Pinterest pledges $50 million on reforms to address discrimination allegations
According to court documents and statements from plaintiffs and company, Pinterest committed $50 million to promote diversity as part of a settlement to change its corporate culture and resolve allegations of discrimination against women and people of color. promised.
The agreement was announced Wednesday by Seth Magener, Rhode Island’s general treasurer, acting on behalf of Rhode Island’s Employee Retirement System and other Pinterest shareholders who sued the company for its colorful virtual pinboards. Known.
Shareholders accused Pinterest’s board of directors of failing to respond to a culture of discrimination and retaliation against women and people of color. By allowing discrimination to continue, the shareholders argued, the board has failed to act in the best interest of shareholders.
According to court documents, the allegations emerged after two black female members of Pinterest’s public policy team, Ifoma Ozoma and Erika Shimizu Banks, publicly criticized the company’s treatment of employees.
As part of the settlement, an audit committee of the board will help in monitoring the changes made with the aim of creating equal opportunities for the employees. The changes require that a board member act as a co-sponsor with the chief executive on the Diversity, Equity and Inclusion initiative, according to the plaintiffs’ legal team.
The agreement also exempts former employees from non-disclosure agreements and creates an external ombudsman office for employees and external Audits that review performance ratings, promotions and compensation across gender and racial categories.
The agreement was announced nearly a year after Pinterest agreed to pay $22.5 million from its former chief operating officer, Francois Brauger, to settle a gender discrimination and retaliation lawsuit.
In a statement, Mr. Magazine said, “We focused on these broad reforms to support Pinterest employees with a fair and safe workplace, and ensure that the values of inclusivity are reinforced to strengthen the company’s brand and performance.” Be central to Pinterest’s identity.”
Pinterest said in a statement Wednesday that it “has reached a resolution with certain shareholders who raised concerns about the company’s culture related to allegations made last year and filed derivative lawsuits.”
“Since that time, we have been working hard to ensure that our culture reflects our goals and values and the resolve we are today,” the company said.
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