay gaps are shrinking is the unadjusted median pay gap. Sure, any company will try to explain away such gaps, but they are also more likely to identify strategies to reduce that gap if they report unadjusted pay gaps.
Schwab’s refusal to commit to eventually publishing unadjusted pay gap data reflects poorly on our company’s reputation. Let’s change that."