- Going forward, we will continue to engage German companies around the expectations outlined above with a focus on those that have either not responded to our engagement or remain laggards.
- Beyond just diversity, we will encourage the DAX30 companies to respond to the Workforce. Disclosure Initiative’s (WDI) annual survey and work together with other investors to make the case for enhanced workforce disclosure.
- Overall, our engagement with the DAX30 companies demonstrated better performance than initially assumed based on their disclosure. Nonetheless, it is a long way for the DAX30 companies to become the Diversity30.
1BMO Global Asset Management ESG Viewpoint, ‘A focus on gender diversity”, March 2019
2Low engagement levels and high levels of dissatisfaction may indicate increase in turnover rates, related costs and business continuity risks.
3Later this year an ESG Viewpoint about our WDI-related engagement will follow. The WDI is an initiative to improve workforce data of listed companies, supported by more than 130 investors, with a combined AuM of around USD 15trn.
4As of August 31st 2019 the DAX30 are: adidas, Allianz, BASF, Bayer, Beiersdorf, BMW, Continental, Covestro, Daimler, Deutsche Bank, Deutsche Boerse, Deutsche Lufthansa, Deutsche Post/DHL, Deutsche Telekom, E.on, Fresenius, Fresenius Medical Care, Heidelberg Cement, Henkel, Infineon Technologies, Linde, Merck, Munich Re, RWE, SAP, Siemens, ThyssenKrupp, Volkswagen, Vonovia, Wirecard.
5between 125-320€ per unfilled position
6E.g. Projektmanager (w/m/d)
7MSCI ESG, ISS. Company data as at April 2019
8e.g. acknowledgement of diversity benefits & own challenges, targets for board, c-suite and senior management, diversity concept broader than gender, anti-bias trainings, board responsibility for topic, sponsorship and mentorship programs, hiring procedures
9e.g. flexible work arrangements, child care facilities, parent-kid offices, part-time for senior roles, job-sharing options, worldwide staff assignments
10 On Sep 5th, 2019 Thyssenkrupp had to leave the DAX30, and was substituted by MTU. Our analysis does not include MTU.
11 as of Sep 18th, 2019