(Thursday 13^th January, London) A record 173 publicly listed companies disclosed data on workforce practices to investors in 2021 through the Workforce Disclosure Initiative. The initiative, hosted by responsible investment NGO ShareAction, provides investors with in-depth disclosures of companies’ treatment of workers on topics ranging from pay and job security, to diversity and harassment practices.

The number of FTSE100 companies disclosing employee data now stands at 50 – up from 39 in 2018 – with BlackRock, abrdn, M&S, Mahindra, Puma, SingTel and TSMC among the new firms taking part.

Such increased co-operation from companies reflects rising investor interest in workforce data. Indeed, the WDI itself is now backed by 62 investors, with $8.6tn in assets under management – up from 52 investors with $6.5tn in assets last year. New signatories include Aviva Investors, Schroders and Italian asset manager BancoPosta Fondi.

The past year has also seen investors begin to flex their muscles in response to poor workforce practices. AstraZeneca and Rio Tinto faced large shareholder rebellions over pay packages in 2021, while Deliveroo served up the “worst IPO in history” after numerous large fund managers declined to invest in the offering due to concerns over the company’s treatment of riders. Most recently, Goldman Sachs said its asset management business will vote against big companies that do not have a minimum number of female and minority board members this year.

Nonetheless, the majority of listed firms have yet to take up the WDI’s call to disclose workforce information to investors. While some of these companies – such as Amazon – are in discussions with WDI with a view to disclosing data in the near future, the following firms have yet to meaningfully engage with the initiative:

A number of these firms have faced workforce-related controversies of late. Siemens has been accused of using forced Uyghur labour in Xinjiang; Boohoo was dropped by investors and suppliers over working conditions in Leicester; while Starbucks has been urged by investors to respect a recent union vote by workers in New York.

Rosie Mackenzie, Company Engagement Manager at the WDI, said: “With half of the FTSE100 now disclosing workforce data to investors, these persistent non-responders are beginning to look like laggards with something to hide. We hope that these firms will recognise what their peers around the world already have - that transparency around workforce practices is beneficial not just for employees and investors, but also for the companies themselves.”