Home Depot investors push for diversity

By Staff -- Industrial Distribution, 5/1/1998

Boston, Mass.-- Stung by a $104 million sex discrimination lawsuit, Home Depot shareholders want the retailer to show more accountability to workforce diversity.

A large group of investors holding $35 million in Home Depot stock sponsored a resolution requesting the Atlanta-based company disclose five years of demographic data it submitted to the federal government. Shareholders last month also called for Home Depot to prepare a report for investors on its programs to increase diversity at all levels of the corporation. The proposal was expected to be presented at Home Depot's annual meeting on May 27.

"As investors we believe the requested information is crucial to our assessment of the potential financial liabilities facing Home Depot, as well as its workforce diversity progress and problems,'' says Heidi Soumerai of United States Trust Co. of Boston, one of the resolution sponsors.

Last November Home Depot settled a class-action lawsuit involving 25,000 former and current employees across the United States. The settlement reduced fourth-quarter earnings by 25 percent, and the company has adopted initiatives to address discrimination issues.

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