Pay Equity Statement

Our compensation policies and procedures are designed to compensate employees fairly and without regard to characteristics such as gender, race or ethnicity. It is the firm’s practice to annually review employee compensation prior to its finalization. More specifically, our Legal and Human Resource functions conduct a robust analysis, the purpose of which is to help ensure the firm continues to pay employees comparably for similar work.

With the support of a third party labor economist, we conducted a pay equity analysis of 2023 compensation, taking into account factors including role, tenure, location and impact. This analysis shows the median pay for women globally is 99% of the median pay for men.  In addition, the median pay for racial and ethnic minorities in the U.S. is 99% of the median pay for white employees.

While pay equity studies provide important information, we believe a fundamental issue for our firm and many other corporations is how women and other diverse professionals are represented at all levels within an organization. We remain committed to fostering diversity, inclusion and equal opportunity in our leadership ranks and broader workforce. To this end, we have policies and procedures in place with respect to our hiring, retention, and promotion practices to support this commitment. 

We will continue to publish information regarding our gender and race pay gaps on an annual basis going forward. We are highly focused on providing transparency and accountability to our investors and other stakeholders and will continue to regularly report on the firm’s progress, as well as our annual EEO-1 demographic data which will be shared in our People Strategy Report later this year.